DDFN vs. BUFF

Last updated Jul 16, 2026

DDFN (Innovator Equity Dual Directional 15 Buffer ETF - November) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator. DDFN is actively managed, while BUFF is passively managed. Their correlation of 0.89 suggests significant overlap in exposure. DDFN charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

DDFN vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - November (DDFN) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDFN achieves a 5.27% return, which is significantly lower than BUFF's 6.42% return.

DDFN

• 1D: 0.00%
• 1M: 0.47%
• 6M: 4.71%
• YTD: 5.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFF

• 1D: 0.19%
• 1M: 0.70%
• 6M: 5.72%
• YTD: 6.42%
• 1Y: 12.46%
• 3Y*: 11.55%
• 5Y*: 8.77%
• 10Y*: —

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

DDFN vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025
DDFN Innovator Equity Dual Directional 15 Buffer ETF - November	5.27%	0.74%
BUFF Innovator Laddered Allocation Power Buffer ETF	6.42%	1.40%

Correlation

The correlation between DDFN and BUFF is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 3, 2025	0.89

Return for Risk

DDFN vs. BUFF — Risk / Return Rank

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

DDFN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BUFF

BUFF Risk / Return Rank: 90
BUFF Sharpe Ratio Rank: 90
BUFF Sortino Ratio Rank: 92
BUFF Omega Ratio Rank: 92
BUFF Calmar Ratio Rank: 82
BUFF Martin Ratio Rank: 92

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.

DDFN vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - November (DDFN) and Innovator Laddered Allocation Power Buffer ETF (BUFF). 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.

	DDFN	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	—	2.41	—
Sortino ratio: Return per unit of downside risk	—	3.62	—
Omega ratio: Gain probability vs. loss probability	—	1.49	—
Calmar ratio: Return relative to maximum drawdown	—	3.49	—
Martin ratio: Return relative to average drawdown	—	18.09	—

Drawdowns

DDFN vs. BUFF - Drawdown Comparison

The maximum DDFN drawdown since its inception was -3.40%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for DDFN and BUFF.

Drawdown Indicators

	DDFN	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-46.23%	+42.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.58%	—
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.45%	-6.11%	+5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.69%	—

Volatility

Volatility by Period

	DDFN	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.17%	5.19%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.17%	8.44%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.17%	17.58%	-12.41%

DDFN vs. BUFF - Expense Ratio Comparison

DDFN has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

DDFN vs. BUFF - Dividend Comparison

Neither DDFN nor BUFF 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%
DDFN Innovator Equity Dual Directional 15 Buffer ETF - November	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 DDFN and BUFF in my portfolio?

DDFN and BUFF have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDFN or BUFF?

On fees, DDFN is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDFN or BUFF?

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

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

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

What is the main difference between DDFN and BUFF?

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