UFEB vs. BUFF

Last updated Aug 2, 2026

UFEB (Innovator U.S. Equity Ultra Buffer ETF - February) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - UFEB tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect February Series Index while BUFF tracks the FTSE Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, UFEB returned 7.17%/yr vs 8.65%/yr for BUFF. Their correlation of 0.83 means they have usually moved in the same direction. UFEB charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

UFEB vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - February (UFEB) 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, UFEB achieves a 5.80% return, which is significantly lower than BUFF's 6.26% return.

UFEB

• 1D: 0.37%
• 1M: 0.78%
• 6M: 4.51%
• YTD: 5.80%
• 1Y: 12.94%
• 3Y*: 11.36%
• 5Y*: 7.17%
• 10Y*: —
• ALL TIME*: 7.27%

BUFF

• 1D: 0.26%
• 1M: 0.67%
• 6M: 5.31%
• YTD: 6.26%
• 1Y: 12.03%
• 3Y*: 11.19%
• 5Y*: 8.65%
• 10Y*: —
• ALL TIME*: 8.63%

*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)
BUFF Innovator Laddered Allocation Power Buffer ETF	$6.70M	$5.20M	$4.32M
UFEB Innovator U.S. Equity Ultra Buffer ETF - February	$422.90K	$1.07M	$830.09K

UFEB vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UFEB Innovator U.S. Equity Ultra Buffer ETF - February	5.80%	10.57%	12.93%	11.91%	-5.85%	7.31%	5.57%
BUFF Innovator Laddered Allocation Power Buffer ETF	6.26%	11.02%	12.05%	16.51%	-4.44%	8.37%	-8.54%

Correlation

The correlation between UFEB and BUFF is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Feb 3, 2020	0.83

The correlation between UFEB and BUFF has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

Return for Risk

UFEB vs. BUFF — Risk / Return Rank

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

UFEB

UFEB Risk / Return Rank: 88
UFEB Sharpe Ratio Rank: 89
UFEB Sortino Ratio Rank: 90
UFEB Omega Ratio Rank: 90
UFEB Calmar Ratio Rank: 82
UFEB Martin Ratio Rank: 90

BUFF

BUFF Risk / Return Rank: 89
BUFF Sharpe Ratio Rank: 88
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 90
BUFF Calmar Ratio Rank: 84
BUFF Martin Ratio Rank: 92

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.

UFEB vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - February (UFEB) 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.

	UFEB	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.13	+0.04
Sortino ratio: Return per unit of downside risk	3.13	3.20	-0.07
Omega ratio: Gain probability vs. loss probability	1.43	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	3.08	3.15	-0.07
Martin ratio: Return relative to average drawdown	14.79	16.12	-1.33

UFEB vs. BUFF - Sharpe Ratio Comparison

The current UFEB Sharpe Ratio is 2.17, which is comparable to the BUFF Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of UFEB 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

UFEB vs. BUFF - Drawdown Comparison

The maximum UFEB drawdown since its inception was -13.32%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for UFEB and BUFF.

Drawdown Indicators

	UFEB	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-13.32%	-46.23%	+32.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-3.58%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-8.69%	-10.24%	+1.55%
Max Drawdown (5Y) Largest decline over 5 years	-9.02%	-10.24%	+1.22%
Current Drawdown Current decline from peak	0.00%	-0.15%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.89%	-6.09%	+4.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.70%	+0.11%

Volatility

UFEB vs. BUFF - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - February (UFEB) and Innovator Laddered Allocation Power Buffer ETF (BUFF) have volatilities of 1.42% and 1.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UFEB	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	1.47%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	4.22%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	5.31%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.34%	8.45%	-2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.61%	17.54%	-9.93%

UFEB vs. BUFF - Expense Ratio Comparison

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

Dividends

UFEB vs. BUFF - Dividend Comparison

Neither UFEB 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%
UFEB Innovator U.S. Equity Ultra Buffer ETF - February	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 UFEB and BUFF in my portfolio?

With a correlation of 0.91, UFEB and BUFF 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, UFEB or BUFF?

BUFF has higher volatility (1.47%) compared to UFEB (1.42%). In terms of maximum drawdown, UFEB dropped -13.32% vs BUFF's -46.23%.

Which ETF is better, UFEB or BUFF?

On 5-year performance, BUFF leads with 8.65% vs 7.17% for UFEB. On fees, UFEB 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, UFEB or BUFF?

Over the 5-year period, BUFF has performed better with a 8.65% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UFEB or BUFF?

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

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

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

What is the main difference between UFEB and BUFF?

UFEB tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect February Series Index, while BUFF tracks FTSE Laddered Power Buffer Strategy Index. Their fees differ too: 0.79% for UFEB and 0.89% for BUFF.

Which has better risk-adjusted returns?

UFEB currently has the higher Sharpe Ratio (2.17 vs 2.13), 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.