PSTP vs. BUFP

Last updated Jun 6, 2026

PSTP (Innovator Power Buffer Step-Up Strategy ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds. PSTP is actively managed, while BUFP is passively managed. Over the past year, PSTP returned 11.84% vs 16.64% for BUFP. Their correlation of 0.91 suggests significant overlap in exposure. PSTP charges 0.89%/yr vs 0.50%/yr for BUFP.

Performance

PSTP vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Power Buffer Step-Up Strategy ETF (PSTP) 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, PSTP achieves a 3.11% return, which is significantly lower than BUFP's 5.33% return.

PSTP

• 1D: -1.08%
• 1M: 0.37%
• YTD: 3.11%
• 6M: 3.31%
• 1Y: 11.84%
• 3Y*: 10.90%
• 5Y*: —
• 10Y*: —

BUFP

• 1D: -1.03%
• 1M: 0.35%
• YTD: 5.33%
• 6M: 5.81%
• 1Y: 16.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSTP vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSTP Innovator Power Buffer Step-Up Strategy ETF	3.11%	10.36%	5.67%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	5.33%	12.92%	6.36%

Correlation

The correlation between PSTP and BUFP is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Jun 14, 2024	0.91

The correlation between PSTP and BUFP has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

PSTP vs. BUFP - Sectors Allocation Comparison

Sectors	PSTP	BUFP
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PSTP vs. BUFP — Risk / Return Rank

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

PSTP

PSTP Risk / Return Rank: 59
PSTP Sharpe Ratio Rank: 58
PSTP Sortino Ratio Rank: 60
PSTP Omega Ratio Rank: 62
PSTP Calmar Ratio Rank: 50
PSTP Martin Ratio Rank: 66

BUFP

BUFP Risk / Return Rank: 86
BUFP Sharpe Ratio Rank: 84
BUFP Sortino Ratio Rank: 88
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.

PSTP vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Power Buffer Step-Up Strategy ETF (PSTP) 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.

	PSTP	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.63	-0.81
Sortino ratio: Return per unit of downside risk	2.61	3.88	-1.26
Omega ratio: Gain probability vs. loss probability	1.35	1.55	-0.20
Calmar ratio: Return relative to maximum drawdown	2.33	3.79	-1.46
Martin ratio: Return relative to average drawdown	11.26	21.13	-9.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSTP vs. BUFP - Sharpe Ratio Comparison

The current PSTP Sharpe Ratio is 1.83, which is lower than the BUFP Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of PSTP 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

	PSTP	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.63	-0.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.34	-0.39

Drawdowns

PSTP vs. BUFP - Drawdown Comparison

The maximum PSTP drawdown since its inception was -12.46%, roughly equal to the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for PSTP and BUFP.

Drawdown Indicators

	PSTP	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-11.98%	-0.48%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-4.41%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-10.38%	—	—
Current Drawdown Current decline from peak	-1.10%	-1.06%	-0.04%
Average Drawdown Average peak-to-trough decline	-2.42%	-1.00%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.79%	+0.26%

Volatility

PSTP vs. BUFP - Volatility Comparison

Innovator Power Buffer Step-Up Strategy ETF (PSTP) has a higher volatility of 1.55% compared to PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) at 1.37%. This indicates that PSTP'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

	PSTP	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.37%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	5.26%	4.94%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	6.51%	6.36%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.25%	9.50%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.25%	9.50%	-0.25%

PSTP vs. BUFP - Expense Ratio Comparison

PSTP has a 0.89% expense ratio, which is higher than BUFP's 0.50% expense ratio.

Dividends

PSTP vs. BUFP - Dividend Comparison

PSTP 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%
PSTP Innovator Power Buffer Step-Up Strategy ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSTP and BUFP in my portfolio?

With a correlation of 0.92, PSTP and BUFP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PSTP or BUFP?

PSTP has higher volatility (1.55%) compared to BUFP (1.37%). In terms of maximum drawdown, PSTP dropped -12.46% vs BUFP's -11.98%.

Which ETF is better, PSTP or BUFP?

On 1-year performance, BUFP leads with 16.64% vs 11.84% for PSTP. On fees, BUFP is cheaper at 0.50% per year. On volatility, BUFP has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSTP or BUFP?

Over the 1-year period, BUFP has performed better with a 16.64% return vs 11.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSTP or BUFP?

BUFP is cheaper with a 0.50% expense ratio, compared with 0.89% for PSTP.

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

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

What is the main difference between PSTP and BUFP?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.89% for PSTP and 0.50% for BUFP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.63 vs 1.83), 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.