IVVM vs. BUFF
IVVM (iShares Large Cap Moderate Buffer ETF) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both exchange-traded funds - IVVM is a Options Trading fund actively managed by iShares, while BUFF is a Defined Outcome fund tracking the FTSE Laddered Power Buffer Strategy Index. IVVM is actively managed, while BUFF is passively managed. Over the past 3 years, IVVM returned 13.47%/yr vs 11.19%/yr for BUFF. Their correlation of 0.87 means they have usually moved in the same direction. IVVM charges 0.50%/yr vs 0.89%/yr for BUFF.
Performance
IVVM vs. BUFF - Performance Comparison
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Returns By Period
In the year-to-date period, IVVM achieves a 6.70% return, which is significantly higher than BUFF's 6.26% return.
IVVM
- 1D
- 0.57%
- 1M
- 0.51%
- 6M
- 5.79%
- YTD
- 6.70%
- 1Y
- 14.40%
- 3Y*
- 13.47%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.75%
BUFF
- 1D
- 0.26%
- 1M
- 0.67%
- 6M
- 5.31%
- YTD
- 6.26%
- 1Y
- 12.03%
- 3Y*
- 11.19%
- 5Y*
- 8.65%
- 10Y*
- —
- ALL TIME*
- 8.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.70M | $5.20M | $4.32M | |
| $740.71K | $781.13K | $703.06K |
IVVM vs. BUFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IVVM iShares Large Cap Moderate Buffer ETF | 6.70% | 14.24% | 16.08% | 5.17% |
BUFF Innovator Laddered Allocation Power Buffer ETF | 6.26% | 11.02% | 12.05% | 6.48% |
Correlation
The correlation between IVVM and BUFF is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2023 | 0.87 |
The correlation between IVVM and BUFF has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.
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Return for Risk
IVVM vs. BUFF — Risk / Return Rank
IVVM
BUFF
IVVM vs. BUFF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Moderate Buffer ETF (IVVM) 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.
| IVVM | BUFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.42 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 3.15 | -0.67 |
| Martin ratioReturn relative to average drawdown | 12.04 | 16.12 | -4.08 |
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Drawdowns
IVVM vs. BUFF - Drawdown Comparison
The maximum IVVM drawdown since its inception was -11.62%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for IVVM and BUFF.
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Drawdown Indicators
| IVVM | BUFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.62% | -46.23% | +34.61% |
Max Drawdown (1Y)Largest decline over 1 year | -5.31% | -3.58% | -1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -11.62% | -10.24% | -1.38% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.24% | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.15% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -0.90% | -6.09% | +5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.70% | +0.40% |
Volatility
IVVM vs. BUFF - Volatility Comparison
iShares Large Cap Moderate Buffer ETF (IVVM) has a higher volatility of 2.14% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.47%. This indicates that IVVM's price experiences larger fluctuations and is considered to be riskier than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVVM | BUFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.47% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 5.77% | 4.22% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.42% | 5.31% | +2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.50% | 8.45% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.50% | 17.54% | -8.04% |
IVVM vs. BUFF - Expense Ratio Comparison
IVVM has a 0.50% expense ratio, which is lower than BUFF's 0.89% expense ratio.
Dividends
IVVM vs. BUFF - Dividend Comparison
IVVM's dividend yield for the trailing twelve months is around 0.64%, while BUFF has not 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% |
IVVM iShares Large Cap Moderate Buffer ETF | 0.64% | 0.68% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, IVVM and BUFF 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.
IVVM has higher volatility (2.14%) compared to BUFF (1.47%). In terms of maximum drawdown, IVVM dropped -11.62% vs BUFF's -46.23%.
On 3-year performance, IVVM leads with 13.47% vs 11.19% for BUFF. On fees, IVVM is cheaper at 0.50% per year. On volatility, BUFF has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IVVM has performed better with a 13.47% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVM is cheaper with a 0.50% expense ratio, compared with 0.89% for BUFF.
IVVM has the higher dividend yield at 0.64%, compared with 0.00% for BUFF.
IVVM is categorized as Options Trading, while BUFF is Defined Outcome. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.50% for IVVM and 0.89% for BUFF.
BUFF currently has the higher Sharpe Ratio (2.13 vs 1.78), 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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