AFOS vs. DDTL

Last updated Jun 4, 2026

AFOS (ARS Focused Opportunities Strategy ETF) and DDTL (Innovator Equity Dual Directional 10 Buffer ETF - July) are both exchange-traded funds - AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners, while DDTL is a Defined Outcome fund managed by Innovator. A 0.69 correlation means they provide meaningful diversification when combined. AFOS charges 0.45%/yr vs 0.79%/yr for DDTL.

Performance

AFOS vs. DDTL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARS Focused Opportunities Strategy ETF (AFOS) and Innovator Equity Dual Directional 10 Buffer ETF - July (DDTL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFOS achieves a 32.04% return, which is significantly higher than DDTL's 4.57% return.

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DDTL

• 1D: 0.02%
• 1M: 1.32%
• YTD: 4.57%
• 6M: 5.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AFOS vs. DDTL - Yearly Performance Comparison

	2026 (YTD)	2025
AFOS ARS Focused Opportunities Strategy ETF	32.04%	35.58%
DDTL Innovator Equity Dual Directional 10 Buffer ETF - July	4.57%	6.48%

Correlation

The correlation between AFOS and DDTL is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.69

Return for Risk

AFOS vs. DDTL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARS Focused Opportunities Strategy ETF (AFOS) and Innovator Equity Dual Directional 10 Buffer ETF - July (DDTL). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AFOS	DDTL	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	4.35	2.27	+2.08

Drawdowns

AFOS vs. DDTL - Drawdown Comparison

The maximum AFOS drawdown since its inception was -11.52%, which is greater than DDTL's maximum drawdown of -3.78%. Use the drawdown chart below to compare losses from any high point for AFOS and DDTL.

Drawdown Indicators

	AFOS	DDTL	Difference
Max Drawdown Largest peak-to-trough decline	-11.52%	-3.78%	-7.74%
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-1.37%	-0.40%	-0.97%

Volatility

Volatility by Period

	AFOS	DDTL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	5.46%	+14.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.19%	5.46%	+14.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.19%	5.46%	+14.73%

AFOS vs. DDTL - Expense Ratio Comparison

AFOS has a 0.45% expense ratio, which is lower than DDTL's 0.79% expense ratio.

Dividends

AFOS vs. DDTL - Dividend Comparison

AFOS's dividend yield for the trailing twelve months is around 0.22%, while DDTL has not paid dividends to shareholders.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%
DDTL Innovator Equity Dual Directional 10 Buffer ETF - July	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFOS and DDTL in my portfolio?

AFOS and DDTL have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AFOS or DDTL?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AFOS or DDTL?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.79% for DDTL.

Which ETF pays a higher dividend yield, AFOS or DDTL?

AFOS has the higher dividend yield at 0.22%, compared with 0.00% for DDTL.

What is the main difference between AFOS and DDTL?

AFOS is categorized as Large Cap Blend Equities, while DDTL is Defined Outcome. They also come from different issuers: ARS Investment Partners and Innovator. Their fees differ too: 0.45% for AFOS and 0.79% for DDTL.