SPYC vs. BUFF

Last updated Jun 23, 2026

SPYC (Simplify US Equity PLUS Convexity ETF) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both exchange-traded funds - SPYC is a Large Cap Growth Equities fund actively managed by Simplify, while BUFF is a Defined Outcome fund tracking the Refinitiv Laddered Power Buffer Strategy Index. SPYC is actively managed, while BUFF is passively managed. Over the past 5 years, SPYC returned 9.97%/yr vs 8.63%/yr for BUFF. Their correlation of 0.86 suggests significant overlap in exposure. SPYC charges 0.28%/yr vs 0.89%/yr for BUFF.

Performance

SPYC vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Convexity ETF (SPYC) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYC achieves a 7.16% return, which is significantly higher than BUFF's 5.42% return.

SPYC

• 1D: -0.42%
• 1M: 0.74%
• YTD: 7.16%
• 6M: 6.61%
• 1Y: 18.85%
• 3Y*: 18.40%
• 5Y*: 9.97%
• 10Y*: —

BUFF

• 1D: -0.06%
• 1M: 0.38%
• YTD: 5.42%
• 6M: 5.44%
• 1Y: 14.44%
• 3Y*: 12.10%
• 5Y*: 8.63%
• 10Y*: —

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

SPYC vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPYC Simplify US Equity PLUS Convexity ETF	7.16%	15.31%	22.57%	23.98%	-25.65%	29.26%	8.23%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-4.44%	8.37%	4.66%

Correlation

The correlation between SPYC and BUFF is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.86

The correlation between SPYC and BUFF has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

SPYC vs. BUFF — Risk / Return Rank

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

SPYC

SPYC Risk / Return Rank: 32
SPYC Sharpe Ratio Rank: 34
SPYC Sortino Ratio Rank: 34
SPYC Omega Ratio Rank: 32
SPYC Calmar Ratio Rank: 29
SPYC Martin Ratio Rank: 30

BUFF

BUFF Risk / Return Rank: 89
BUFF Sharpe Ratio Rank: 88
BUFF Sortino Ratio Rank: 91
BUFF Omega Ratio Rank: 91
BUFF Calmar Ratio Rank: 80
BUFF Martin Ratio Rank: 92

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.

SPYC vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Convexity ETF (SPYC) 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.

	SPYC	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.76	-1.57
Sortino ratio: Return per unit of downside risk	1.76	4.16	-2.40
Omega ratio: Gain probability vs. loss probability	1.21	1.57	-0.36
Calmar ratio: Return relative to maximum drawdown	1.41	4.05	-2.64
Martin ratio: Return relative to average drawdown	4.19	21.13	-16.94

SPYC vs. BUFF - Sharpe Ratio Comparison

The current SPYC Sharpe Ratio is 1.19, which is lower than the BUFF Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of SPYC and BUFF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYC vs. BUFF - Drawdown Comparison

The maximum SPYC drawdown since its inception was -28.51%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for SPYC and BUFF.

Drawdown Indicators

	SPYC	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-28.51%	-46.23%	+17.72%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-3.58%	-9.89%
Max Drawdown (3Y) Largest decline over 3 years	-22.81%	-10.24%	-12.57%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	-10.24%	-18.27%
Current Drawdown Current decline from peak	-1.45%	-0.27%	-1.18%
Average Drawdown Average peak-to-trough decline	-8.20%	-6.15%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	0.68%	+3.83%

Volatility

SPYC vs. BUFF - Volatility Comparison

Simplify US Equity PLUS Convexity ETF (SPYC) has a higher volatility of 5.28% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.66%. This indicates that SPYC'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.

Volatility by Period

	SPYC	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	1.66%	+3.62%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	4.08%	+6.60%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	5.26%	+10.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	8.44%	+11.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.67%	17.63%	+2.04%

SPYC vs. BUFF - Expense Ratio Comparison

SPYC has a 0.28% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

SPYC vs. BUFF - Dividend Comparison

SPYC's dividend yield for the trailing twelve months is around 0.88%, 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%
SPYC Simplify US Equity PLUS Convexity ETF	0.88%	0.89%	1.02%	1.76%	1.34%	1.01%	0.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYC and BUFF in my portfolio?

SPYC and BUFF have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYC or BUFF?

SPYC has higher volatility (5.28%) compared to BUFF (1.66%). In terms of maximum drawdown, SPYC dropped -28.51% vs BUFF's -46.23%.

Which ETF is better, SPYC or BUFF?

On 5-year performance, SPYC leads with 9.97% vs 8.63% for BUFF. On fees, SPYC is cheaper at 0.28% per year. On volatility, BUFF has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYC or BUFF?

Over the 5-year period, SPYC has performed better with a 9.97% return vs 8.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYC or BUFF?

SPYC is cheaper with a 0.28% expense ratio, compared with 0.89% for BUFF.

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

SPYC has the higher dividend yield at 0.88%, compared with 0.00% for BUFF.

What is the main difference between SPYC and BUFF?

SPYC is categorized as Large Cap Growth Equities, while BUFF is Defined Outcome. They also come from different issuers: Simplify and Innovator. Their fees differ too: 0.28% for SPYC and 0.89% for BUFF.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.76 vs 1.19), 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.