BSTP vs. BUFF

Last updated Jun 3, 2026

BSTP (Innovator Buffer Step-Up Strategy ETF) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both exchange-traded funds - BSTP is a Options Trading fund tracking the S&P 500, while BUFF is a Defined Outcome fund tracking the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 3 years, BSTP returned 14.47%/yr vs 12.57%/yr for BUFF. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.89% expense ratio.

Performance

BSTP vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Buffer Step-Up Strategy ETF (BSTP) 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, BSTP achieves a 6.41% return, which is significantly higher than BUFF's 5.70% return.

BSTP

• 1D: 0.07%
• 1M: 3.05%
• YTD: 6.41%
• 6M: 7.11%
• 1Y: 17.56%
• 3Y*: 14.47%
• 5Y*: —
• 10Y*: —

BUFF

• 1D: 0.19%
• 1M: 1.89%
• YTD: 5.70%
• 6M: 6.36%
• 1Y: 15.04%
• 3Y*: 12.57%
• 5Y*: 8.80%
• 10Y*: —

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

BSTP vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BSTP Innovator Buffer Step-Up Strategy ETF	6.41%	11.80%	16.70%	18.14%	-4.95%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.70%	11.02%	12.05%	16.51%	0.29%

Correlation

The correlation between BSTP and BUFF is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022	0.94

The correlation between BSTP and BUFF has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

BSTP vs. BUFF - Sectors Allocation Comparison

Sectors	BSTP	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

BSTP vs. BUFF — Risk / Return Rank

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

BSTP

BSTP Risk / Return Rank: 67
BSTP Sharpe Ratio Rank: 66
BSTP Sortino Ratio Rank: 67
BSTP Omega Ratio Rank: 71
BSTP Calmar Ratio Rank: 56
BSTP Martin Ratio Rank: 72

BUFF

BUFF Risk / Return Rank: 89
BUFF Sharpe Ratio Rank: 87
BUFF Sortino Ratio Rank: 92
BUFF Omega Ratio Rank: 92
BUFF Calmar Ratio Rank: 81
BUFF Martin Ratio Rank: 92

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.

BSTP vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Buffer Step-Up Strategy ETF (BSTP) 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.

	BSTP	BUFF	Difference
Sharpe ratio Return per unit of total volatility	2.23	2.94	-0.71
Sortino ratio Return per unit of downside risk	3.15	4.44	-1.29
Omega ratio Gain probability vs. loss probability	1.44	1.61	-0.18
Calmar ratio Return relative to maximum drawdown	2.84	4.30	-1.46
Martin ratio Return relative to average drawdown	13.93	23.03	-9.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSTP vs. BUFF - Sharpe Ratio Comparison

The current BSTP Sharpe Ratio is 2.23, which is comparable to the BUFF Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of BSTP 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

	BSTP	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.94	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.49	+0.43

Drawdowns

BSTP vs. BUFF - Drawdown Comparison

The maximum BSTP drawdown since its inception was -16.69%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for BSTP and BUFF.

Drawdown Indicators

	BSTP	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-46.23%	+29.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-3.58%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-10.24%	-3.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.24%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.53%	-6.19%	+2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.67%	+0.60%

Volatility

BSTP vs. BUFF - Volatility Comparison

Innovator Buffer Step-Up Strategy ETF (BSTP) has a higher volatility of 1.52% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 0.96%. This indicates that BSTP's price experiences larger fluctuations and is considered to be riskier than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSTP	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	0.96%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	3.82%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	7.92%	5.15%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.11%	8.41%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.11%	17.68%	-5.57%

BSTP vs. BUFF - Expense Ratio Comparison

Both BSTP and BUFF have an expense ratio of 0.89%.

Dividends

BSTP vs. BUFF - Dividend Comparison

Neither BSTP nor BUFF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BSTP Innovator Buffer Step-Up Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 BSTP and BUFF in my portfolio?

BSTP and BUFF have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSTP or BUFF?

BSTP has higher volatility (1.52%) compared to BUFF (0.96%). In terms of maximum drawdown, BSTP dropped -16.69% vs BUFF's -46.23%.

Which ETF is better, BSTP or BUFF?

On 3-year performance, BSTP leads with 14.47% vs 12.57% for BUFF. Both ETFs have the same 0.89% expense ratio. On volatility, BUFF has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSTP or BUFF?

Over the 3-year period, BSTP has performed better with a 14.47% return vs 12.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSTP or BUFF?

BSTP and BUFF have the same expense ratio: 0.89% per year.

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

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

What is the main difference between BSTP and BUFF?

BSTP is categorized as Options Trading, while BUFF is Defined Outcome. BSTP tracks S&P 500, while BUFF tracks Refinitiv Laddered Power Buffer Strategy Index.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.94 vs 2.23), 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.