BUFD vs. SPY
BUFD (FT Vest Laddered Deep Buffer ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BUFD is a Defined Outcome fund actively managed by FT Vest, while SPY is a S&P 500 fund tracking the S&P 500 Index. BUFD is actively managed, while SPY is passively managed. Over the past 5 years, BUFD returned 7.32%/yr vs 13.05%/yr for SPY. Their correlation of 0.89 suggests significant overlap in exposure. BUFD charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
BUFD vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, BUFD achieves a 4.55% return, which is significantly lower than SPY's 8.15% return.
BUFD
- 1D
- -0.49%
- 1M
- -0.08%
- YTD
- 4.55%
- 6M
- 4.29%
- 1Y
- 13.12%
- 3Y*
- 11.59%
- 5Y*
- 7.32%
- 10Y*
- —
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
BUFD vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BUFD FT Vest Laddered Deep Buffer ETF | 4.55% | 10.66% | 12.42% | 15.40% | -7.70% | 5.86% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 25.37% |
Correlation
The correlation between BUFD and SPY is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | 0.89 |
The correlation between BUFD and SPY has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
BUFD vs. SPY — Risk / Return Rank
BUFD
SPY
BUFD vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest Laddered Deep Buffer ETF (BUFD) and State Street SPDR S&P 500 ETF (SPY). 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.
| BUFD | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.34 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.84 | 2.67 | +1.17 |
| Martin ratioReturn relative to average drawdown | 20.61 | 11.92 | +8.69 |
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Drawdowns
BUFD vs. SPY - Drawdown Comparison
The maximum BUFD drawdown since its inception was -10.75%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BUFD and SPY.
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Drawdown Indicators
| BUFD | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.75% | -55.19% | +44.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -8.88% | +5.45% |
Max Drawdown (3Y)Largest decline over 3 years | -10.15% | -18.76% | +8.61% |
Max Drawdown (5Y)Largest decline over 5 years | -10.75% | -24.50% | +13.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.72% | -3.17% | +2.45% |
Average DrawdownAverage peak-to-trough decline | -1.95% | -9.04% | +7.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 1.98% | -1.34% |
Volatility
BUFD vs. SPY - Volatility Comparison
The current volatility for FT Vest Laddered Deep Buffer ETF (BUFD) is 1.67%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that BUFD experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BUFD | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 4.87% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 9.85% | -5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 12.50% | -7.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.75% | 17.15% | -9.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.54% | 17.95% | -10.41% |
BUFD vs. SPY - Expense Ratio Comparison
BUFD has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
BUFD vs. SPY - Dividend Comparison
BUFD has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BUFD FT Vest Laddered Deep 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% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
With a correlation of 0.94, BUFD and SPY 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.
SPY has higher volatility (4.87%) compared to BUFD (1.67%). In terms of maximum drawdown, BUFD dropped -10.75% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.05% vs 7.32% for BUFD. On fees, SPY is cheaper at 0.09% per year. On volatility, BUFD has been the lower-risk option at 1.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.05% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for BUFD.
SPY has the higher dividend yield at 1.03%, compared with 0.00% for BUFD.
BUFD is categorized as Defined Outcome, while SPY is S&P 500. They also come from different issuers: FT Vest and State Street. Their fees differ too: 0.95% for BUFD and 0.09% for SPY.
BUFD currently has the higher Sharpe Ratio (2.51 vs 1.90), 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.
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