BUFD vs. KSEP

Last updated Jun 4, 2026

BUFD (FT Vest Laddered Deep Buffer ETF) and KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) are both Defined Outcome funds. Both are actively managed. Over the past year, BUFD returned 14.40% vs 20.63% for KSEP. A 0.73 correlation means they provide meaningful diversification when combined. BUFD charges 0.95%/yr vs 0.79%/yr for KSEP.

Performance

BUFD vs. KSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Laddered Deep Buffer ETF (BUFD) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFD achieves a 5.08% return, which is significantly lower than KSEP's 8.77% return.

BUFD

• 1D: -0.08%
• 1M: 1.70%
• YTD: 5.08%
• 6M: 5.68%
• 1Y: 14.40%
• 3Y*: 12.09%
• 5Y*: 7.62%
• 10Y*: —

KSEP

• 1D: -0.28%
• 1M: 1.76%
• YTD: 8.77%
• 6M: 8.72%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFD vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUFD FT Vest Laddered Deep Buffer ETF	5.08%	10.66%	3.66%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	8.77%	8.54%	3.08%

Correlation

The correlation between BUFD and KSEP is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.73

The correlation between BUFD and KSEP has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

BUFD vs. KSEP — Risk / Return Rank

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

BUFD

BUFD Risk / Return Rank: 87
BUFD Sharpe Ratio Rank: 84
BUFD Sortino Ratio Rank: 91
BUFD Omega Ratio Rank: 89
BUFD Calmar Ratio Rank: 80
BUFD Martin Ratio Rank: 92

KSEP

KSEP Risk / Return Rank: 71
KSEP Sharpe Ratio Rank: 62
KSEP Sortino Ratio Rank: 69
KSEP Omega Ratio Rank: 63
KSEP Calmar Ratio Rank: 83
KSEP Martin Ratio Rank: 81

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.

BUFD vs. KSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Laddered Deep Buffer ETF (BUFD) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). 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.

	BUFD	KSEP	Difference
Sharpe ratio Return per unit of total volatility	2.79	2.04	+0.74
Sortino ratio Return per unit of downside risk	4.32	3.10	+1.22
Omega ratio Gain probability vs. loss probability	1.58	1.37	+0.20
Calmar ratio Return relative to maximum drawdown	4.21	4.36	-0.14
Martin ratio Return relative to average drawdown	22.97	15.77	+7.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFD vs. KSEP - Sharpe Ratio Comparison

The current BUFD Sharpe Ratio is 2.79, which is higher than the KSEP Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of BUFD and KSEP, 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

	BUFD	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.04	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	1.03	-0.03

Drawdowns

BUFD vs. KSEP - Drawdown Comparison

The maximum BUFD drawdown since its inception was -10.75%, smaller than the maximum KSEP drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for BUFD and KSEP.

Drawdown Indicators

	BUFD	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-10.75%	-14.92%	+4.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-4.75%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-10.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.75%	—	—
Current Drawdown Current decline from peak	-0.15%	-0.28%	+0.13%
Average Drawdown Average peak-to-trough decline	-1.97%	-2.45%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	1.31%	-0.68%

Volatility

BUFD vs. KSEP - Volatility Comparison

The current volatility for FT Vest Laddered Deep Buffer ETF (BUFD) is 0.79%, while Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) has a volatility of 1.63%. This indicates that BUFD experiences smaller price fluctuations and is considered to be less risky than KSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFD	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	1.63%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	3.94%	6.27%	-2.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.19%	10.16%	-4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.73%	11.65%	-3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.55%	11.65%	-4.10%

BUFD vs. KSEP - Expense Ratio Comparison

BUFD has a 0.95% expense ratio, which is higher than KSEP's 0.79% expense ratio.

Dividends

BUFD vs. KSEP - Dividend Comparison

Neither BUFD nor KSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BUFD and KSEP in my portfolio?

BUFD and KSEP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFD or KSEP?

KSEP has higher volatility (1.63%) compared to BUFD (0.79%). In terms of maximum drawdown, BUFD dropped -10.75% vs KSEP's -14.92%.

Which ETF is better, BUFD or KSEP?

On 1-year performance, KSEP leads with 20.63% vs 14.40% for BUFD. On fees, KSEP is cheaper at 0.79% per year. On volatility, BUFD has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFD or KSEP?

Over the 1-year period, KSEP has performed better with a 20.63% return vs 14.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFD or KSEP?

KSEP is cheaper with a 0.79% expense ratio, compared with 0.95% for BUFD.

Which ETF pays a higher dividend yield, BUFD or KSEP?

BUFD and KSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between BUFD and KSEP?

They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.95% for BUFD and 0.79% for KSEP.

Which has better risk-adjusted returns?

BUFD currently has the higher Sharpe Ratio (2.79 vs 2.04), 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.