LOUP vs. BUFF
LOUP (Innovator Deepwater Frontier Tech ETF) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both exchange-traded funds - LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index, while BUFF is a Defined Outcome fund tracking the FTSE Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, LOUP returned 10.70%/yr vs 8.65%/yr for BUFF. Their 0.68 correlation means they have sometimes moved together and sometimes differently. LOUP charges 0.70%/yr vs 0.89%/yr for BUFF.
Performance
LOUP vs. BUFF - Performance Comparison
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Returns By Period
In the year-to-date period, LOUP achieves a 11.39% return, which is significantly higher than BUFF's 6.26% return.
LOUP
- 1D
- -1.29%
- 1M
- -11.40%
- 6M
- 9.89%
- YTD
- 11.39%
- 1Y
- 37.12%
- 3Y*
- 27.47%
- 5Y*
- 10.70%
- 10Y*
- —
- ALL TIME*
- 16.49%
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 | |
| $926.73K | $920.97K | $1.38M |
LOUP vs. BUFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
LOUP Innovator Deepwater Frontier Tech ETF | 11.39% | 43.24% | 21.80% | 51.31% | -46.00% | 7.54% | 86.25% | 31.76% | -18.86% |
BUFF Innovator Laddered Allocation Power Buffer ETF | 6.26% | 11.02% | 12.05% | 16.51% | -4.44% | 8.37% | -12.08% | 32.32% | -2.65% |
Correlation
The correlation between LOUP and BUFF is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018 | 0.68 |
The correlation between LOUP and BUFF has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.
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Return for Risk
LOUP vs. BUFF — Risk / Return Rank
LOUP
BUFF
LOUP vs. BUFF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Deepwater Frontier Tech ETF (LOUP) 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.
| LOUP | BUFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.42 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 3.15 | -1.60 |
| Martin ratioReturn relative to average drawdown | 4.59 | 16.12 | -11.53 |
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Drawdowns
LOUP vs. BUFF - Drawdown Comparison
The maximum LOUP drawdown since its inception was -58.68%, which is greater than BUFF's maximum drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for LOUP and BUFF.
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Drawdown Indicators
| LOUP | BUFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.68% | -46.23% | -12.45% |
Max Drawdown (1Y)Largest decline over 1 year | -21.00% | -3.58% | -17.42% |
Max Drawdown (3Y)Largest decline over 3 years | -35.23% | -10.24% | -24.99% |
Max Drawdown (5Y)Largest decline over 5 years | -55.63% | -10.24% | -45.39% |
Current DrawdownCurrent decline from peak | -14.75% | -0.15% | -14.60% |
Average DrawdownAverage peak-to-trough decline | -19.79% | -6.09% | -13.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.09% | 0.70% | +6.39% |
Volatility
LOUP vs. BUFF - Volatility Comparison
Innovator Deepwater Frontier Tech ETF (LOUP) has a higher volatility of 9.47% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.47%. This indicates that LOUP'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
| LOUP | BUFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.47% | 1.47% | +8.00% |
Volatility (6M)Calculated over the trailing 6-month period | 25.04% | 4.22% | +20.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.22% | 5.31% | +25.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.84% | 8.45% | +24.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.07% | 17.54% | +14.53% |
LOUP vs. BUFF - Expense Ratio Comparison
LOUP has a 0.70% expense ratio, which is lower than BUFF's 0.89% expense ratio.
Dividends
LOUP vs. BUFF - Dividend Comparison
Neither LOUP 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% |
LOUP Innovator Deepwater Frontier Tech ETF | 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
LOUP and BUFF have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LOUP has higher volatility (9.47%) compared to BUFF (1.47%). In terms of maximum drawdown, LOUP dropped -58.68% vs BUFF's -46.23%.
On 5-year performance, LOUP leads with 10.70% vs 8.65% for BUFF. On fees, LOUP is cheaper at 0.70% 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 5-year period, LOUP has performed better with a 10.70% return vs 8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LOUP is cheaper with a 0.70% expense ratio, compared with 0.89% for BUFF.
LOUP and BUFF have nearly identical dividend yields, around 0.00%.
LOUP is categorized as Technology Equities, while BUFF is Defined Outcome. LOUP tracks Deepwater Frontier Tech Index, while BUFF tracks FTSE Laddered Power Buffer Strategy Index. Their fees differ too: 0.70% for LOUP and 0.89% for BUFF.
BUFF currently has the higher Sharpe Ratio (2.13 vs 1.05), 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.
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