BUFG vs. SPY

Last updated Jun 3, 2026

BUFG (FT Cboe Vest Buffered Allocation Growth ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BUFG is a Options Trading fund actively managed by FT Vest, while SPY is a S&P 500 fund tracking the S&P 500 Index. BUFG is actively managed, while SPY is passively managed. Over the past 3 years, BUFG returned 14.41%/yr vs 22.64%/yr for SPY. With a 0.95 correlation, they move nearly in lockstep. BUFG charges 1.05%/yr vs 0.09%/yr for SPY.

Performance

BUFG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest Buffered Allocation Growth ETF (BUFG) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUFG achieves a 6.72% return, which is significantly lower than SPY's 11.69% return.

BUFG

• 1D: 0.03%
• 1M: 2.54%
• YTD: 6.72%
• 6M: 7.58%
• 1Y: 18.52%
• 3Y*: 14.41%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

BUFG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BUFG FT Cboe Vest Buffered Allocation Growth ETF	6.72%	12.33%	15.13%	18.49%	-11.61%	1.80%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	5.00%

Correlation

The correlation between BUFG and SPY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021	0.95

The correlation between BUFG and SPY has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

BUFG vs. SPY - Sectors Allocation Comparison

Sectors	BUFG	SPY
Technology	36.2%	35.9%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.4%	8.4%
Industrials	8.1%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BUFG vs. SPY — Risk / Return Rank

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

BUFG

BUFG Risk / Return Rank: 75
BUFG Sharpe Ratio Rank: 73
BUFG Sortino Ratio Rank: 77
BUFG Omega Ratio Rank: 78
BUFG Calmar Ratio Rank: 64
BUFG Martin Ratio Rank: 83

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

BUFG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest Buffered Allocation Growth ETF (BUFG) and State Street SPDR S&P 500 ETF (SPY). 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.

	BUFG	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.44	2.52	-0.08
Sortino ratio Return per unit of downside risk	3.52	3.42	+0.11
Omega ratio Gain probability vs. loss probability	1.47	1.46	+0.02
Calmar ratio Return relative to maximum drawdown	3.26	3.42	-0.15
Martin ratio Return relative to average drawdown	17.20	15.93	+1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFG vs. SPY - Sharpe Ratio Comparison

The current BUFG Sharpe Ratio is 2.44, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of BUFG and SPY, 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

	BUFG	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	2.52	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.59	+0.16

Drawdowns

BUFG vs. SPY - Drawdown Comparison

The maximum BUFG drawdown since its inception was -17.62%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BUFG and SPY.

Drawdown Indicators

	BUFG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-17.62%	-55.19%	+37.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-8.88%	+3.14%
Max Drawdown (3Y) Largest decline over 3 years	-13.20%	-18.76%	+5.56%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.62%	-9.05%	+5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.91%	-0.82%

Volatility

BUFG vs. SPY - Volatility Comparison

The current volatility for FT Cboe Vest Buffered Allocation Growth ETF (BUFG) is 1.14%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.75%. This indicates that BUFG experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUFG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	2.75%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	8.89%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	7.63%	11.81%	-4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.84%	17.05%	-5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.84%	17.94%	-6.10%

BUFG vs. SPY - Expense Ratio Comparison

BUFG has a 1.05% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BUFG vs. SPY - Dividend Comparison

BUFG has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFG FT Cboe Vest Buffered Allocation Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BUFG and SPY in my portfolio?

With a correlation of 0.95, BUFG and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BUFG or SPY?

SPY has higher volatility (2.75%) compared to BUFG (1.14%). In terms of maximum drawdown, BUFG dropped -17.62% vs SPY's -55.19%.

Which ETF is better, BUFG or SPY?

On 3-year performance, SPY leads with 22.64% vs 14.41% for BUFG. On fees, SPY is cheaper at 0.09% per year. On volatility, BUFG has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFG or SPY?

Over the 3-year period, SPY has performed better with a 22.64% return vs 14.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFG or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.05% for BUFG.

Which ETF pays a higher dividend yield, BUFG or SPY?

SPY has the higher dividend yield at 0.97%, compared with 0.00% for BUFG.

What is the main difference between BUFG and SPY?

BUFG is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: FT Vest and State Street. Their fees differ too: 1.05% for BUFG and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.44), 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.