UMAY vs. BUFF

Last updated Jun 26, 2026

UMAY (Innovator U.S. Equity Ultra Buffer ETF - May) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - UMAY tracks the S&P 500 while BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, UMAY returned 6.09%/yr vs 8.47%/yr for BUFF. Their correlation of 0.85 suggests significant overlap in exposure. UMAY charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

UMAY vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) 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, UMAY achieves a 2.86% return, which is significantly lower than BUFF's 4.93% return.

UMAY

• 1D: 0.03%
• 1M: -0.95%
• YTD: 2.86%
• 6M: 2.89%
• 1Y: 8.23%
• 3Y*: 10.85%
• 5Y*: 6.09%
• 10Y*: —

BUFF

• 1D: -0.08%
• 1M: -0.13%
• YTD: 4.93%
• 6M: 4.51%
• 1Y: 12.35%
• 3Y*: 11.98%
• 5Y*: 8.47%
• 10Y*: —

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

UMAY vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	2.86%	8.79%	14.32%	12.53%	-9.21%	5.25%	6.84%
BUFF Innovator Laddered Allocation Power Buffer ETF	4.93%	11.02%	12.05%	16.51%	-4.44%	8.37%	28.42%

Correlation

The correlation between UMAY and BUFF is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 1, 2020	0.85

The correlation between UMAY and BUFF shifts across timeframes, from 0.78 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

UMAY vs. BUFF — Risk / Return Rank

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

UMAY

UMAY Risk / Return Rank: 86
UMAY Sharpe Ratio Rank: 77
UMAY Sortino Ratio Rank: 80
UMAY Omega Ratio Rank: 87
UMAY Calmar Ratio Rank: 90
UMAY Martin Ratio Rank: 94

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 85
BUFF Sortino Ratio Rank: 89
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 77
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.

UMAY vs. BUFF - Risk-Adjusted Trends Comparison

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

	UMAY	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.38	-0.23
Sortino ratio: Return per unit of downside risk	3.14	3.56	-0.42
Omega ratio: Gain probability vs. loss probability	1.47	1.48	-0.02
Calmar ratio: Return relative to maximum drawdown	4.89	3.46	+1.43
Martin ratio: Return relative to average drawdown	23.22	17.96	+5.26

UMAY vs. BUFF - Sharpe Ratio Comparison

The current UMAY Sharpe Ratio is 2.15, which is comparable to the BUFF Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of UMAY 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

UMAY vs. BUFF - Drawdown Comparison

The maximum UMAY drawdown since its inception was -12.12%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for UMAY and BUFF.

Drawdown Indicators

	UMAY	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-46.23%	+34.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.69%	-3.58%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-10.24%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	-10.24%	-1.88%
Current Drawdown Current decline from peak	-1.29%	-0.72%	-0.57%
Average Drawdown Average peak-to-trough decline	-2.13%	-6.15%	+4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.69%	-0.33%

Volatility

UMAY vs. BUFF - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) has a higher volatility of 1.97% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.73%. This indicates that UMAY'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

	UMAY	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	1.73%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	4.10%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	5.20%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.50%	8.44%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.93%	17.62%	-9.69%

UMAY vs. BUFF - Expense Ratio Comparison

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

Dividends

UMAY vs. BUFF - Dividend Comparison

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

UMAY and BUFF have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMAY or BUFF?

UMAY has higher volatility (1.97%) compared to BUFF (1.73%). In terms of maximum drawdown, UMAY dropped -12.12% vs BUFF's -46.23%.

Which ETF is better, UMAY or BUFF?

On 5-year performance, BUFF leads with 8.47% vs 6.09% for UMAY. On fees, UMAY is cheaper at 0.79% per year. On volatility, BUFF has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMAY or BUFF?

Over the 5-year period, BUFF has performed better with a 8.47% return vs 6.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAY or BUFF?

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

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

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

What is the main difference between UMAY and BUFF?

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

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.38 vs 2.15), 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.