EBUF vs. EEM

Last updated Jun 3, 2026

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. EBUF is actively managed, while EEM is passively managed. Over the past year, EBUF returned 16.74% vs 58.14% 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EBUF achieves a 10.10% return, which is significantly lower than EEM's 29.41% return.

EBUF

• 1D: 0.78%
• 1M: 1.67%
• YTD: 10.10%
• 6M: 11.55%
• 1Y: 16.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EEM

• 1D: 1.03%
• 1M: 10.40%
• YTD: 29.41%
• 6M: 32.25%
• 1Y: 58.14%
• 3Y*: 24.46%
• 5Y*: 7.47%
• 10Y*: 10.06%

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

EBUF vs. EEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EBUF Innovator Emerging Markets 10 Buffer ETF - Quarterly	10.10%	11.55%	2.86%
EEM iShares MSCI Emerging Markets ETF	29.41%	33.98%	-0.38%

Correlation

The correlation between EBUF and EEM is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.89

The correlation between EBUF and EEM has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

EBUF vs. EEM - Sectors Allocation Comparison

Sectors	EBUF	EEM
Technology	36.9%	43.6%
Financial Services	19.5%	17.5%
Consumer Cyclical	9.5%	8.1%
Industrials	7.5%	6.2%
Communication Services	6.9%	5.7%
Basic Materials	6.5%	6.1%
Energy	4.1%	3.3%
Consumer Defensive	3.0%	2.7%
Healthcare	2.9%	2.5%
Utilities	2.1%	2.0%
Real Estate	1.1%	0.9%

Return for Risk

EBUF vs. EEM — Risk / Return Rank

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

EBUF

EBUF Risk / Return Rank: 94
EBUF Sharpe Ratio Rank: 88
EBUF Sortino Ratio Rank: 95
EBUF Omega Ratio Rank: 95
EBUF Calmar Ratio Rank: 96
EBUF Martin Ratio Rank: 96

EEM

EEM Risk / Return Rank: 84
EEM Sharpe Ratio Rank: 87
EEM Sortino Ratio Rank: 83
EEM Omega Ratio Rank: 86
EEM Calmar Ratio Rank: 82
EEM Martin Ratio Rank: 83

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.

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.

	EBUF	EEM	Difference
Sharpe ratio Return per unit of total volatility	3.03	2.93	+0.09
Sortino ratio Return per unit of downside risk	5.12	3.75	+1.36
Omega ratio Gain probability vs. loss probability	1.76	1.53	+0.22
Calmar ratio Return relative to maximum drawdown	9.33	4.39	+4.94
Martin ratio Return relative to average drawdown	38.27	16.94	+21.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EBUF vs. EEM - Sharpe Ratio Comparison

The current EBUF Sharpe Ratio is 3.03, which is comparable to the EEM Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of EBUF and EEM, 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

	EBUF	EEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	2.93	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.40	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.96	0.38	+1.57

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.

Drawdown Indicators

	EBUF	EEM	Difference
Max Drawdown Largest 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	—	-37.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-39.82%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.49%	-16.02%	+15.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	3.50%	-3.06%

Volatility

EBUF vs. EEM - Volatility Comparison

The current volatility for Innovator Emerging Markets 10 Buffer ETF - Quarterly (EBUF) is 1.72%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 8.36%. 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.

Volatility by Period

	EBUF	EEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	8.36%	-6.64%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	17.36%	-12.65%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	19.93%	-14.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	18.91%	-12.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	20.50%	-13.84%

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 1.72%.

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	1.72%	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

Can I hold both EBUF and EEM in my portfolio?

EBUF and EEM have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EBUF or EEM?

EEM has higher volatility (8.36%) compared to EBUF (1.72%). In terms of maximum drawdown, EBUF dropped -6.49% vs EEM's -66.43%.

Which ETF is better, EBUF or EEM?

On 1-year performance, EEM leads with 58.14% vs 16.74% for EBUF. On fees, EEM is cheaper at 0.72% per year. On volatility, EBUF has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EBUF or EEM?

Over the 1-year period, EEM has performed better with a 58.14% return vs 16.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EBUF or EEM?

EEM is cheaper with a 0.72% expense ratio, compared with 0.89% for EBUF.

Which ETF pays a higher dividend yield, EBUF or EEM?

EEM has the higher dividend yield at 1.72%, compared with 0.00% for EBUF.

What is the main difference between EBUF and EEM?

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.

Which has better risk-adjusted returns?

EBUF currently has the higher Sharpe Ratio (3.03 vs 2.93), 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.