KDEC vs. BUFF

Last updated Jun 3, 2026

KDEC (Innovator U.S. Small Cap Power Buffer ETF - December) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator. KDEC is actively managed, while BUFF is passively managed. Over the past year, KDEC returned 19.43% vs 14.36% for BUFF. A 0.74 correlation means they provide meaningful diversification when combined. KDEC charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

KDEC vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) 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, KDEC achieves a 9.27% return, which is significantly higher than BUFF's 5.42% return.

KDEC

• 1D: 0.19%
• 1M: 2.05%
• YTD: 9.27%
• 6M: 10.09%
• 1Y: 19.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

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

KDEC vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	9.27%	6.52%	-4.08%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	-0.64%

Correlation

The correlation between KDEC and BUFF is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.74

The correlation between KDEC and BUFF has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Return for Risk

KDEC vs. BUFF — Risk / Return Rank

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

KDEC

KDEC Risk / Return Rank: 63
KDEC Sharpe Ratio Rank: 59
KDEC Sortino Ratio Rank: 62
KDEC Omega Ratio Rank: 58
KDEC Calmar Ratio Rank: 70
KDEC Martin Ratio Rank: 64

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
BUFF Martin Ratio Rank: 90

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.

KDEC vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) 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.

	KDEC	BUFF	Difference
Sharpe ratio Return per unit of total volatility	2.05	2.80	-0.75
Sortino ratio Return per unit of downside risk	2.99	4.24	-1.25
Omega ratio Gain probability vs. loss probability	1.36	1.58	-0.22
Calmar ratio Return relative to maximum drawdown	3.59	4.02	-0.43
Martin ratio Return relative to average drawdown	11.87	21.50	-9.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KDEC vs. BUFF - Sharpe Ratio Comparison

The current KDEC Sharpe Ratio is 2.05, which is comparable to the BUFF Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of KDEC and BUFF, 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

	KDEC	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.80	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.49	+0.13

Drawdowns

KDEC vs. BUFF - Drawdown Comparison

The maximum KDEC drawdown since its inception was -16.52%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for KDEC and BUFF.

Drawdown Indicators

	KDEC	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-46.23%	+29.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-3.58%	-1.80%
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%	-0.27%	+0.27%
Average Drawdown Average peak-to-trough decline	-3.06%	-6.18%	+3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.67%	+0.96%

Volatility

KDEC vs. BUFF - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) has a higher volatility of 2.01% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.02%. This indicates that KDEC'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.

Volatility by Period

	KDEC	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	1.02%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	3.83%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	5.15%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.40%	8.41%	+3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.40%	17.67%	-5.27%

KDEC vs. BUFF - Expense Ratio Comparison

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

Dividends

KDEC vs. BUFF - Dividend Comparison

Neither KDEC 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%
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	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 KDEC and BUFF in my portfolio?

KDEC and BUFF have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KDEC or BUFF?

KDEC has higher volatility (2.01%) compared to BUFF (1.02%). In terms of maximum drawdown, KDEC dropped -16.52% vs BUFF's -46.23%.

Which ETF is better, KDEC or BUFF?

On 1-year performance, KDEC leads with 19.43% vs 14.36% for BUFF. On fees, KDEC is cheaper at 0.79% per year. On volatility, BUFF has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KDEC or BUFF?

Over the 1-year period, KDEC has performed better with a 19.43% return vs 14.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KDEC or BUFF?

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

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

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

What is the main difference between KDEC and BUFF?

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

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.80 vs 2.05), 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.