USEP vs. ENFR
USEP (Innovator U.S. Equity Ultra Buffer ETF - September) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - USEP is a Defined Outcome fund tracking the S&P 500 Index, while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. Both are passively managed. Over the past 5 years, USEP returned 8.09%/yr vs 22.31%/yr for ENFR. At a 0.42 correlation, their price movements are largely independent. USEP charges 0.79%/yr vs 0.35%/yr for ENFR.
Performance
USEP vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, USEP achieves a 5.59% return, which is significantly lower than ENFR's 29.35% return.
USEP
- 1D
- -0.13%
- 1M
- 0.59%
- 6M
- 4.98%
- YTD
- 5.59%
- 1Y
- 11.90%
- 3Y*
- 11.94%
- 5Y*
- 8.09%
- 10Y*
- —
ENFR
- 1D
- 1.09%
- 1M
- 5.43%
- 6M
- 27.82%
- YTD
- 29.35%
- 1Y
- 32.20%
- 3Y*
- 28.32%
- 5Y*
- 22.31%
- 10Y*
- 11.71%
USEP vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 5.59% | 11.75% | 12.39% | 18.62% | -7.98% | 5.73% | 7.13% | 3.68% |
ENFR Alerian Energy Infrastructure ETF | 29.35% | 5.88% | 42.17% | 15.63% | 17.48% | 39.97% | -24.14% | 4.77% |
Correlation
The correlation between USEP and ENFR is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019 | 0.42 |
The correlation between USEP and ENFR shifts across timeframes, from -0.16 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USEP vs. ENFR — Risk / Return Rank
USEP
ENFR
USEP vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Alerian Energy Infrastructure ETF (ENFR). 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.
| USEP | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.36 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 3.74 | -0.78 |
| Martin ratioReturn relative to average drawdown | 15.21 | 9.20 | +6.01 |
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Drawdowns
USEP vs. ENFR - Drawdown Comparison
The maximum USEP drawdown since its inception was -13.37%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for USEP and ENFR.
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Drawdown Indicators
| USEP | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -68.28% | +54.91% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -8.64% | +4.61% |
Max Drawdown (3Y)Largest decline over 3 years | -9.72% | -15.58% | +5.86% |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | -20.29% | +8.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.64% | — |
Current DrawdownCurrent decline from peak | -0.13% | -1.34% | +1.21% |
Average DrawdownAverage peak-to-trough decline | -1.87% | -15.88% | +14.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 3.51% | -2.73% |
Volatility
USEP vs. ENFR - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) is 1.07%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.40%. This indicates that USEP experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USEP | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 5.40% | -4.33% |
Volatility (6M)Calculated over the trailing 6-month period | 4.10% | 12.07% | -7.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.24% | 15.20% | -9.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.44% | 19.27% | -11.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.01% | 24.65% | -16.64% |
USEP vs. ENFR - Expense Ratio Comparison
USEP has a 0.79% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
USEP vs. ENFR - Dividend Comparison
USEP has not paid dividends to shareholders, while ENFR's dividend yield for the trailing twelve months is around 3.88%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 3.88% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
USEP Innovator U.S. Equity Ultra Buffer ETF - September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.64% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USEP and ENFR have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.40%) compared to USEP (1.07%). In terms of maximum drawdown, USEP dropped -13.37% vs ENFR's -68.28%.
On 5-year performance, ENFR leads with 22.31% vs 8.09% for USEP. On fees, ENFR is cheaper at 0.35% per year. On volatility, USEP has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ENFR has performed better with a 22.31% return vs 8.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.79% for USEP.
ENFR has the higher dividend yield at 3.88%, compared with 0.00% for USEP.
USEP is categorized as Defined Outcome, while ENFR is Energy Equities. USEP tracks S&P 500 Index, while ENFR tracks Alerian Midstream Energy Select Index. They also come from different issuers: Innovator and SS&C. Their fees differ too: 0.79% for USEP and 0.35% for ENFR.
USEP currently has the higher Sharpe Ratio (2.28 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.
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