KDEC vs. BUFP

Last updated Jun 3, 2026

KDEC (Innovator U.S. Small Cap Power Buffer ETF - December) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds. KDEC is actively managed, while BUFP is passively managed. Over the past year, KDEC returned 19.43% vs 17.24% for BUFP. A 0.77 correlation means they provide meaningful diversification when combined. KDEC charges 0.79%/yr vs 0.50%/yr for BUFP.

Performance

KDEC vs. BUFP - 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 PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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 BUFP's 6.23% return.

KDEC

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

BUFP

• 1D: -0.22%
• 1M: 2.04%
• YTD: 6.23%
• 6M: 7.00%
• 1Y: 17.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KDEC vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	9.27%	6.52%	-4.08%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.23%	12.92%	-0.89%

Correlation

The correlation between KDEC and BUFP is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.77

The correlation between KDEC and BUFP has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

Return for Risk

KDEC vs. BUFP — 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

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 89
BUFP Omega Ratio Rank: 89
BUFP Calmar Ratio Rank: 77
BUFP Martin Ratio Rank: 91

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. BUFP - 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 PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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	BUFP	Difference
Sharpe ratio Return per unit of total volatility	2.05	2.77	-0.71
Sortino ratio Return per unit of downside risk	2.99	4.12	-1.14
Omega ratio Gain probability vs. loss probability	1.36	1.58	-0.21
Calmar ratio Return relative to maximum drawdown	3.59	3.93	-0.33
Martin ratio Return relative to average drawdown	11.87	21.96	-10.09
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. BUFP - Sharpe Ratio Comparison

The current KDEC Sharpe Ratio is 2.05, which is comparable to the BUFP Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of KDEC and BUFP, 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	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.77	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.40	-0.78

Drawdowns

KDEC vs. BUFP - Drawdown Comparison

The maximum KDEC drawdown since its inception was -16.52%, which is greater than BUFP's maximum drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for KDEC and BUFP.

Drawdown Indicators

	KDEC	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-11.98%	-4.54%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-4.41%	-0.97%
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-3.06%	-1.00%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.79%	+0.84%

Volatility

KDEC vs. BUFP - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) has a higher volatility of 2.01% compared to PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) at 0.95%. This indicates that KDEC's price experiences larger fluctuations and is considered to be riskier than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KDEC	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	0.95%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	4.82%	+1.84%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	6.27%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.40%	9.49%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.40%	9.49%	+2.91%

KDEC vs. BUFP - Expense Ratio Comparison

KDEC has a 0.79% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

KDEC vs. BUFP - Dividend Comparison

KDEC has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KDEC and BUFP in my portfolio?

KDEC and BUFP have a correlation of 0.73, 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 BUFP?

KDEC has higher volatility (2.01%) compared to BUFP (0.95%). In terms of maximum drawdown, KDEC dropped -16.52% vs BUFP's -11.98%.

Which ETF is better, KDEC or BUFP?

On 1-year performance, KDEC leads with 19.43% vs 17.24% for BUFP. On fees, BUFP is cheaper at 0.50% per year. On volatility, BUFP has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KDEC or BUFP?

Over the 1-year period, KDEC has performed better with a 19.43% return vs 17.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KDEC or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 0.79% for KDEC.

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

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for KDEC.

What is the main difference between KDEC and BUFP?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for KDEC and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.77 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.