BUFB vs. XXXX

Last updated Jun 23, 2026

BUFB (Innovator Laddered Allocation Buffer ETF) and XXXX (MAX S&P 500 4X Leveraged ETN) 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 XXXX is a Leveraged Equities fund tracking the S&P 500 Index (400%). Both are passively managed. Over the past year, BUFB returned 18.84% vs 77.72% for XXXX. Their correlation of 0.92 suggests significant overlap in exposure. BUFB charges 0.89%/yr vs 2.95%/yr for XXXX.

Performance

BUFB vs. XXXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Laddered Allocation Buffer ETF (BUFB) and MAX S&P 500 4X Leveraged ETN (XXXX). 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 XXXX's 20.71% return.

BUFB

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

XXXX

• 1D: -1.40%
• 1M: -3.10%
• YTD: 20.71%
• 6M: 17.73%
• 1Y: 77.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFB vs. XXXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BUFB Innovator Laddered Allocation Buffer ETF	6.82%	13.42%	16.37%	3.32%
XXXX MAX S&P 500 4X Leveraged ETN	20.71%	17.36%	61.36%	16.77%

Correlation

The correlation between BUFB and XXXX is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Dec 5, 2023	0.92

The correlation between BUFB and XXXX has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

BUFB vs. XXXX — 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

XXXX

XXXX Risk / Return Rank: 44
XXXX Sharpe Ratio Rank: 47
XXXX Sortino Ratio Rank: 41
XXXX Omega Ratio Rank: 43
XXXX Calmar Ratio Rank: 43
XXXX Martin Ratio Rank: 48

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. XXXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Buffer ETF (BUFB) and MAX S&P 500 4X Leveraged ETN (XXXX). 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	XXXX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.59	+0.88
Sortino ratio: Return per unit of downside risk	3.57	2.05	+1.52
Omega ratio: Gain probability vs. loss probability	1.49	1.27	+0.22
Calmar ratio: Return relative to maximum drawdown	3.70	2.10	+1.60
Martin ratio: Return relative to average drawdown	19.19	7.82	+11.37

BUFB vs. XXXX - Sharpe Ratio Comparison

The current BUFB Sharpe Ratio is 2.47, which is higher than the XXXX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of BUFB and XXXX, 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. XXXX - Drawdown Comparison

The maximum BUFB drawdown since its inception was -14.88%, smaller than the maximum XXXX drawdown of -62.27%. Use the drawdown chart below to compare losses from any high point for BUFB and XXXX.

Drawdown Indicators

	BUFB	XXXX	Difference
Max Drawdown Largest peak-to-trough decline	-14.88%	-62.27%	+47.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-37.25%	+32.13%
Max Drawdown (3Y) Largest decline over 3 years	-13.75%	—	—
Current Drawdown Current decline from peak	-0.52%	-9.34%	+8.82%
Average Drawdown Average peak-to-trough decline	-2.85%	-11.55%	+8.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	9.97%	-8.99%

Volatility

BUFB vs. XXXX - Volatility Comparison

The current volatility for Innovator Laddered Allocation Buffer ETF (BUFB) is 2.47%, while MAX S&P 500 4X Leveraged ETN (XXXX) has a volatility of 18.72%. This indicates that BUFB experiences smaller price fluctuations and is considered to be less risky than XXXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFB	XXXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	18.72%	-16.25%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	38.88%	-32.72%
Volatility (1Y) Calculated over the trailing 1-year period	7.69%	49.23%	-41.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.99%	61.12%	-49.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.99%	61.12%	-49.13%

BUFB vs. XXXX - Expense Ratio Comparison

BUFB has a 0.89% expense ratio, which is lower than XXXX's 2.95% expense ratio.

Dividends

BUFB vs. XXXX - Dividend Comparison

Neither BUFB nor XXXX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BUFB and XXXX in my portfolio?

With a correlation of 0.92, BUFB and XXXX 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, BUFB or XXXX?

XXXX has higher volatility (18.72%) compared to BUFB (2.47%). In terms of maximum drawdown, BUFB dropped -14.88% vs XXXX's -62.27%.

Which ETF is better, BUFB or XXXX?

On 1-year performance, XXXX leads with 77.72% vs 18.84% for BUFB. On fees, BUFB is cheaper at 0.89% 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 XXXX?

Over the 1-year period, XXXX has performed better with a 77.72% return vs 18.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFB or XXXX?

BUFB is cheaper with a 0.89% expense ratio, compared with 2.95% for XXXX.

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

BUFB and XXXX have nearly identical dividend yields, around 0.00%.

What is the main difference between BUFB and XXXX?

BUFB is categorized as Defined Outcome, while XXXX is Leveraged Equities. BUFB tracks MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross, while XXXX tracks S&P 500 Index (400%). They also come from different issuers: Innovator and Max. Their fees differ too: 0.89% for BUFB and 2.95% for XXXX.

Which has better risk-adjusted returns?

BUFB currently has the higher Sharpe Ratio (2.47 vs 1.59), 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.