UDEC vs. BUFF

Last updated Jun 4, 2026

UDEC (Innovator U.S. Equity Ultra Buffer ETF - December) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - UDEC tracks the S&P 500 while BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, UDEC returned 7.26%/yr vs 8.71%/yr for BUFF. Their correlation of 0.83 suggests significant overlap in exposure. UDEC charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

UDEC vs. BUFF - 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 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, UDEC achieves a 5.14% return, which is significantly lower than BUFF's 5.42% return.

UDEC

• 1D: -0.12%
• 1M: 2.11%
• YTD: 5.14%
• 6M: 5.49%
• 1Y: 17.31%
• 3Y*: 12.44%
• 5Y*: 7.26%
• 10Y*: —

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

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

UDEC vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	5.14%	12.97%	9.52%	16.80%	-9.44%	6.44%	6.72%	1.16%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-4.44%	8.37%	-12.08%	6.68%

Correlation

The correlation between UDEC and BUFF 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 (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019	0.83

The correlation between UDEC and BUFF has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

UDEC vs. BUFF - Sectors Allocation Comparison

Sectors	UDEC	BUFF
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

UDEC vs. BUFF — Risk / Return Rank

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

UDEC

UDEC Risk / Return Rank: 84
UDEC Sharpe Ratio Rank: 82
UDEC Sortino Ratio Rank: 86
UDEC Omega Ratio Rank: 86
UDEC Calmar Ratio Rank: 77
UDEC Martin Ratio Rank: 88

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
BUFF Martin Ratio Rank: 90

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.

UDEC vs. BUFF - 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 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.

	UDEC	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.80	-0.14
Sortino ratio: Return per unit of downside risk	3.89	4.24	-0.35
Omega ratio: Gain probability vs. loss probability	1.53	1.58	-0.05
Calmar ratio: Return relative to maximum drawdown	3.91	4.02	-0.11
Martin ratio: Return relative to average drawdown	19.15	21.50	-2.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDEC vs. BUFF - Sharpe Ratio Comparison

The current UDEC Sharpe Ratio is 2.66, which is comparable to the BUFF Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of UDEC 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.

Sharpe Ratios by Period

	UDEC	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.80	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.04	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.49	+0.42

Drawdowns

UDEC vs. BUFF - Drawdown Comparison

The maximum UDEC drawdown since its inception was -13.37%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for UDEC and BUFF.

Drawdown Indicators

	UDEC	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-46.23%	+32.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.44%	-3.58%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-8.94%	-10.24%	+1.30%
Max Drawdown (5Y) Largest decline over 5 years	-10.26%	-10.24%	-0.02%
Current Drawdown Current decline from peak	-0.15%	-0.27%	+0.12%
Average Drawdown Average peak-to-trough decline	-2.16%	-6.18%	+4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.67%	+0.24%

Volatility

UDEC vs. BUFF - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) is 0.93%, while Innovator Laddered Allocation Power Buffer ETF (BUFF) has a volatility of 1.02%. This indicates that UDEC experiences smaller price fluctuations and is considered to be less risky than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDEC	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.02%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	4.27%	3.83%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	6.53%	5.15%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.18%	8.41%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.02%	17.67%	-9.65%

UDEC vs. BUFF - Expense Ratio Comparison

UDEC has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

UDEC vs. BUFF - Dividend Comparison

Neither UDEC nor BUFF has 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%
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UDEC and BUFF in my portfolio?

UDEC and BUFF 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, UDEC or BUFF?

BUFF has higher volatility (1.02%) compared to UDEC (0.93%). In terms of maximum drawdown, UDEC dropped -13.37% vs BUFF's -46.23%.

Which ETF is better, UDEC or BUFF?

On 5-year performance, BUFF leads with 8.71% vs 7.26% for UDEC. On fees, UDEC is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDEC or BUFF?

Over the 5-year period, BUFF has performed better with a 8.71% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDEC or BUFF?

UDEC is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

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

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

What is the main difference between UDEC and BUFF?

UDEC tracks S&P 500, while BUFF tracks Refinitiv Laddered Power Buffer Strategy Index. Their fees differ too: 0.79% for UDEC and 0.89% for BUFF.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.80 vs 2.66), 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.