Data as of Nov 4, 2026.
SIXP vs UMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 UMAR can fall 12.0% before its buffer engages and SIXP 1.1%.
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Net assets: $215m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer10 ETF - Mar, and $143m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Mar.
SIXP: reference 0.0% since period start, fund +0.8%; buffer 0 to −10; cap +7.6%; Buffer working. Data to Nov 4, 2026.
SIXP: reference 0.0% since period start, fund +0.8%; buffer 0 to −10; cap +7.6%; Buffer working. Data to Nov 4, 2026.UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.
UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
SIXP costs 0.05 points a year less; their one-year returns differ by 0.9 points; SIXP is 1.5 times larger.
Points (pts) are percentage points.
| Measure | SIXP | UMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.9% | +11.0% |
| Drawdown | ||
| Index fall to the buffer | 0.0% | 15.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.79% |
| Net assets, as of Nov 3, 2026 | $215m | $142m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
Mar 8, 2024 to Oct 30, 2026 · 138 weekly returns · each against SPYFrom Mar 2024 to Oct 2026, SIXP returned slightly more: +37.0% to +34.0%. UMAR swung less: 6.3% to 7.6%. UMAR fell less at its worst: −6.6% to −9.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SIXP | UMAR | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +37.0% | +34.0% | SIXP (slight) | Price change plus distributions, reinvested. | |
| Annualized | +12.6% | +11.7% | SIXP (slight) | Total return as a yearly rate. | |
| Price return | +37.0% | +34.0% | SIXP (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 7.6% | 6.3% | UMAR | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.2% | 4.1% | UMAR | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −9.8% | −6.6% | UMAR | Deepest fall from a high to the low after it. | |
| Upside capture | 42.0% | 35.3% | 100.0% | SIXP | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 49.8% | 41.4% | 100.0% | UMAR | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.51 | 0.42 | 1.00 | UMAR lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.95 | 0.94 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.03 | 1.10 | UMAR (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.52 | 1.68 | UMAR (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.153 | 0.164 | 0.126 | UMAR (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.29 | 1.76 | UMAR | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +1.4% a year | +1.6% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 1.24 | 1.62 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −0.8% to +3.6% | −0.4% to +3.5% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.66 | −0.67 | SIXP (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.3% | 8.5% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 138 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | SIXP | UMAR | SIXP | UMAR |
| 3 months | +1.2% | +1.5% | +1.6 pts | +1.9 pts |
| 6 months | +4.4% | +4.3% | −0.1 pts | −0.1 pts |
| 1 year | +11.9% | +11.0% | −1.7 pts | −2.5 pts |
| 3 years | – | +44.0% | – | −32.4 pts |
| Since launchNot the same days: SIXP Mar 2024 · UMAR Mar 2020 | +37.9% | +64.9% | −11.6 pts | −83.2 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
SIXP resets first, on Feb 28, 2027, 116 days from now; UMAR runs to Feb 28, 2027, 116 days. SIXP can still gain 6.4% before its cap, UMAR 3.9%. A fall from here reaches SIXP’s buffer after 1.1% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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SIXP
From its price on Nov 4, 2026, the fund can gain about 6.4% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.
UMAR
From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.0% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
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How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, SIXP against UMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/sixp-vs-umar
ETFIQ. (Nov 4, 2026). SIXP against UMAR. Retrieved from https://etfiq.com/compare/buffer/sixp-vs-umar
[SIXP against UMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/sixp-vs-umar)
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