XBJA vs. BUFF

Last updated Jun 5, 2026

XBJA (Innovator U.S. Equity Accelerated 9 Buffer ETF - January) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator. XBJA is actively managed, while BUFF is passively managed. Over the past 3 years, XBJA returned 11.82%/yr vs 12.56%/yr for BUFF. Their correlation of 0.89 suggests significant overlap in exposure. XBJA charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

XBJA vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated 9 Buffer ETF - January (XBJA) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XBJA having a 5.57% return and BUFF slightly higher at 5.58%.

XBJA

• 1D: 0.18%
• 1M: 1.84%
• YTD: 5.57%
• 6M: 6.05%
• 1Y: 14.46%
• 3Y*: 11.82%
• 5Y*: —
• 10Y*: —

BUFF

• 1D: 0.15%
• 1M: 1.62%
• YTD: 5.58%
• 6M: 6.06%
• 1Y: 14.66%
• 3Y*: 12.56%
• 5Y*: 8.75%
• 10Y*: —

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

XBJA vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XBJA Innovator U.S. Equity Accelerated 9 Buffer ETF - January	5.57%	11.12%	11.68%	17.62%	-11.69%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.58%	11.02%	12.05%	16.51%	-4.68%

Correlation

The correlation between XBJA and BUFF is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 4, 2022	0.89

The correlation between XBJA and BUFF has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

XBJA vs. BUFF - Sectors Allocation Comparison

Sectors	XBJA	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

XBJA vs. BUFF — Risk / Return Rank

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

XBJA

XBJA Risk / Return Rank: 78
XBJA Sharpe Ratio Rank: 78
XBJA Sortino Ratio Rank: 82
XBJA Omega Ratio Rank: 90
XBJA Calmar Ratio Rank: 56
XBJA Martin Ratio Rank: 81

BUFF

BUFF Risk / Return Rank: 88
BUFF Sharpe Ratio Rank: 87
BUFF Sortino Ratio Rank: 91
BUFF Omega Ratio Rank: 91
BUFF Calmar Ratio Rank: 80
BUFF Martin Ratio Rank: 91

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.

XBJA vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated 9 Buffer ETF - January (XBJA) 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.

	XBJA	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.86	-0.39
Sortino ratio: Return per unit of downside risk	3.63	4.32	-0.69
Omega ratio: Gain probability vs. loss probability	1.57	1.60	-0.02
Calmar ratio: Return relative to maximum drawdown	2.72	4.11	-1.39
Martin ratio: Return relative to average drawdown	15.92	21.95	-6.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBJA vs. BUFF - Sharpe Ratio Comparison

The current XBJA Sharpe Ratio is 2.47, which is comparable to the BUFF Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of XBJA 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

	XBJA	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.86	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.49	+0.13

Drawdowns

XBJA vs. BUFF - Drawdown Comparison

The maximum XBJA drawdown since its inception was -17.42%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for XBJA and BUFF.

Drawdown Indicators

	XBJA	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-17.42%	-46.23%	+28.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.33%	-3.58%	-1.75%
Max Drawdown (3Y) Largest decline over 3 years	-12.57%	-10.24%	-2.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.24%	—
Current Drawdown Current decline from peak	0.00%	-0.11%	+0.11%
Average Drawdown Average peak-to-trough decline	-3.14%	-6.18%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.67%	+0.24%

Volatility

XBJA vs. BUFF - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - January (XBJA) is 0.73%, while Innovator Laddered Allocation Power Buffer ETF (BUFF) has a volatility of 1.01%. This indicates that XBJA 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

	XBJA	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	1.01%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	5.13%	3.83%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	5.15%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.59%	8.41%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.59%	17.67%	-6.08%

XBJA vs. BUFF - Expense Ratio Comparison

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

Dividends

XBJA vs. BUFF - Dividend Comparison

Neither XBJA 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%
XBJA Innovator U.S. Equity Accelerated 9 Buffer ETF - January	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 XBJA and BUFF in my portfolio?

XBJA and BUFF have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBJA or BUFF?

BUFF has higher volatility (1.01%) compared to XBJA (0.73%). In terms of maximum drawdown, XBJA dropped -17.42% vs BUFF's -46.23%.

Which ETF is better, XBJA or BUFF?

On 3-year performance, BUFF leads with 12.56% vs 11.82% for XBJA. On fees, XBJA is cheaper at 0.79% per year. On volatility, XBJA has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBJA or BUFF?

Over the 3-year period, BUFF has performed better with a 12.56% return vs 11.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBJA or BUFF?

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

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

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

What is the main difference between XBJA and BUFF?

Their fees differ too: 0.79% for XBJA and 0.89% for BUFF.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.86 vs 2.47), 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.