XXXX vs. BUFB

Last updated Jun 4, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and BUFB (Innovator Laddered Allocation Buffer ETF) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500, while BUFB is a Defined Outcome fund tracking the MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross. Both are passively managed. Over the past year, XXXX returned 86.73% vs 19.07% for BUFB. Their correlation of 0.92 suggests significant overlap in exposure. XXXX charges 2.95%/yr vs 0.89%/yr for BUFB.

Performance

XXXX vs. BUFB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and Innovator Laddered Allocation Buffer ETF (BUFB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XXXX achieves a 29.32% return, which is significantly higher than BUFB's 7.03% return.

XXXX

• 1D: -2.88%
• 1M: 18.44%
• YTD: 29.32%
• 6M: 26.06%
• 1Y: 86.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFB

• 1D: -0.31%
• 1M: 2.46%
• YTD: 7.03%
• 6M: 7.78%
• 1Y: 19.07%
• 3Y*: 15.74%
• 5Y*: —
• 10Y*: —

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

XXXX vs. BUFB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	29.32%	17.36%	61.36%	16.31%
BUFB Innovator Laddered Allocation Buffer ETF	7.03%	13.42%	16.37%	3.42%

Correlation

The correlation between XXXX and BUFB is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.92

The correlation between XXXX and BUFB has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

XXXX vs. BUFB — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 49
XXXX Sharpe Ratio Rank: 53
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 47
XXXX Calmar Ratio Rank: 46
XXXX Martin Ratio Rank: 52

BUFB

BUFB Risk / Return Rank: 81
BUFB Sharpe Ratio Rank: 78
BUFB Sortino Ratio Rank: 82
BUFB Omega Ratio Rank: 84
BUFB Calmar Ratio Rank: 75
BUFB 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.

XXXX vs. BUFB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) and Innovator Laddered Allocation Buffer ETF (BUFB). 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.

	XXXX	BUFB	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.55	-0.69
Sortino ratio: Return per unit of downside risk	2.31	3.70	-1.39
Omega ratio: Gain probability vs. loss probability	1.30	1.51	-0.21
Calmar ratio: Return relative to maximum drawdown	2.34	3.74	-1.40
Martin ratio: Return relative to average drawdown	8.95	19.82	-10.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. BUFB - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.86, which is comparable to the BUFB Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XXXX and BUFB, 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

	XXXX	BUFB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.55	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.91	-0.04

Drawdowns

XXXX vs. BUFB - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, which is greater than BUFB's maximum drawdown of -14.88%. Use the drawdown chart below to compare losses from any high point for XXXX and BUFB.

Drawdown Indicators

	XXXX	BUFB	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-14.88%	-47.39%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-5.12%	-32.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.75%	—
Current Drawdown Current decline from peak	-2.88%	-0.31%	-2.57%
Average Drawdown Average peak-to-trough decline	-11.60%	-2.88%	-8.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.73%	0.96%	+8.77%

Volatility

XXXX vs. BUFB - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 11.32% compared to Innovator Laddered Allocation Buffer ETF (BUFB) at 1.33%. This indicates that XXXX's price experiences larger fluctuations and is considered to be riskier than BUFB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	BUFB	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.32%	1.33%	+9.99%
Volatility (6M) Calculated over the trailing 6-month period	35.41%	5.76%	+29.65%
Volatility (1Y) Calculated over the trailing 1-year period	46.83%	7.51%	+39.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.75%	12.01%	+48.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.75%	12.01%	+48.74%

XXXX vs. BUFB - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than BUFB's 0.89% expense ratio.

Dividends

XXXX vs. BUFB - Dividend Comparison

Neither XXXX nor BUFB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XXXX and BUFB in my portfolio?

With a correlation of 0.91, XXXX and BUFB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XXXX or BUFB?

XXXX has higher volatility (11.32%) compared to BUFB (1.33%). In terms of maximum drawdown, XXXX dropped -62.27% vs BUFB's -14.88%.

Which ETF is better, XXXX or BUFB?

On 1-year performance, XXXX leads with 86.73% vs 19.07% for BUFB. On fees, BUFB is cheaper at 0.89% per year. On volatility, BUFB has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or BUFB?

Over the 1-year period, XXXX has performed better with a 86.73% return vs 19.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or BUFB?

BUFB is cheaper with a 0.89% expense ratio, compared with 2.95% for XXXX.

Which ETF pays a higher dividend yield, XXXX or BUFB?

XXXX and BUFB have nearly identical dividend yields, around 0.00%.

What is the main difference between XXXX and BUFB?

XXXX is categorized as Leveraged Equities, while BUFB is Defined Outcome. XXXX tracks S&P 500, while BUFB tracks MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross. They also come from different issuers: Max and Innovator. Their fees differ too: 2.95% for XXXX and 0.89% for BUFB.

Which has better risk-adjusted returns?

BUFB currently has the higher Sharpe Ratio (2.55 vs 1.86), 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.