BUFF vs. BUYW

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Laddered Allocation Power Buffer ETF (BUFF) and Main Buywrite ETF (BUYW).

BUFF and BUYW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BUFF is a passively managed fund by Innovator that tracks the performance of the Refinitiv Laddered Power Buffer Strategy Index. It was launched on Oct 20, 2016. BUYW is an actively managed fund by Main Funds. It was launched on Dec 29, 2015.

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.

BUFF vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUFF Innovator Laddered Allocation Power Buffer ETF	-0.90%	11.02%	12.05%	16.51%	-0.92%
BUYW Main Buywrite ETF	-0.19%	9.08%	9.82%	12.80%	1.46%

Returns By Period

In the year-to-date period, BUFF achieves a -0.90% return, which is significantly lower than BUYW's -0.19% return.

BUFF

• 1D: 1.46%
• 1M: -1.89%
• YTD: -0.90%
• 6M: 1.13%
• 1Y: 12.07%
• 3Y*: 11.21%
• 5Y*: 7.68%
• 10Y*: —

BUYW

• 1D: 1.51%
• 1M: -0.91%
• YTD: -0.19%
• 6M: 2.11%
• 1Y: 8.89%
• 3Y*: 8.39%
• 5Y*: —
• 10Y*: —

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

BUFF vs. BUYW - Expense Ratio Comparison

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

BUYW

Main Buywrite ETF

BUFF

Innovator Laddered Allocation Power Buffer ETF

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: 77
BUFF Sharpe Ratio Rank: 72
BUFF Sortino Ratio Rank: 75
BUFF Omega Ratio Rank: 83
BUFF Calmar Ratio Rank: 70
BUFF Martin Ratio Rank: 86

BUYW

BUYW Risk / Return Rank: 56
BUYW Sharpe Ratio Rank: 45
BUYW Sortino Ratio Rank: 50
BUYW Omega Ratio Rank: 68
BUYW Calmar Ratio Rank: 44
BUYW Martin Ratio Rank: 73

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	1.23	0.80	+0.43
Sortino ratio Return per unit of downside risk	1.84	1.32	+0.52
Omega ratio Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio Return relative to maximum drawdown	1.72	1.12	+0.60
Martin ratio Return relative to average drawdown	9.71	7.48	+2.24
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 1.23, which is higher than the BUYW Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of BUFF and BUYW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BUFF	BUYW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	0.80	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.08	-0.62

Correlation

The correlation between BUFF and BUYW is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

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 6.01%.

	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	6.01%	5.89%	5.93%	5.95%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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	-7.15%	-8.18%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	—	—
Current Drawdown Current decline from peak	-2.18%	-1.11%	-1.07%
Average Drawdown Average peak-to-trough decline	-6.29%	-0.63%	-5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	1.22%	+0.05%

Volatility

BUFF vs. BUYW - Volatility Comparison

Innovator Laddered Allocation Power Buffer ETF (BUFF) and Main Buywrite ETF (BUYW) have volatilities of 2.61% and 2.59%, 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	2.61%	2.59%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	4.05%	3.89%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	9.82%	11.09%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.40%	8.62%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.83%	8.62%	+9.21%