BFRZ vs VOO
Innovator Equity Managed 100 Buffer ETF vs Vanguard S&P 500 ETF
Which is better, BFRZ or VOO?
Option Writing against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y and the full window. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 38.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BFRZ | VOO |
|---|---|---|
| Expense Ratio | 0.89% | 0.03%Best |
| AUM | $145M | $997.4B |
| Dividend Yield | 0.27% | 1.04% |
| Holdings | 370 | 509 |
| YTD Return | +0.15% | +11.55%Best |
| 1Y Return | +2.66% | +17.54%Best |
| 3Y Return (annualized) | - | +20.71% |
| 5Y Return (annualized) | - | +12.80% |
| Volatility (annualized) | 4.2%Best | 12.1% |
| Max Drawdown | -3.1%Best | -8.9% |
| $10,000 over 1.3 years | $10,741 | $13,033Best |
| Top 10 Weight | 38.4% | 36.4%Best |
| Fund Family | Innovator ETFs Trust | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Blend |
| Inception | May 13, 2025 | Sep 7, 2010 |
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: May 13, 2025 to Sep 10, 2026 (1.3 years).
BFRZ vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.3 years both funds cover.
BFRZ vs VOO Performance
Innovator Equity Managed 100 Buffer ETF (BFRZ) is an ETF from Innovator ETFs Trust and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year BFRZ returned +2.66% while VOO returned +17.54%. Year to date, BFRZ is up 0.15% versus a gain of 11.55% for VOO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 12.1% compared with 4.2% for BFRZ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -3.1% for BFRZ and -8.9% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.62. They move together some of the time, and apart the rest.
Fees and Cost Over Time
BFRZ charges 0.89% per year while VOO charges 0.03%. On a $10,000 position that is $89 vs $3 annually, a gap of $86 per year that compounds over a long holding period. On income, BFRZ currently yields 0.27% against 1.04% for VOO.
Holdings Overlap
89.7% of BFRZ's money is in holdings VOO also owns. 67.8% of VOO's money is in holdings BFRZ also owns.
Most of BFRZ is already inside VOO. Owning both mostly buys the same companies twice.
The two holdings books were reported 63 days apart, BFRZ as of Sep 1, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
121 positions in common, counted across the 180 positions we hold weights for in BFRZ and 505 in VOO, against full books of 370 and 509.
What only one of them owns
Our book lists 376 positions for VOO that do not appear in our book for BFRZ (31.7% of the fund), and 51 for BFRZ that do not appear in VOO (5.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in BFRZ | Weight in VOO | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.77% | 7.51% | 0.26% |
| AAPLApple, Inc | 7.07% | 6.59% | 0.48% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.63% | 4.30% | 1.33% |
| AMZNAmazon.Com Inc | 3.98% | 3.62% | 0.36% |
| GOOGLAlphabet A Usd 0.001 | 3.09% | 3.25% | 0.16% |
| AVGOBroadcom Inc | 2.75% | 2.77% | 0.02% |
| GOOGAlphabet Inc | 2.57% | 2.59% | 0.02% |
| METAMeta Platforms, Inc. | 1.95% | 1.92% | 0.03% |
| MUMicron Technology, Inc. | 1.84% | 2.02% | 0.18% |
| TSLATesla Inc | 1.79% | 1.84% | 0.05% |
89.7% of BFRZ is already inside VOO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BFRZ or VOO?
BFRZ has an expense ratio of 0.89% while VOO charges 0.03%. VOO is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, BFRZ or VOO?
Over the past year BFRZ returned +2.66% vs +17.54% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (1 years), BFRZ annualized +5.65% vs +22.60% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BFRZ or VOO?
VOO has been the more volatile fund at 12.1% annualized versus 4.2% for BFRZ. Worst drawdown: BFRZ -3.1% vs VOO -8.9%.
Should I hold both BFRZ and VOO?
BFRZ and VOO have a monthly-return correlation of 0.62, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between BFRZ and VOO?
89.7% of BFRZ's money is in holdings VOO also owns. 67.8% of VOO's is in holdings BFRZ also owns. They hold 121 positions in common, counted across the 180 positions we hold weights for in BFRZ and 505 in VOO.
Which pays a higher dividend, BFRZ or VOO?
BFRZ yields 0.27% while VOO yields 1.04%, so VOO currently pays the higher dividend yield.
Is VOO better than BFRZ?
VOO has a lower expense ratio. VOO led over 1Y and the full window. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 38.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.