BUFF vs. BUYW

Last updated Jun 4, 2026

BUFF (Innovator Laddered Allocation Power Buffer ETF) and BUYW (Main Buywrite ETF) are both exchange-traded funds - BUFF is a Defined Outcome fund tracking the Refinitiv Laddered Power Buffer Strategy Index, while BUYW is a Derivative Income fund actively managed by Main Funds. BUFF is passively managed, while BUYW is actively managed. Over the past 3 years, BUFF returned 12.47%/yr vs 8.73%/yr for BUYW. A 0.63 correlation means they provide meaningful diversification when combined. BUFF charges 0.89%/yr vs 1.29%/yr for BUYW.

Performance

BUFF vs. BUYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Laddered Allocation Power Buffer ETF (BUFF) and Main Buywrite ETF (BUYW). 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 BUYW's 3.39% return.

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

BUYW

• 1D: 0.35%
• 1M: 0.99%
• YTD: 3.39%
• 6M: 4.27%
• 1Y: 9.76%
• 3Y*: 8.73%
• 5Y*: —
• 10Y*: —

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

BUFF vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-0.92%
BUYW Main Buywrite ETF	3.39%	9.08%	9.82%	12.80%	1.46%

Correlation

The correlation between BUFF and BUYW is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 13, 2022	0.63

The correlation between BUFF and BUYW shifts across timeframes, from 0.51 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

BUFF vs. BUYW - Sectors Allocation Comparison

Sectors	BUFF	BUYW
Technology	36.2%	24.0%
Financial Services	11.9%	15.3%
Communication Services	10.9%	16.9%
Consumer Cyclical	10.1%	6.4%
Healthcare	8.4%	13.0%
Industrials	8.1%	4.4%
Consumer Defensive	4.9%	3.2%
Energy	3.5%	13.6%
Utilities	2.3%	1.3%
Real Estate	1.9%	1.0%
Basic Materials	1.8%	1.0%

Return for Risk

BUFF vs. BUYW — Risk / Return Rank

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

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
BUFF Martin Ratio Rank: 90

BUYW

BUYW Risk / Return Rank: 71
BUYW Sharpe Ratio Rank: 59
BUYW Sortino Ratio Rank: 66
BUYW Omega Ratio Rank: 66
BUYW Calmar Ratio Rank: 75
BUYW 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. BUYW - Risk-Adjusted Trends Comparison

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

	BUFF	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	2.80	2.03	+0.78
Sortino ratio: Return per unit of downside risk	4.24	3.08	+1.16
Omega ratio: Gain probability vs. loss probability	1.58	1.40	+0.18
Calmar ratio: Return relative to maximum drawdown	4.02	3.79	+0.24
Martin ratio: Return relative to average drawdown	21.50	20.24	+1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFF vs. BUYW - Sharpe Ratio Comparison

The current BUFF Sharpe Ratio is 2.80, which is higher than the BUYW Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of BUFF and BUYW, 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

	BUFF	BUYW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	2.03	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.17	-0.67

Drawdowns

BUFF vs. BUYW - Drawdown Comparison

The maximum BUFF drawdown since its inception was -46.23%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for BUFF and BUYW.

Drawdown Indicators

	BUFF	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-9.36%	-36.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-2.59%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	-9.36%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.21%	-0.06%
Average Drawdown Average peak-to-trough decline	-6.18%	-0.61%	-5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.48%	+0.19%

Volatility

BUFF vs. BUYW - Volatility Comparison

Innovator Laddered Allocation Power Buffer ETF (BUFF) and Main Buywrite ETF (BUYW) have volatilities of 1.02% and 1.02%, 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	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	1.02%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.83%	4.03%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	5.15%	4.85%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.41%	8.47%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	8.47%	+9.20%

BUFF vs. BUYW - Expense Ratio Comparison

BUFF has a 0.89% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

BUFF vs. BUYW - Dividend Comparison

BUFF has not paid dividends to shareholders, while BUYW's dividend yield for the trailing twelve months is around 5.91%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
BUYW Main Buywrite ETF	5.91%	5.89%	5.93%	5.95%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BUFF and BUYW in my portfolio?

BUFF and BUYW have a correlation of 0.51, 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 BUYW?

BUYW has higher volatility (1.02%) compared to BUFF (1.02%). In terms of maximum drawdown, BUFF dropped -46.23% vs BUYW's -9.36%.

Which ETF is better, BUFF or BUYW?

On 3-year performance, BUFF leads with 12.47% vs 8.73% for BUYW. 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 BUYW?

Over the 3-year period, BUFF has performed better with a 12.47% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFF or BUYW?

BUFF is cheaper with a 0.89% expense ratio, compared with 1.29% for BUYW.

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

BUYW has the higher dividend yield at 5.91%, compared with 0.00% for BUFF.

What is the main difference between BUFF and BUYW?

BUFF is categorized as Defined Outcome, while BUYW is Derivative Income. They also come from different issuers: Innovator and Main Funds. Their fees differ too: 0.89% for BUFF and 1.29% for BUYW.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.80 vs 2.03), 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.