Innovator S&P 500 Ultra Buffer ETF - December (UDEC) Performance
UDEC total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +8.2% since Dec 31, 2025
- 1 year
- +10.9% total return
- 5 years
- +7.6% a year
- Since first price
- +7.3% a year since 2019
UDEC trailing returns vs SPY, QQQ, AGG
| Period | UDEC total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.1% | +0.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.0% | +3.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +5.8% | +5.8% | +7.8% | +8.4% | −1.5% |
| YTD | +8.2% | +8.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +10.9% | +10.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +48.3%+14.0%/yr | +48.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +43.9%+7.6%/yr | +43.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionDec 2, 2019 | +62.7%+7.3%/yr | +62.7% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: UDEC vs SPY
From Dec 2, 2019: UDEC grew to $16,271, SPY to $26,952.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UDEC returns by calendar year
5 of 6 full years positive. Best 2023 (+16.8%), worst 2022 (−9.4%). 2026 is year to date.
UDEC annual returns table
| Year | UDEC | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +8.2% | −4.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +13.0% | −8.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +9.5% | −2.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +16.8% | −8.1% | +26.2% | +54.9% | +5.7% |
| 2022 | −9.4% | −10.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +6.4% | −1.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +6.7% | −13.4% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
UDEC largest drawdowns
Now 0.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2020 | −13.4% | Mar 20, 2020 | Aug 4, 2020 | 30 days | 5 months |
| Jan 4, 2022 | −10.3% | Dec 28, 2022 | Jul 13, 2023 | 12 months | 1.5 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UDEC risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +13.4% | +7.7% | +7.3% |
| Volatility (annualized) | 7.2% | 7.5% | 7.4% |
| Sharpe ratio | 1.19 | 0.56 | 0.63 |
| Sortino ratio | 2.58 | 0.93 | 1.04 |
| Best month | +8.7% | +8.7% | +8.7% |
| Worst month | −3.0% | −4.0% | −4.6% |
| Best 12 months | +22.6% | +22.6% | +22.6% |
| Worst 12 months | +2.6% | −9.4% | −9.4% |
| Positive months | 75% | 67% | 67% |
| Beta vs S&P 500 | 0.52 | 0.40 | — |
| Correlation with S&P 500 | 0.90 | 0.85 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
UDEC rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 71 | −9.4% | +9.5% | +22.6% | 83% |
| 3-year (a year) | 47 | +0.9% | +5.7% | +14.3% | 100% |
| 5-year (a year) | 23 | +5.6% | +6.9% | +7.7% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
UDEC performance overview
Innovator S&P 500 Ultra Buffer ETF - December (UDEC) returned +10.9% over the past year and +7.6% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +7.3% a year, turning $10,000 into about $16,271. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −13.4%, from Feb 19, 2020 to Mar 20, 2020, and it took 5 months to get back to the old high. UDEC finished 5 of its 6 full calendar years with a gain; the best year was 2023 (+16.8%) and the worst 2022 (−9.4%). Volatility has been 7.4% a year.
Related: UDEC chart. See the UDEC overview for the latest quote and fund facts.
UDEC performance FAQ
What is the UDEC return over the past year?
UDEC returned +10.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 10.9%.
What is the average annual return of UDEC?
UDEC has returned +7.6% a year over 5 years, +7.3% a year since December 2, 2019 (total return, distributions reinvested).
How much would $10,000 invested in UDEC be worth?
$10,000 invested in UDEC at its first recorded close on December 2, 2019 would be worth about $16,271 on October 23, 2026 with distributions reinvested.
What was the worst year for UDEC?
The worst calendar year was 2022, with a total return of −9.4%. The best was 2023 at +16.8%.
What is the biggest drawdown of UDEC?
The largest peak-to-trough decline was −13.4% between February 19, 2020 and March 20, 2020. It recovered to the old high on August 4, 2020, 5 months after the bottom.
How volatile is UDEC?
Over the past 3 years UDEC had an annualized volatility of 7.2% and a Sharpe ratio of 1.19 (excess return over 1–3 month T-bills per unit of risk).