XBJL vs. BUFF

Last updated Jun 24, 2026

XBJL (Innovator U.S. Equity Accelerated 9 Buffer ETF - July) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator. XBJL is actively managed, while BUFF is passively managed. Over the past 3 years, XBJL returned 11.49%/yr vs 11.92%/yr for BUFF. Their correlation of 0.90 suggests significant overlap in exposure. XBJL charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

XBJL 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 - July (XBJL) 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, XBJL achieves a 4.39% return, which is significantly lower than BUFF's 4.91% return.

XBJL

• 1D: 0.00%
• 1M: 0.54%
• YTD: 4.39%
• 6M: 4.36%
• 1Y: 11.32%
• 3Y*: 11.49%
• 5Y*: —
• 10Y*: —

BUFF

• 1D: -0.48%
• 1M: -0.10%
• YTD: 4.91%
• 6M: 4.62%
• 1Y: 13.10%
• 3Y*: 11.92%
• 5Y*: 8.52%
• 10Y*: —

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

XBJL vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - July	4.39%	12.05%	11.50%	19.49%	-4.98%	4.58%
BUFF Innovator Laddered Allocation Power Buffer ETF	4.91%	11.02%	12.05%	16.51%	-4.44%	3.28%

Correlation

The correlation between XBJL and BUFF is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.90

The correlation between XBJL and BUFF has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

XBJL vs. BUFF — Risk / Return Rank

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

XBJL

XBJL Risk / Return Rank: 83
XBJL Sharpe Ratio Rank: 78
XBJL Sortino Ratio Rank: 86
XBJL Omega Ratio Rank: 89
XBJL Calmar Ratio Rank: 74
XBJL Martin Ratio Rank: 91

BUFF

BUFF Risk / Return Rank: 85
BUFF Sharpe Ratio Rank: 83
BUFF Sortino Ratio Rank: 88
BUFF Omega Ratio Rank: 87
BUFF Calmar Ratio Rank: 75
BUFF Martin Ratio Rank: 89

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.

XBJL 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 - July (XBJL) 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.

	XBJL	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.51	-0.26
Sortino ratio: Return per unit of downside risk	3.47	3.76	-0.29
Omega ratio: Gain probability vs. loss probability	1.50	1.51	-0.01
Calmar ratio: Return relative to maximum drawdown	3.44	3.67	-0.23
Martin ratio: Return relative to average drawdown	19.40	19.13	+0.27

XBJL vs. BUFF - Sharpe Ratio Comparison

The current XBJL Sharpe Ratio is 2.26, which is comparable to the BUFF Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of XBJL 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

XBJL vs. BUFF - Drawdown Comparison

The maximum XBJL drawdown since its inception was -11.78%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for XBJL and BUFF.

Drawdown Indicators

	XBJL	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-46.23%	+34.45%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-3.58%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	-10.24%	-1.50%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.24%	—
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	-1.62%	-6.15%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.69%	-0.11%

Volatility

XBJL vs. BUFF - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL) is 0.30%, while Innovator Laddered Allocation Power Buffer ETF (BUFF) has a volatility of 1.73%. This indicates that XBJL 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

	XBJL	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	1.73%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	3.66%	4.11%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	5.04%	5.27%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.94%	8.44%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.94%	17.63%	-7.69%

XBJL vs. BUFF - Expense Ratio Comparison

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

Dividends

XBJL vs. BUFF - Dividend Comparison

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

XBJL and BUFF have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBJL or BUFF?

BUFF has higher volatility (1.73%) compared to XBJL (0.30%). In terms of maximum drawdown, XBJL dropped -11.78% vs BUFF's -46.23%.

Which ETF is better, XBJL or BUFF?

On 3-year performance, BUFF leads with 11.92% vs 11.49% for XBJL. On fees, XBJL is cheaper at 0.79% per year. On volatility, XBJL has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBJL or BUFF?

Over the 3-year period, BUFF has performed better with a 11.92% return vs 11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBJL or BUFF?

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

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

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

What is the main difference between XBJL and BUFF?

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

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.51 vs 2.26), 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.