BUFR vs. SPY

Last updated Jun 4, 2026

BUFR (FT Vest Laddered Buffer ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BUFR is a Defined Outcome fund actively managed by First Trust, while SPY is a S&P 500 fund tracking the S&P 500 Index. BUFR is actively managed, while SPY is passively managed. Over the past 5 years, BUFR returned 9.98%/yr vs 13.83%/yr for SPY. Their correlation of 0.94 suggests significant overlap in exposure. BUFR charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

BUFR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Laddered Buffer ETF (BUFR) 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, BUFR achieves a 6.42% return, which is significantly lower than SPY's 10.91% return.

BUFR

• 1D: -0.21%
• 1M: 2.16%
• YTD: 6.42%
• 6M: 7.11%
• 1Y: 17.61%
• 3Y*: 14.50%
• 5Y*: 9.98%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

BUFR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BUFR FT Vest Laddered Buffer ETF	6.42%	12.44%	14.68%	19.63%	-7.57%	11.88%	7.57%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	13.27%

Correlation

The correlation between BUFR and SPY is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 12, 2020	0.94

The correlation between BUFR and SPY has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

BUFR vs. SPY - Sectors Allocation Comparison

Sectors	BUFR	SPY
Technology	35.8%	35.9%
Financial Services	11.8%	11.8%
Communication Services	11.3%	11.3%
Consumer Cyclical	10.2%	10.3%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BUFR vs. SPY — Risk / Return Rank

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

BUFR

BUFR Risk / Return Rank: 84
BUFR Sharpe Ratio Rank: 82
BUFR Sortino Ratio Rank: 86
BUFR Omega Ratio Rank: 87
BUFR Calmar Ratio Rank: 75
BUFR Martin Ratio Rank: 89

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

BUFR vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Laddered Buffer ETF (BUFR) 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.

	BUFR	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.71	2.38	+0.33
Sortino ratio: Return per unit of downside risk	3.95	3.24	+0.71
Omega ratio: Gain probability vs. loss probability	1.55	1.43	+0.12
Calmar ratio: Return relative to maximum drawdown	3.84	3.16	+0.68
Martin ratio: Return relative to average drawdown	20.78	14.72	+6.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFR vs. SPY - Sharpe Ratio Comparison

The current BUFR Sharpe Ratio is 2.71, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BUFR 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

	BUFR	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.71	2.38	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.82	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.59	+0.49

Drawdowns

BUFR vs. SPY - Drawdown Comparison

The maximum BUFR drawdown since its inception was -13.73%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BUFR and SPY.

Drawdown Indicators

	BUFR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-13.73%	-55.19%	+41.46%
Max Drawdown (1Y) Largest decline over 1 year	-4.61%	-8.88%	+4.27%
Max Drawdown (3Y) Largest decline over 3 years	-12.81%	-18.76%	+5.95%
Max Drawdown (5Y) Largest decline over 5 years	-13.73%	-24.50%	+10.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.21%	-0.70%	+0.49%
Average Drawdown Average peak-to-trough decline	-2.09%	-9.05%	+6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.91%	-1.06%

Volatility

BUFR vs. SPY - Volatility Comparison

The current volatility for FT Vest Laddered Buffer ETF (BUFR) is 1.03%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that BUFR 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

	BUFR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	2.84%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	8.90%	-3.95%
Volatility (1Y) Calculated over the trailing 1-year period	6.53%	11.83%	-5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	17.05%	-6.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	17.94%	-7.71%

BUFR vs. SPY - Expense Ratio Comparison

BUFR has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BUFR vs. SPY - Dividend Comparison

BUFR has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUFR FT Vest Laddered Buffer 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	0.98%	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 BUFR and SPY in my portfolio?

With a correlation of 0.98, BUFR 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, BUFR or SPY?

SPY has higher volatility (2.84%) compared to BUFR (1.03%). In terms of maximum drawdown, BUFR dropped -13.73% vs SPY's -55.19%.

Which ETF is better, BUFR or SPY?

On 5-year performance, SPY leads with 13.83% vs 9.98% for BUFR. On fees, SPY is cheaper at 0.09% per year. On volatility, BUFR has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFR or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 9.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for BUFR.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for BUFR.

What is the main difference between BUFR and SPY?

BUFR is categorized as Defined Outcome, while SPY is S&P 500. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.95% for BUFR and 0.09% for SPY.

Which has better risk-adjusted returns?

BUFR currently has the higher Sharpe Ratio (2.71 vs 2.38), 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.