XBOC vs. BUFF

Last updated Jun 4, 2026

XBOC (Innovator U.S. Equity Accelerated 9 Buffer ETF - October) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator. XBOC is actively managed, while BUFF is passively managed. Over the past 3 years, XBOC returned 11.67%/yr vs 12.47%/yr for BUFF. Their correlation of 0.87 suggests significant overlap in exposure. XBOC charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

XBOC 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 - October (XBOC) 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 XBOC having a 5.40% return and BUFF slightly higher at 5.42%.

XBOC

• 1D: -0.10%
• 1M: 1.89%
• YTD: 5.40%
• 6M: 6.20%
• 1Y: 13.69%
• 3Y*: 11.67%
• 5Y*: —
• 10Y*: —

BUFF

• 1D: -0.27%
• 1M: 1.68%
• YTD: 5.42%
• 6M: 5.90%
• 1Y: 14.36%
• 3Y*: 12.47%
• 5Y*: 8.71%
• 10Y*: —

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

XBOC vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XBOC Innovator U.S. Equity Accelerated 9 Buffer ETF - October	5.40%	11.15%	8.36%	20.06%	-7.58%	3.76%
BUFF Innovator Laddered Allocation Power Buffer ETF	5.42%	11.02%	12.05%	16.51%	-4.44%	2.77%

Correlation

The correlation between XBOC and BUFF is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 4, 2021	0.87

The correlation between XBOC and BUFF has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

XBOC vs. BUFF - Sectors Allocation Comparison

Sectors	XBOC	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

XBOC vs. BUFF — Risk / Return Rank

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

XBOC

XBOC Risk / Return Rank: 69
XBOC Sharpe Ratio Rank: 66
XBOC Sortino Ratio Rank: 69
XBOC Omega Ratio Rank: 78
XBOC Calmar Ratio Rank: 56
XBOC Martin Ratio Rank: 78

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 84
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 78
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.

XBOC 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 - October (XBOC) 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.

	XBOC	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.80	-0.66
Sortino ratio: Return per unit of downside risk	3.12	4.24	-1.12
Omega ratio: Gain probability vs. loss probability	1.46	1.58	-0.12
Calmar ratio: Return relative to maximum drawdown	2.75	4.02	-1.27
Martin ratio: Return relative to average drawdown	14.85	21.50	-6.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBOC vs. BUFF - Sharpe Ratio Comparison

The current XBOC Sharpe Ratio is 2.15, which is comparable to the BUFF Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of XBOC 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

	XBOC	BUFF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.80	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.49	+0.37

Drawdowns

XBOC vs. BUFF - Drawdown Comparison

The maximum XBOC drawdown since its inception was -13.35%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for XBOC and BUFF.

Drawdown Indicators

	XBOC	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-13.35%	-46.23%	+32.88%
Max Drawdown (1Y) Largest decline over 1 year	-4.99%	-3.58%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-12.53%	-10.24%	-2.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.24%	—
Current Drawdown Current decline from peak	-0.11%	-0.27%	+0.16%
Average Drawdown Average peak-to-trough decline	-2.08%	-6.18%	+4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.67%	+0.25%

Volatility

XBOC vs. BUFF - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - October (XBOC) is 0.78%, while Innovator Laddered Allocation Power Buffer ETF (BUFF) has a volatility of 1.02%. This indicates that XBOC 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

	XBOC	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	1.02%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	5.19%	3.83%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	6.41%	5.15%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.90%	8.41%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.90%	17.67%	-7.77%

XBOC vs. BUFF - Expense Ratio Comparison

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

Dividends

XBOC vs. BUFF - Dividend Comparison

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

XBOC and BUFF have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBOC or BUFF?

BUFF has higher volatility (1.02%) compared to XBOC (0.78%). In terms of maximum drawdown, XBOC dropped -13.35% vs BUFF's -46.23%.

Which ETF is better, XBOC or BUFF?

On 3-year performance, BUFF leads with 12.47% vs 11.67% for XBOC. On fees, XBOC is cheaper at 0.79% per year. On volatility, XBOC has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBOC or BUFF?

Over the 3-year period, BUFF has performed better with a 12.47% return vs 11.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBOC or BUFF?

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

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

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

What is the main difference between XBOC and BUFF?

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

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.80 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.