UDEC vs. BUFD

Last updated Aug 2, 2026

UDEC (Innovator U.S. Equity Ultra Buffer ETF - December) and BUFD (FT Vest Laddered Deep Buffer ETF) are both Defined Outcome funds. UDEC is passively managed, while BUFD is actively managed. Over the past 5 years, UDEC returned 7.33%/yr vs 7.52%/yr for BUFD. Their correlation of 0.84 means they have usually moved in the same direction. UDEC charges 0.79%/yr vs 0.95%/yr for BUFD.

Performance

UDEC vs. BUFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) and FT Vest Laddered Deep Buffer ETF (BUFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with UDEC having a 6.03% return and BUFD slightly lower at 5.83%.

UDEC

• 1D: 0.48%
• 1M: 0.86%
• 6M: 5.15%
• YTD: 6.03%
• 1Y: 14.90%
• 3Y*: 10.99%
• 5Y*: 7.33%
• 10Y*: —
• ALL TIME*: 7.23%

BUFD

• 1D: 0.29%
• 1M: 0.56%
• 6M: 5.12%
• YTD: 5.83%
• 1Y: 11.93%
• 3Y*: 11.03%
• 5Y*: 7.52%
• 10Y*: —
• ALL TIME*: 7.42%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUFD FT Vest Laddered Deep Buffer ETF	$8.38M	$7.74M	$8.49M
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	$474.96K	$390.03K	$1.51M

UDEC vs. BUFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	6.03%	12.97%	9.52%	16.80%	-9.44%	6.02%
BUFD FT Vest Laddered Deep Buffer ETF	5.83%	10.66%	12.42%	15.40%	-7.70%	5.86%

Correlation

The correlation between UDEC and BUFD is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021	0.84

The correlation between UDEC and BUFD has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

Return for Risk

UDEC vs. BUFD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UDEC

UDEC Risk / Return Rank: 87
UDEC Sharpe Ratio Rank: 86
UDEC Sortino Ratio Rank: 87
UDEC Omega Ratio Rank: 88
UDEC Calmar Ratio Rank: 83
UDEC Martin Ratio Rank: 90

BUFD

BUFD Risk / Return Rank: 89
BUFD Sharpe Ratio Rank: 88
BUFD Sortino Ratio Rank: 90
BUFD Omega Ratio Rank: 90
BUFD Calmar Ratio Rank: 85
BUFD Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UDEC vs. BUFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) and FT Vest Laddered Deep Buffer ETF (BUFD). 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.

	UDEC	BUFD	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.12	-0.06
Sortino ratio: Return per unit of downside risk	2.98	3.18	-0.21
Omega ratio: Gain probability vs. loss probability	1.40	1.42	-0.03
Calmar ratio: Return relative to maximum drawdown	3.10	3.27	-0.18
Martin ratio: Return relative to average drawdown	14.84	17.29	-2.46

UDEC vs. BUFD - Sharpe Ratio Comparison

The current UDEC Sharpe Ratio is 2.06, which is comparable to the BUFD Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of UDEC and BUFD, 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

UDEC vs. BUFD - Drawdown Comparison

The maximum UDEC drawdown since its inception was -13.37%, which is greater than BUFD's maximum drawdown of -10.75%. Use the drawdown chart below to compare losses from any high point for UDEC and BUFD.

Drawdown Indicators

	UDEC	BUFD	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-10.75%	-2.62%
Max Drawdown (1Y) Largest decline over 1 year	-4.44%	-3.43%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-8.94%	-10.15%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-10.26%	-10.75%	+0.49%
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-2.12%	-1.92%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.65%	+0.28%

Volatility

UDEC vs. BUFD - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) has a higher volatility of 1.76% compared to FT Vest Laddered Deep Buffer ETF (BUFD) at 1.40%. This indicates that UDEC's price experiences larger fluctuations and is considered to be riskier than BUFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDEC	BUFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	1.40%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	4.61%	4.23%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	6.68%	5.31%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.26%	7.75%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.98%	7.49%	+0.49%

UDEC vs. BUFD - Expense Ratio Comparison

UDEC has a 0.79% expense ratio, which is lower than BUFD's 0.95% expense ratio.

Dividends

UDEC vs. BUFD - Dividend Comparison

Neither UDEC nor BUFD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UDEC and BUFD in my portfolio?

With a correlation of 0.92, UDEC and BUFD 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, UDEC or BUFD?

UDEC has higher volatility (1.76%) compared to BUFD (1.40%). In terms of maximum drawdown, UDEC dropped -13.37% vs BUFD's -10.75%.

Which ETF is better, UDEC or BUFD?

On 5-year performance, BUFD leads with 7.52% vs 7.33% for UDEC. On fees, UDEC is cheaper at 0.79% per year. On volatility, BUFD has been the lower-risk option at 1.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDEC or BUFD?

Over the 5-year period, BUFD has performed better with a 7.52% return vs 7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDEC or BUFD?

UDEC is cheaper with a 0.79% expense ratio, compared with 0.95% for BUFD.

Which ETF pays a higher dividend yield, UDEC or BUFD?

UDEC and BUFD have nearly identical dividend yields, around 0.00%.

What is the main difference between UDEC and BUFD?

They also come from different issuers: Innovator and FT Vest. Their fees differ too: 0.79% for UDEC and 0.95% for BUFD.

Which has better risk-adjusted returns?

BUFD currently has the higher Sharpe Ratio (2.12 vs 2.06), 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.