REFA vs. BUFI

Last updated Jul 4, 2026

REFA (Columbia Research Enhanced International Equity ETF) and BUFI (AB International Buffer ETF) are both exchange-traded funds - REFA is a Foreign Large Cap Equities fund tracking the Beta Advantage Research Enhanced International Equity Index, while BUFI is a Defined Outcome fund actively managed by AllianceBernstein. REFA is passively managed, while BUFI is actively managed. With a 0.95 correlation, they move nearly in lockstep. REFA charges 0.32%/yr vs 0.69%/yr for BUFI.

Performance

REFA vs. BUFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Research Enhanced International Equity ETF (REFA) and AB International Buffer ETF (BUFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REFA achieves a 11.14% return, which is significantly higher than BUFI's 6.13% return.

REFA

• 1D: 1.35%
• 1M: 2.81%
• 6M: 9.75%
• YTD: 11.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFI

• 1D: 0.79%
• 1M: 1.15%
• 6M: 5.42%
• YTD: 6.13%
• 1Y: 12.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

REFA vs. BUFI - Yearly Performance Comparison

	2026 (YTD)	2025
REFA Columbia Research Enhanced International Equity ETF	11.14%	0.33%
BUFI AB International Buffer ETF	6.13%	0.79%

Correlation

The correlation between REFA and BUFI is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.95

Return for Risk

REFA vs. BUFI — Risk / Return Rank

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

REFA

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

BUFI

BUFI Risk / Return Rank: 55
BUFI Sharpe Ratio Rank: 51
BUFI Sortino Ratio Rank: 53
BUFI Omega Ratio Rank: 55
BUFI Calmar Ratio Rank: 54
BUFI Martin Ratio Rank: 61

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.

REFA vs. BUFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) and AB International Buffer ETF (BUFI). 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.

	REFA	BUFI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.47	—
Sortino ratio: Return per unit of downside risk	—	2.17	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.23	—
Martin ratio: Return relative to average drawdown	—	8.85	—

Drawdowns

REFA vs. BUFI - Drawdown Comparison

The maximum REFA drawdown since its inception was -11.23%, which is greater than BUFI's maximum drawdown of -7.43%. Use the drawdown chart below to compare losses from any high point for REFA and BUFI.

Drawdown Indicators

	REFA	BUFI	Difference
Max Drawdown Largest peak-to-trough decline	-11.23%	-7.43%	-3.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.69%	—
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-2.79%	-0.83%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.43%	—

Volatility

Volatility by Period

	REFA	BUFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	8.66%	+9.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.61%	9.14%	+9.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.61%	9.14%	+9.47%

REFA vs. BUFI - Expense Ratio Comparison

REFA has a 0.32% expense ratio, which is lower than BUFI's 0.69% expense ratio.

Dividends

REFA vs. BUFI - Dividend Comparison

REFA's dividend yield for the trailing twelve months is around 0.03%, while BUFI has not paid dividends to shareholders.

Position	TTM	2025
BUFI AB International Buffer ETF	0.00%	0.00%
REFA Columbia Research Enhanced International Equity ETF	0.03%	0.03%

Frequently Asked Questions

Can I hold both REFA and BUFI in my portfolio?

With a correlation of 0.95, REFA and BUFI 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 ETF is better, REFA or BUFI?

On fees, REFA is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, REFA or BUFI?

REFA is cheaper with a 0.32% expense ratio, compared with 0.69% for BUFI.

Which ETF pays a higher dividend yield, REFA or BUFI?

REFA has the higher dividend yield at 0.03%, compared with 0.00% for BUFI.

What is the main difference between REFA and BUFI?

REFA is categorized as Foreign Large Cap Equities, while BUFI is Defined Outcome. They also come from different issuers: Columbia Threadneedle and AllianceBernstein. Their fees differ too: 0.32% for REFA and 0.69% for BUFI.