BSEP vs. BUFF

Last updated Jun 4, 2026

BSEP (Innovator U.S. Equity Buffer ETF - September) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - BSEP tracks the S&P 500 Index while BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, BSEP returned 10.76%/yr vs 8.71%/yr for BUFF. Their correlation of 0.86 suggests significant overlap in exposure. BSEP charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

BSEP vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSEP achieves a 6.73% return, which is significantly higher than BUFF's 5.42% return.

BSEP

• 1D: -0.13%
• 1M: 2.51%
• YTD: 6.73%
• 6M: 7.27%
• 1Y: 20.00%
• 3Y*: 16.52%
• 5Y*: 10.76%
• 10Y*: —

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BSEP vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BSEP Innovator U.S. Equity Buffer ETF - September	6.73%	14.80%	16.96%	20.94%	-9.20%	14.64%	12.44%	7.23%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-4.44%	8.37%	-12.08%	6.50%

Correlation

The correlation between BSEP and BUFF is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 4, 2019	0.86

The correlation between BSEP and BUFF has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

BSEP vs. BUFF - Sectors Allocation Comparison

Sectors	BSEP	BUFF
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BSEP vs. BUFF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BSEP

BSEP Risk / Return Rank: 80
BSEP Sharpe Ratio Rank: 80
BSEP Sortino Ratio Rank: 83
BSEP Omega Ratio Rank: 83
BSEP Calmar Ratio Rank: 71
BSEP Martin Ratio Rank: 85

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
BUFF Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BSEP vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator Laddered Allocation Power Buffer ETF (BUFF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BSEP	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.80	-0.22
Sortino ratio: Return per unit of downside risk	3.70	4.24	-0.54
Omega ratio: Gain probability vs. loss probability	1.51	1.58	-0.08
Calmar ratio: Return relative to maximum drawdown	3.52	4.02	-0.50
Martin ratio: Return relative to average drawdown	17.58	21.50	-3.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSEP vs. BUFF - Sharpe Ratio Comparison

The current BSEP Sharpe Ratio is 2.58, which is comparable to the BUFF Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of BSEP and BUFF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BSEP	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.80	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	1.04	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.49	+0.40

Drawdowns

BSEP vs. BUFF - Drawdown Comparison

The maximum BSEP drawdown since its inception was -23.98%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for BSEP and BUFF.

Drawdown Indicators

	BSEP	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-23.98%	-46.23%	+22.25%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-3.58%	-2.12%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	-10.24%	-3.12%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-10.24%	-4.78%
Current Drawdown Current decline from peak	-0.13%	-0.27%	+0.14%
Average Drawdown Average peak-to-trough decline	-2.75%	-6.18%	+3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.67%	+0.47%

Volatility

BSEP vs. BUFF - Volatility Comparison

Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator Laddered Allocation Power Buffer ETF (BUFF) have volatilities of 1.02% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSEP	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	1.02%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	3.83%	+1.99%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	5.15%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.61%	8.41%	+3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.77%	17.67%	-3.90%

BSEP vs. BUFF - Expense Ratio Comparison

BSEP has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

BSEP vs. BUFF - Dividend Comparison

Neither BSEP nor BUFF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%	0.00%	0.00%	0.00%
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%

Frequently Asked Questions

Can I hold both BSEP and BUFF in my portfolio?

With a correlation of 0.90, BSEP and BUFF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BSEP or BUFF?

BUFF has higher volatility (1.02%) compared to BSEP (1.02%). In terms of maximum drawdown, BSEP dropped -23.98% vs BUFF's -46.23%.

Which ETF is better, BSEP or BUFF?

On 5-year performance, BSEP leads with 10.76% vs 8.71% for BUFF. On fees, BSEP is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSEP or BUFF?

Over the 5-year period, BSEP has performed better with a 10.76% return vs 8.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSEP or BUFF?

BSEP is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

Which ETF pays a higher dividend yield, BSEP or BUFF?

BSEP and BUFF have nearly identical dividend yields, around 0.00%.

What is the main difference between BSEP and BUFF?

BSEP tracks S&P 500 Index, while BUFF tracks Refinitiv Laddered Power Buffer Strategy Index. Their fees differ too: 0.79% for BSEP and 0.89% for BUFF.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.80 vs 2.58), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.