BSEP vs. ZFEB
Compare and contrast key facts about Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB).
BSEP and ZFEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BSEP is a passively managed fund by Innovator that tracks the performance of the S&P 500 Index. It was launched on Aug 30, 2019. ZFEB is an actively managed fund by Innovator. It was launched on Feb 3, 2025.
Performance
BSEP vs. ZFEB - Performance Comparison
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BSEP vs. ZFEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSEP Innovator U.S. Equity Buffer ETF - September | -2.37% | 13.04% |
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February | 0.04% | 6.10% |
Returns By Period
In the year-to-date period, BSEP achieves a -2.37% return, which is significantly lower than ZFEB's 0.04% return.
BSEP
- 1D
- 2.02%
- 1M
- -3.16%
- YTD
- -2.37%
- 6M
- -0.42%
- 1Y
- 15.10%
- 3Y*
- 14.40%
- 5Y*
- 9.46%
- 10Y*
- —
ZFEB
- 1D
- 0.55%
- 1M
- -0.55%
- YTD
- 0.04%
- 6M
- 1.72%
- 1Y
- 7.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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BSEP vs. ZFEB - Expense Ratio Comparison
Both BSEP and ZFEB have an expense ratio of 0.79%.
Return for Risk
BSEP vs. ZFEB — Risk / Return Rank
BSEP
ZFEB
BSEP vs. ZFEB - 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 Equity Defined Protection ETF - 1 Yr February (ZFEB). 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 | ZFEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.18 | 2.56 | -1.38 |
Sortino ratioReturn per unit of downside risk | 1.78 | 3.77 | -1.99 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.55 | -0.27 |
Calmar ratioReturn relative to maximum drawdown | 1.73 | 4.38 | -2.65 |
Martin ratioReturn relative to average drawdown | 9.10 | 20.01 | -10.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BSEP | ZFEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 2.56 | -1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 1.77 | -0.97 |
Correlation
The correlation between BSEP and ZFEB is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
BSEP vs. ZFEB - Dividend Comparison
Neither BSEP nor ZFEB has paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSEP Innovator U.S. Equity Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.39% |
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
BSEP vs. ZFEB - Drawdown Comparison
The maximum BSEP drawdown since its inception was -23.98%, which is greater than ZFEB's maximum drawdown of -3.00%. Use the drawdown chart below to compare losses from any high point for BSEP and ZFEB.
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Drawdown Indicators
| BSEP | ZFEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.98% | -3.00% | -20.98% |
Max Drawdown (1Y)Largest decline over 1 year | -8.99% | -1.73% | -7.26% |
Max Drawdown (5Y)Largest decline over 5 years | -15.02% | — | — |
Current DrawdownCurrent decline from peak | -3.79% | -0.80% | -2.99% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -0.40% | -2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 0.38% | +1.32% |
Volatility
BSEP vs. ZFEB - Volatility Comparison
Innovator U.S. Equity Buffer ETF - September (BSEP) has a higher volatility of 3.82% compared to Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) at 0.95%. This indicates that BSEP's price experiences larger fluctuations and is considered to be riskier than ZFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSEP | ZFEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.82% | 0.95% | +2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 6.18% | 1.67% | +4.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.84% | 2.87% | +9.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.60% | 3.02% | +8.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.91% | 3.02% | +10.89% |