NBFR vs. BUFF

Last updated Jun 6, 2026

NBFR (Innovator Nasdaq-100 Managed 10 Buffer ETF) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator. NBFR is actively managed, while BUFF is passively managed. Their correlation of 0.81 suggests significant overlap in exposure. NBFR charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

NBFR vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Managed 10 Buffer ETF (NBFR) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NBFR

• 1D: -4.05%
• 1M: 0.92%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFF

• 1D: -0.78%
• 1M: 0.40%
• YTD: 4.75%
• 6M: 5.07%
• 1Y: 14.06%
• 3Y*: 12.20%
• 5Y*: 8.58%
• 10Y*: —

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

NBFR vs. BUFF - Yearly Performance Comparison

	2026 (YTD)
NBFR Innovator Nasdaq-100 Managed 10 Buffer ETF	3.19%
BUFF Innovator Laddered Allocation Power Buffer ETF	3.84%

Correlation

The correlation between NBFR and BUFF is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.81

Return for Risk

NBFR vs. BUFF — Risk / Return Rank

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

BUFF

BUFF Risk / Return Rank: 87
BUFF Sharpe Ratio Rank: 85
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 90
BUFF Calmar Ratio Rank: 79
BUFF 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.

NBFR vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Managed 10 Buffer ETF (NBFR) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NBFR	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.72	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.49	+0.42

Drawdowns

NBFR vs. BUFF - Drawdown Comparison

The maximum NBFR drawdown since its inception was -5.68%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for NBFR and BUFF.

Drawdown Indicators

	NBFR	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-5.68%	-46.23%	+40.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.58%	—
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	-4.55%	-0.89%	-3.66%
Average Drawdown Average peak-to-trough decline	-1.33%	-6.18%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.67%	—

Volatility

Volatility by Period

	NBFR	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.26%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	5.21%	+7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.14%	8.41%	+4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.14%	17.67%	-4.53%

NBFR vs. BUFF - Expense Ratio Comparison

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

Dividends

NBFR vs. BUFF - Dividend Comparison

NBFR's dividend yield for the trailing twelve months is around 0.02%, 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%
NBFR Innovator Nasdaq-100 Managed 10 Buffer ETF	0.02%	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 NBFR and BUFF in my portfolio?

NBFR and BUFF have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NBFR or BUFF?

On fees, NBFR is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NBFR or BUFF?

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

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

NBFR has the higher dividend yield at 0.02%, compared with 0.00% for BUFF.

What is the main difference between NBFR and BUFF?

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