BUFB vs. DGRO

Last updated Jun 23, 2026

BUFB (Innovator Laddered Allocation Buffer ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - BUFB is a Defined Outcome fund tracking the MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 3 years, BUFB returned 15.14%/yr vs 16.80%/yr for DGRO. Their correlation of 0.81 suggests significant overlap in exposure. BUFB charges 0.89%/yr vs 0.08%/yr for DGRO.

Performance

BUFB vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Laddered Allocation Buffer ETF (BUFB) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFB achieves a 6.82% return, which is significantly lower than DGRO's 8.84% return.

BUFB

• 1D: -0.22%
• 1M: 0.37%
• YTD: 6.82%
• 6M: 7.04%
• 1Y: 18.84%
• 3Y*: 15.14%
• 5Y*: —
• 10Y*: —

DGRO

• 1D: 0.08%
• 1M: 0.48%
• YTD: 8.84%
• 6M: 8.25%
• 1Y: 22.81%
• 3Y*: 16.80%
• 5Y*: 11.08%
• 10Y*: 13.58%

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

BUFB vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUFB Innovator Laddered Allocation Buffer ETF	6.82%	13.42%	16.37%	20.50%	-8.23%
DGRO iShares Core Dividend Growth ETF	8.84%	15.69%	16.62%	10.47%	-5.51%

Correlation

The correlation between BUFB and DGRO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 9, 2022	0.81

The correlation between BUFB and DGRO shifts across timeframes, from 0.64 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

BUFB vs. DGRO - Sectors Allocation Comparison

Sectors	BUFB	DGRO
Technology	38.4%	22.0%
Financial Services	11.0%	20.6%
Communication Services	10.8%	0.1%
Consumer Cyclical	10.0%	5.4%
Healthcare	8.4%	16.5%
Industrials	7.9%	10.4%
Consumer Defensive	4.6%	11.1%
Energy	3.2%	5.1%
Utilities	2.1%	6.4%
Real Estate	1.8%	-
Basic Materials	1.7%	2.4%

Return for Risk

BUFB vs. DGRO — Risk / Return Rank

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

BUFB

BUFB Risk / Return Rank: 83
BUFB Sharpe Ratio Rank: 80
BUFB Sortino Ratio Rank: 84
BUFB Omega Ratio Rank: 85
BUFB Calmar Ratio Rank: 75
BUFB Martin Ratio Rank: 89

DGRO

DGRO Risk / Return Rank: 77
DGRO Sharpe Ratio Rank: 78
DGRO Sortino Ratio Rank: 82
DGRO Omega Ratio Rank: 77
DGRO Calmar Ratio Rank: 72
DGRO Martin Ratio Rank: 74

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.

BUFB vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Buffer ETF (BUFB) and iShares Core Dividend Growth ETF (DGRO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BUFB	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.40	+0.06
Sortino ratio: Return per unit of downside risk	3.57	3.49	+0.07
Omega ratio: Gain probability vs. loss probability	1.49	1.43	+0.06
Calmar ratio: Return relative to maximum drawdown	3.70	3.54	+0.16
Martin ratio: Return relative to average drawdown	19.19	13.67	+5.51

BUFB vs. DGRO - Sharpe Ratio Comparison

The current BUFB Sharpe Ratio is 2.47, which is comparable to the DGRO Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of BUFB and DGRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BUFB vs. DGRO - Drawdown Comparison

The maximum BUFB drawdown since its inception was -14.88%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for BUFB and DGRO.

Drawdown Indicators

	BUFB	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-14.88%	-35.10%	+20.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-6.47%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-13.75%	-14.03%	+0.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-0.52%	-1.21%	+0.69%
Average Drawdown Average peak-to-trough decline	-2.85%	-3.43%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.67%	-0.69%

Volatility

BUFB vs. DGRO - Volatility Comparison

The current volatility for Innovator Laddered Allocation Buffer ETF (BUFB) is 2.47%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.64%. This indicates that BUFB experiences smaller price fluctuations and is considered to be less risky than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFB	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.64%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	6.94%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	7.69%	9.55%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	13.80%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	16.63%	-4.64%

BUFB vs. DGRO - Expense Ratio Comparison

BUFB has a 0.89% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

BUFB vs. DGRO - Dividend Comparison

BUFB has not paid dividends to shareholders, while DGRO's dividend yield for the trailing twelve months is around 1.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFB Innovator Laddered Allocation Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DGRO iShares Core Dividend Growth ETF	1.97%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%

Frequently Asked Questions

Can I hold both BUFB and DGRO in my portfolio?

BUFB and DGRO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFB or DGRO?

DGRO has higher volatility (2.64%) compared to BUFB (2.47%). In terms of maximum drawdown, BUFB dropped -14.88% vs DGRO's -35.10%.

Which ETF is better, BUFB or DGRO?

On 3-year performance, DGRO leads with 16.80% vs 15.14% for BUFB. On fees, DGRO is cheaper at 0.08% per year. On volatility, BUFB has been the lower-risk option at 2.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFB or DGRO?

Over the 3-year period, DGRO has performed better with a 16.80% return vs 15.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFB or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.89% for BUFB.

Which ETF pays a higher dividend yield, BUFB or DGRO?

DGRO has the higher dividend yield at 1.97%, compared with 0.00% for BUFB.

What is the main difference between BUFB and DGRO?

BUFB is categorized as Defined Outcome, while DGRO is Large Cap Growth Equities. BUFB tracks MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.89% for BUFB and 0.08% for DGRO.

Which has better risk-adjusted returns?

BUFB currently has the higher Sharpe Ratio (2.47 vs 2.40), 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.