EBUF vs. EEM
EBUF (Innovator Emerging Markets 10 Buffer ETF - Quarterly) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - EBUF is a Defined Outcome fund actively managed by Innovator, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). EBUF is actively managed, while EEM is passively managed. Over the past year, EBUF returned 15.73% vs 46.62% for EEM. Their correlation of 0.89 suggests significant overlap in exposure. EBUF charges 0.89%/yr vs 0.72%/yr for EEM.
Performance
EBUF vs. EEM - Performance Comparison
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Returns By Period
In the year-to-date period, EBUF achieves a 10.32% return, which is significantly lower than EEM's 23.41% return.
EBUF
- 1D
- -0.39%
- 1M
- 1.18%
- YTD
- 10.32%
- 6M
- 11.01%
- 1Y
- 15.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EEM
- 1D
- -5.67%
- 1M
- 2.49%
- YTD
- 23.41%
- 6M
- 24.32%
- 1Y
- 46.62%
- 3Y*
- 22.58%
- 5Y*
- 6.54%
- 10Y*
- 9.87%
EBUF vs. EEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly | 10.32% | 11.55% | 2.75% |
EEM iShares MSCI Emerging Markets ETF | 23.41% | 33.98% | -0.15% |
Correlation
The correlation between EBUF and EEM is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024 | 0.89 |
The correlation between EBUF and EEM has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.
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Return for Risk
EBUF vs. EEM — Risk / Return Rank
EBUF
EEM
EBUF vs. EEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) and iShares MSCI Emerging Markets ETF (EEM). 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.
| EBUF | EEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.39 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 8.67 | 3.46 | +5.21 |
| Martin ratioReturn relative to average drawdown | 34.23 | 12.70 | +21.53 |
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Drawdowns
EBUF vs. EEM - Drawdown Comparison
The maximum EBUF drawdown since its inception was -6.49%, smaller than the maximum EEM drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for EBUF and EEM.
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Drawdown Indicators
| EBUF | EEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.49% | -66.43% | +59.94% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -13.52% | +11.70% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.29% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.49% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.82% | — |
Current DrawdownCurrent decline from peak | -0.39% | -5.67% | +5.28% |
Average DrawdownAverage peak-to-trough decline | -0.49% | -15.99% | +15.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 3.68% | -3.22% |
Volatility
EBUF vs. EEM - Volatility Comparison
The current volatility for Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) is 1.99%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 12.59%. This indicates that EBUF experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EBUF | EEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 12.59% | -10.60% |
Volatility (6M)Calculated over the trailing 6-month period | 4.85% | 20.73% | -15.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.74% | 22.77% | -17.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.66% | 19.55% | -12.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 20.67% | -14.01% |
EBUF vs. EEM - Expense Ratio Comparison
EBUF has a 0.89% expense ratio, which is higher than EEM's 0.72% expense ratio.
Dividends
EBUF vs. EEM - Dividend Comparison
EBUF has not paid dividends to shareholders, while EEM's dividend yield for the trailing twelve months is around 1.66%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EEM iShares MSCI Emerging Markets ETF | 1.66% | 2.22% | 2.43% | 2.63% | 2.50% | 1.99% | 1.45% | 2.76% | 2.24% | 1.89% | 1.89% | 2.49% |
Frequently Asked Questions
EBUF and EEM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEM has higher volatility (12.59%) compared to EBUF (1.99%). In terms of maximum drawdown, EBUF dropped -6.49% vs EEM's -66.43%.
On 1-year performance, EEM leads with 46.62% vs 15.73% for EBUF. On fees, EEM is cheaper at 0.72% per year. On volatility, EBUF has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EEM has performed better with a 46.62% return vs 15.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEM is cheaper with a 0.72% expense ratio, compared with 0.89% for EBUF.
EEM has the higher dividend yield at 1.66%, compared with 0.00% for EBUF.
EBUF is categorized as Defined Outcome, while EEM is Emerging Markets Diversified. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.89% for EBUF and 0.72% for EEM.
EBUF currently has the higher Sharpe Ratio (2.75 vs 2.06), 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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