BUFF vs. MNA
BUFF (Innovator Laddered Allocation Power Buffer ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - BUFF is a Defined Outcome fund tracking the FTSE Laddered Power Buffer Strategy Index, while MNA is a Event Driven fund tracking the IQ Merger Arbitrage Index. Both are passively managed. Over the past 5 years, BUFF returned 8.65%/yr vs 2.15%/yr for MNA. Their 0.32 correlation means their historical movements had little consistent relationship. BUFF charges 0.89%/yr vs 0.77%/yr for MNA.
Performance
BUFF vs. MNA - Performance Comparison
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Returns By Period
In the year-to-date period, BUFF achieves a 6.26% return, which is significantly higher than MNA's 2.05% return.
BUFF
- 1D
- 0.26%
- 1M
- 0.67%
- 6M
- 5.31%
- YTD
- 6.26%
- 1Y
- 12.03%
- 3Y*
- 11.19%
- 5Y*
- 8.65%
- 10Y*
- —
- ALL TIME*
- 8.63%
MNA
- 1D
- 0.19%
- 1M
- 0.25%
- 6M
- 0.98%
- YTD
- 2.05%
- 1Y
- 3.17%
- 3Y*
- 6.06%
- 5Y*
- 2.15%
- 10Y*
- 2.93%
- ALL TIME*
- 2.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.70M | $5.20M | $4.32M | |
| $556.09K | $1.51M | $1.03M |
BUFF vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BUFF Innovator Laddered Allocation Power Buffer ETF | 6.26% | 11.02% | 12.05% | 16.51% | -4.44% | 8.37% | -12.08% | 32.32% | -7.04% | 15.63% |
MNA IQ Merger Arbitrage ETF | 2.05% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
Correlation
The correlation between BUFF and MNA is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2016 | 0.32 |
The correlation between BUFF and MNA shifts across timeframes, from 0.29 (3 years) to 0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BUFF vs. MNA — Risk / Return Rank
BUFF
MNA
BUFF vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Power Buffer ETF (BUFF) and IQ Merger Arbitrage ETF (MNA). 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 | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.13 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 2.36 | +0.79 |
| Martin ratioReturn relative to average drawdown | 16.12 | 5.65 | +10.47 |
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Drawdowns
BUFF vs. MNA - Drawdown Comparison
The maximum BUFF drawdown since its inception was -46.23%, which is greater than MNA's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for BUFF and MNA.
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Drawdown Indicators
| BUFF | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.23% | -16.68% | -29.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -1.40% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -10.24% | -3.01% | -7.23% |
Max Drawdown (5Y)Largest decline over 5 years | -10.24% | -9.46% | -0.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.68% | — |
Current DrawdownCurrent decline from peak | -0.15% | -0.35% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -6.09% | -2.81% | -3.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.58% | +0.12% |
Volatility
BUFF vs. MNA - Volatility Comparison
The current volatility for Innovator Laddered Allocation Power Buffer ETF (BUFF) is 1.47%, while IQ Merger Arbitrage ETF (MNA) has a volatility of 1.56%. This indicates that BUFF experiences smaller price fluctuations and is considered to be less risky than MNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BUFF | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 1.56% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 4.22% | 3.63% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.31% | 4.74% | +0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.45% | 4.98% | +3.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 6.52% | +11.02% |
BUFF vs. MNA - Expense Ratio Comparison
BUFF has a 0.89% expense ratio, which is higher than MNA's 0.77% expense ratio.
Dividends
BUFF vs. MNA - Dividend Comparison
Neither BUFF nor MNA has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
MNA IQ Merger Arbitrage ETF | 0.00% | 0.00% | 0.00% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% |
Frequently Asked Questions
BUFF and MNA have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNA has higher volatility (1.56%) compared to BUFF (1.47%). In terms of maximum drawdown, BUFF dropped -46.23% vs MNA's -16.68%.
On 5-year performance, BUFF leads with 8.65% vs 2.15% for MNA. On fees, MNA is cheaper at 0.77% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BUFF has performed better with a 8.65% return vs 2.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MNA is cheaper with a 0.77% expense ratio, compared with 0.89% for BUFF.
BUFF and MNA have nearly identical dividend yields, around 0.00%.
BUFF is categorized as Defined Outcome, while MNA is Event Driven. BUFF tracks FTSE Laddered Power Buffer Strategy Index, while MNA tracks IQ Merger Arbitrage Index. They also come from different issuers: Innovator and New York Life. Their fees differ too: 0.89% for BUFF and 0.77% for MNA.
BUFF currently has the higher Sharpe Ratio (2.13 vs 0.70), 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.
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