BUFF vs. BUFD

Last updated Jun 23, 2026

BUFF (Innovator Laddered Allocation Power Buffer ETF) and BUFD (FT Vest Laddered Deep Buffer ETF) are both Defined Outcome funds. BUFF is passively managed, while BUFD is actively managed. Over the past 5 years, BUFF returned 8.63%/yr vs 7.47%/yr for BUFD. Their correlation of 0.85 suggests significant overlap in exposure. BUFF charges 0.89%/yr vs 0.95%/yr for BUFD.

Performance

BUFF vs. BUFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Laddered Allocation Power Buffer ETF (BUFF) and FT Vest Laddered Deep Buffer ETF (BUFD). 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 higher than BUFD's 5.06% return.

BUFF

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

BUFD

• 1D: -0.07%
• 1M: 0.41%
• YTD: 5.06%
• 6M: 5.06%
• 1Y: 14.45%
• 3Y*: 11.77%
• 5Y*: 7.47%
• 10Y*: —

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

BUFF vs. BUFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-4.44%	7.60%
BUFD FT Vest Laddered Deep Buffer ETF	5.06%	10.66%	12.42%	15.40%	-7.70%	5.86%

Correlation

The correlation between BUFF and BUFD is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021	0.85

The correlation between BUFF and BUFD has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

BUFF vs. BUFD — 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

BUFD

BUFD Risk / Return Rank: 89
BUFD Sharpe Ratio Rank: 88
BUFD Sortino Ratio Rank: 92
BUFD Omega Ratio Rank: 91
BUFD Calmar Ratio Rank: 82
BUFD Martin Ratio Rank: 93

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. BUFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Power Buffer ETF (BUFF) and FT Vest Laddered Deep Buffer ETF (BUFD). 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	BUFD	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.76	+0.01
Sortino ratio: Return per unit of downside risk	4.16	4.21	-0.06
Omega ratio: Gain probability vs. loss probability	1.57	1.57	0.00
Calmar ratio: Return relative to maximum drawdown	4.05	4.23	-0.18
Martin ratio: Return relative to average drawdown	21.13	22.74	-1.61

BUFF vs. BUFD - Sharpe Ratio Comparison

The current BUFF Sharpe Ratio is 2.76, which is comparable to the BUFD Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of BUFF and BUFD, 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. BUFD - Drawdown Comparison

The maximum BUFF drawdown since its inception was -46.23%, which is greater than BUFD's maximum drawdown of -10.75%. Use the drawdown chart below to compare losses from any high point for BUFF and BUFD.

Drawdown Indicators

	BUFF	BUFD	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-10.75%	-35.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-3.43%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	-10.15%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	-10.75%	+0.51%
Current Drawdown Current decline from peak	-0.27%	-0.24%	-0.03%
Average Drawdown Average peak-to-trough decline	-6.15%	-1.96%	-4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.64%	+0.04%

Volatility

BUFF vs. BUFD - Volatility Comparison

Innovator Laddered Allocation Power Buffer ETF (BUFF) and FT Vest Laddered Deep Buffer ETF (BUFD) have volatilities of 1.66% and 1.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFF	BUFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.60%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	4.08%	4.17%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	5.27%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	7.74%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.63%	7.54%	+10.09%

BUFF vs. BUFD - Expense Ratio Comparison

BUFF has a 0.89% expense ratio, which is lower than BUFD's 0.95% expense ratio.

Dividends

BUFF vs. BUFD - Dividend Comparison

Neither BUFF nor BUFD has paid dividends to shareholders.

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

BUFF and BUFD have a correlation of 0.88, 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 BUFD?

BUFF has higher volatility (1.66%) compared to BUFD (1.60%). In terms of maximum drawdown, BUFF dropped -46.23% vs BUFD's -10.75%.

Which ETF is better, BUFF or BUFD?

On 5-year performance, BUFF leads with 8.63% vs 7.47% for BUFD. On fees, BUFF is cheaper at 0.89% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFF or BUFD?

Over the 5-year period, BUFF has performed better with a 8.63% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFF or BUFD?

BUFF is cheaper with a 0.89% expense ratio, compared with 0.95% for BUFD.

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

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

What is the main difference between BUFF and BUFD?

They also come from different issuers: Innovator and FT Vest. Their fees differ too: 0.89% for BUFF and 0.95% for BUFD.

Which has better risk-adjusted returns?

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