BUFF vs. KFEB

Last updated Jun 21, 2026

BUFF (Innovator Laddered Allocation Power Buffer ETF) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds from Innovator. BUFF is passively managed, while KFEB is actively managed. Over the past year, BUFF returned 14.50% vs 25.92% for KFEB. A 0.74 correlation means they provide meaningful diversification when combined. BUFF charges 0.89%/yr vs 0.79%/yr for KFEB.

Performance

BUFF vs. KFEB - Performance Comparison

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

Returns By Period

In the year-to-date period, BUFF achieves a 5.48% return, which is significantly lower than KFEB's 13.06% return.

BUFF

• 1D: 0.46%
• 1M: 0.54%
• YTD: 5.48%
• 6M: 5.60%
• 1Y: 14.50%
• 3Y*: 11.82%
• 5Y*: 8.76%
• 10Y*: —

KFEB

• 1D: 0.80%
• 1M: 2.24%
• YTD: 13.06%
• 6M: 11.37%
• 1Y: 25.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFF vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
BUFF Innovator Laddered Allocation Power Buffer ETF	5.48%	9.32%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	13.06%	9.19%

Correlation

The correlation between BUFF and KFEB is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.74

The correlation between BUFF and KFEB has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

BUFF vs. KFEB — 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: 92
BUFF Omega Ratio Rank: 91
BUFF Calmar Ratio Rank: 81
BUFF Martin Ratio Rank: 92

KFEB

KFEB Risk / Return Rank: 79
KFEB Sharpe Ratio Rank: 77
KFEB Sortino Ratio Rank: 80
KFEB Omega Ratio Rank: 72
KFEB Calmar Ratio Rank: 85
KFEB Martin Ratio Rank: 83

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. KFEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Power Buffer ETF (BUFF) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). 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	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.35	+0.41
Sortino ratio: Return per unit of downside risk	4.15	3.37	+0.77
Omega ratio: Gain probability vs. loss probability	1.57	1.40	+0.16
Calmar ratio: Return relative to maximum drawdown	4.04	4.47	-0.44
Martin ratio: Return relative to average drawdown	21.08	16.28	+4.80

BUFF vs. KFEB - Sharpe Ratio Comparison

The current BUFF Sharpe Ratio is 2.76, which is comparable to the KFEB Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of BUFF and KFEB, 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. KFEB - Drawdown Comparison

The maximum BUFF drawdown since its inception was -46.23%, which is greater than KFEB's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for BUFF and KFEB.

Drawdown Indicators

	BUFF	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-46.23%	-14.16%	-32.07%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-5.80%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-10.24%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	—	—
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-6.15%	-2.27%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	1.59%	-0.91%

Volatility

BUFF vs. KFEB - Volatility Comparison

The current volatility for Innovator Laddered Allocation Power Buffer ETF (BUFF) is 1.71%, while Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) has a volatility of 2.85%. This indicates that BUFF experiences smaller price fluctuations and is considered to be less risky than KFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFF	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	2.85%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	4.09%	7.82%	-3.73%
Volatility (1Y) Calculated over the trailing 1-year period	5.25%	11.06%	-5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	13.19%	-4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	13.19%	+4.45%

BUFF vs. KFEB - Expense Ratio Comparison

BUFF has a 0.89% expense ratio, which is higher than KFEB's 0.79% expense ratio.

Dividends

BUFF vs. KFEB - Dividend Comparison

Neither BUFF nor KFEB has paid dividends to shareholders.

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%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BUFF and KFEB in my portfolio?

BUFF and KFEB have a correlation of 0.68, 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 KFEB?

KFEB has higher volatility (2.85%) compared to BUFF (1.71%). In terms of maximum drawdown, BUFF dropped -46.23% vs KFEB's -14.16%.

Which ETF is better, BUFF or KFEB?

On 1-year performance, KFEB leads with 25.92% vs 14.50% for BUFF. On fees, KFEB is cheaper at 0.79% per year. On volatility, BUFF has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFF or KFEB?

Over the 1-year period, KFEB has performed better with a 25.92% return vs 14.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFF or KFEB?

KFEB is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

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

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

What is the main difference between BUFF and KFEB?

Their fees differ too: 0.89% for BUFF and 0.79% for KFEB.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.76 vs 2.35), 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.