UFEB vs. XBAP

Last updated Jun 6, 2026

UFEB (Innovator U.S. Equity Ultra Buffer ETF - February) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds from Innovator. UFEB is passively managed, while XBAP is actively managed. Over the past 5 years, UFEB returned 7.07%/yr vs 9.66%/yr for XBAP. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UFEB vs. XBAP - 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 U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UFEB achieves a 4.38% return, which is significantly lower than XBAP's 7.40% return.

UFEB

• 1D: -0.68%
• 1M: 0.42%
• YTD: 4.38%
• 6M: 5.17%
• 1Y: 14.45%
• 3Y*: 12.08%
• 5Y*: 7.07%
• 10Y*: —

XBAP

• 1D: -0.86%
• 1M: 0.51%
• YTD: 7.40%
• 6M: 8.28%
• 1Y: 15.04%
• 3Y*: 13.50%
• 5Y*: 9.66%
• 10Y*: —

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

UFEB vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UFEB Innovator U.S. Equity Ultra Buffer ETF - February	4.38%	10.57%	12.93%	11.91%	-5.85%	3.74%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.40%	13.38%	11.55%	20.53%	-7.59%	7.48%

Correlation

The correlation between UFEB and XBAP is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.82

The correlation between UFEB and XBAP has been stable across timeframes, ranging from 0.74 to 0.82 - a consistent structural relationship.

UFEB vs. XBAP - Sectors Allocation Comparison

Sectors	UFEB	XBAP
Technology	36.2%	35.7%
Financial Services	11.9%	11.6%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.4%	8.5%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

UFEB vs. XBAP — Risk / Return Rank

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

UFEB

UFEB Risk / Return Rank: 86
UFEB Sharpe Ratio Rank: 86
UFEB Sortino Ratio Rank: 88
UFEB Omega Ratio Rank: 89
UFEB Calmar Ratio Rank: 77
UFEB Martin Ratio Rank: 88

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 97
XBAP Sortino Ratio Rank: 98
XBAP Omega Ratio Rank: 98
XBAP Calmar Ratio Rank: 98
XBAP Martin Ratio Rank: 98

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.

UFEB vs. XBAP - 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 U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). 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.

	UFEB	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	2.67	4.21	-1.54
Sortino ratio: Return per unit of downside risk	3.81	7.57	-3.77
Omega ratio: Gain probability vs. loss probability	1.54	2.10	-0.56
Calmar ratio: Return relative to maximum drawdown	3.72	15.49	-11.77
Martin ratio: Return relative to average drawdown	18.29	76.14	-57.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UFEB vs. XBAP - Sharpe Ratio Comparison

The current UFEB Sharpe Ratio is 2.67, which is lower than the XBAP Sharpe Ratio of 4.21. The chart below compares the historical Sharpe Ratios of UFEB and XBAP, 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

	UFEB	XBAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	4.21	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	0.97	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.00	-0.05

Drawdowns

UFEB vs. XBAP - Drawdown Comparison

The maximum UFEB drawdown since its inception was -13.32%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for UFEB and XBAP.

Drawdown Indicators

	UFEB	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-13.32%	-14.57%	+1.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.90%	-0.98%	-2.92%
Max Drawdown (3Y) Largest decline over 3 years	-8.69%	-8.25%	-0.44%
Max Drawdown (5Y) Largest decline over 5 years	-9.02%	-14.57%	+5.55%
Current Drawdown Current decline from peak	-0.84%	-0.86%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.92%	-1.74%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.20%	+0.59%

Volatility

UFEB vs. XBAP - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - February (UFEB) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) have volatilities of 1.07% and 1.12%, 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	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	1.12%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.86%	2.71%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.44%	3.60%	+1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	9.97%	-3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	9.87%	-2.21%

UFEB vs. XBAP - Expense Ratio Comparison

Both UFEB and XBAP have an expense ratio of 0.79%.

Dividends

UFEB vs. XBAP - Dividend Comparison

Neither UFEB nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UFEB and XBAP in my portfolio?

UFEB and XBAP have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UFEB or XBAP?

XBAP has higher volatility (1.12%) compared to UFEB (1.07%). In terms of maximum drawdown, UFEB dropped -13.32% vs XBAP's -14.57%.

Which ETF is better, UFEB or XBAP?

On 5-year performance, XBAP leads with 9.66% vs 7.07% for UFEB. Both ETFs have the same 0.79% expense ratio. 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 XBAP?

Over the 5-year period, XBAP has performed better with a 9.66% return vs 7.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UFEB or XBAP?

UFEB and XBAP have the same expense ratio: 0.79% per year.

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

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

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.21 vs 2.67), 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.