BUFF vs. BUFB

Last updated Jun 23, 2026

BUFF (Innovator Laddered Allocation Power Buffer ETF) and BUFB (Innovator Laddered Allocation Buffer ETF) are both Defined Outcome funds from Innovator - BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index while BUFB tracks the MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, BUFF returned 12.10%/yr vs 15.14%/yr for BUFB. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.89% expense ratio.

Performance

BUFF vs. BUFB - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFF achieves a 5.42% return, which is significantly lower than BUFB's 6.82% return.

BUFF

• 1D: -0.06%
• 1M: 0.38%
• YTD: 5.42%
• 6M: 5.44%
• 1Y: 14.44%
• 3Y*: 12.10%
• 5Y*: 8.63%
• 10Y*: —

BUFB

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

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

BUFF vs. BUFB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-3.28%
BUFB Innovator Laddered Allocation Buffer ETF	6.82%	13.42%	16.37%	20.50%	-8.23%

Correlation

The correlation between BUFF and BUFB is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 9, 2022	0.92

The correlation between BUFF and BUFB has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

BUFF vs. BUFB — Risk / Return Rank

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

BUFF

BUFF Risk / Return Rank: 89
BUFF Sharpe Ratio Rank: 88
BUFF Sortino Ratio Rank: 91
BUFF Omega Ratio Rank: 91
BUFF Calmar Ratio Rank: 80
BUFF Martin Ratio Rank: 92

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

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.

BUFF vs. BUFB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Power Buffer ETF (BUFF) and Innovator Laddered Allocation Buffer ETF (BUFB). 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.

	BUFF	BUFB	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.47	+0.30
Sortino ratio: Return per unit of downside risk	4.16	3.57	+0.59
Omega ratio: Gain probability vs. loss probability	1.57	1.49	+0.08
Calmar ratio: Return relative to maximum drawdown	4.05	3.70	+0.35
Martin ratio: Return relative to average drawdown	21.13	19.19	+1.94

BUFF vs. BUFB - Sharpe Ratio Comparison

The current BUFF Sharpe Ratio is 2.76, which is comparable to the BUFB Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of BUFF and BUFB, 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

BUFF vs. BUFB - Drawdown Comparison

The maximum BUFF drawdown since its inception was -46.23%, which is greater than BUFB's maximum drawdown of -14.88%. Use the drawdown chart below to compare losses from any high point for BUFF and BUFB.

Drawdown Indicators

	BUFF	BUFB	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-14.88%	-31.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-5.12%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	-13.75%	+3.51%
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.52%	+0.25%
Average Drawdown Average peak-to-trough decline	-6.15%	-2.85%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.98%	-0.30%

Volatility

BUFF vs. BUFB - Volatility Comparison

The current volatility for Innovator Laddered Allocation Power Buffer ETF (BUFF) is 1.66%, while Innovator Laddered Allocation Buffer ETF (BUFB) has a volatility of 2.47%. This indicates that BUFF experiences smaller price fluctuations and is considered to be less risky than BUFB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFF	BUFB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	2.47%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	4.08%	6.16%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	7.69%	-2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	11.99%	-3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.63%	11.99%	+5.64%

BUFF vs. BUFB - Expense Ratio Comparison

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

Dividends

BUFF vs. BUFB - Dividend Comparison

Neither BUFF nor BUFB has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
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 BUFF and BUFB in my portfolio?

BUFF and BUFB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFF or BUFB?

BUFB has higher volatility (2.47%) compared to BUFF (1.66%). In terms of maximum drawdown, BUFF dropped -46.23% vs BUFB's -14.88%.

Which ETF is better, BUFF or BUFB?

On 3-year performance, BUFB leads with 15.14% vs 12.10% for BUFF. Both ETFs have the same 0.89% expense ratio. On volatility, BUFF has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFF or BUFB?

Over the 3-year period, BUFB has performed better with a 15.14% return vs 12.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFF or BUFB?

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

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

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

What is the main difference between BUFF and BUFB?

BUFF tracks Refinitiv Laddered Power Buffer Strategy Index, while BUFB tracks MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.76 vs 2.47), 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.