NFEB vs. TWOX

Last updated Jun 4, 2026

NFEB (Innovator Growth-100 Power Buffer ETF - February) and TWOX (iShares Large Cap Accelerated Outcome ETF) are both Defined Outcome funds. NFEB is passively managed, while TWOX is actively managed. Over the past year, NFEB returned 19.88% vs 16.12% for TWOX. Their correlation of 0.90 suggests significant overlap in exposure. NFEB charges 0.79%/yr vs 0.50%/yr for TWOX.

Performance

NFEB vs. TWOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - February (NFEB) and iShares Large Cap Accelerated Outcome ETF (TWOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFEB achieves a 8.35% return, which is significantly higher than TWOX's 2.15% return.

NFEB

• 1D: -0.11%
• 1M: 2.79%
• YTD: 8.35%
• 6M: 9.25%
• 1Y: 19.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TWOX

• 1D: 0.00%
• 1M: 1.50%
• YTD: 2.15%
• 6M: 3.54%
• 1Y: 16.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFEB vs. TWOX - Yearly Performance Comparison

	2026 (YTD)	2025
NFEB Innovator Growth-100 Power Buffer ETF - February	8.35%	12.69%
TWOX iShares Large Cap Accelerated Outcome ETF	2.15%	12.23%

Correlation

The correlation between NFEB and TWOX is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.90

The correlation between NFEB and TWOX has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

NFEB vs. TWOX — Risk / Return Rank

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

NFEB

NFEB Risk / Return Rank: 82
NFEB Sharpe Ratio Rank: 85
NFEB Sortino Ratio Rank: 87
NFEB Omega Ratio Rank: 89
NFEB Calmar Ratio Rank: 68
NFEB Martin Ratio Rank: 82

TWOX

TWOX Risk / Return Rank: 45
TWOX Sharpe Ratio Rank: 45
TWOX Sortino Ratio Rank: 43
TWOX Omega Ratio Rank: 53
TWOX Calmar Ratio Rank: 35
TWOX Martin Ratio Rank: 49

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.

NFEB vs. TWOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - February (NFEB) and iShares Large Cap Accelerated Outcome ETF (TWOX). 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.

	NFEB	TWOX	Difference
Sharpe ratio: Return per unit of total volatility	2.77	1.55	+1.22
Sortino ratio: Return per unit of downside risk	3.93	2.14	+1.80
Omega ratio: Gain probability vs. loss probability	1.55	1.32	+0.23
Calmar ratio: Return relative to maximum drawdown	3.30	1.70	+1.60
Martin ratio: Return relative to average drawdown	16.20	8.04	+8.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFEB vs. TWOX - Sharpe Ratio Comparison

The current NFEB Sharpe Ratio is 2.77, which is higher than the TWOX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of NFEB and TWOX, 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

	NFEB	TWOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	1.55	+1.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	0.67	+0.69

Drawdowns

NFEB vs. TWOX - Drawdown Comparison

The maximum NFEB drawdown since its inception was -13.27%, smaller than the maximum TWOX drawdown of -19.35%. Use the drawdown chart below to compare losses from any high point for NFEB and TWOX.

Drawdown Indicators

	NFEB	TWOX	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-19.35%	+6.08%
Max Drawdown (1Y) Largest decline over 1 year	-6.05%	-9.51%	+3.46%
Current Drawdown Current decline from peak	-0.11%	-0.02%	-0.09%
Average Drawdown Average peak-to-trough decline	-1.53%	-2.64%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	2.01%	-0.78%

Volatility

NFEB vs. TWOX - Volatility Comparison

Innovator Growth-100 Power Buffer ETF - February (NFEB) has a higher volatility of 1.13% compared to iShares Large Cap Accelerated Outcome ETF (TWOX) at 0.49%. This indicates that NFEB's price experiences larger fluctuations and is considered to be riskier than TWOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFEB	TWOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	0.49%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	5.77%	8.25%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	7.22%	10.44%	-3.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.95%	16.78%	-4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.95%	16.78%	-4.83%

NFEB vs. TWOX - Expense Ratio Comparison

NFEB has a 0.79% expense ratio, which is higher than TWOX's 0.50% expense ratio.

Dividends

NFEB vs. TWOX - Dividend Comparison

NFEB has not paid dividends to shareholders, while TWOX's dividend yield for the trailing twelve months is around 0.55%.

Position	TTM	2025
NFEB Innovator Growth-100 Power Buffer ETF - February	0.00%	0.00%
TWOX iShares Large Cap Accelerated Outcome ETF	0.55%	0.57%

Frequently Asked Questions

Can I hold both NFEB and TWOX in my portfolio?

NFEB and TWOX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFEB or TWOX?

NFEB has higher volatility (1.13%) compared to TWOX (0.49%). In terms of maximum drawdown, NFEB dropped -13.27% vs TWOX's -19.35%.

Which ETF is better, NFEB or TWOX?

On 1-year performance, NFEB leads with 19.88% vs 16.12% for TWOX. On fees, TWOX is cheaper at 0.50% per year. On volatility, TWOX has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFEB or TWOX?

Over the 1-year period, NFEB has performed better with a 19.88% return vs 16.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFEB or TWOX?

TWOX is cheaper with a 0.50% expense ratio, compared with 0.79% for NFEB.

Which ETF pays a higher dividend yield, NFEB or TWOX?

TWOX has the higher dividend yield at 0.55%, compared with 0.00% for NFEB.

What is the main difference between NFEB and TWOX?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for NFEB and 0.50% for TWOX.

Which has better risk-adjusted returns?

NFEB currently has the higher Sharpe Ratio (2.77 vs 1.55), 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.