BDEC vs. FBUF

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Buffer ETF - December (BDEC) and Fidelity Dynamic Buffered Equity ETF (FBUF).

BDEC and FBUF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BDEC is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 Buffer Protect Index December. It was launched on Nov 29, 2019. FBUF is an actively managed fund by Fidelity. It was launched on Apr 9, 2024.

Performance

BDEC vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - December (BDEC) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

BDEC vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BDEC Innovator U.S. Equity Buffer ETF - December	-3.15%	14.96%	6.62%
FBUF Fidelity Dynamic Buffered Equity ETF	-2.37%	14.01%	10.13%

Returns By Period

In the year-to-date period, BDEC achieves a -3.15% return, which is significantly lower than FBUF's -2.37% return.

BDEC

• 1D: 2.08%
• 1M: -3.63%
• YTD: -3.15%
• 6M: 0.15%
• 1Y: 14.68%
• 3Y*: 12.37%
• 5Y*: 8.43%
• 10Y*: —

FBUF

• 1D: 1.51%
• 1M: -3.11%
• YTD: -2.37%
• 6M: 0.90%
• 1Y: 14.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDEC vs. FBUF - Expense Ratio Comparison

BDEC has a 0.79% expense ratio, which is higher than FBUF's 0.48% expense ratio.

BDEC

Innovator U.S. Equity Buffer ETF - December

FBUF

Fidelity Dynamic Buffered Equity ETF

Return for Risk

BDEC vs. FBUF — Risk / Return Rank

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

BDEC

BDEC Risk / Return Rank: 68
BDEC Sharpe Ratio Rank: 62
BDEC Sortino Ratio Rank: 65
BDEC Omega Ratio Rank: 69
BDEC Calmar Ratio Rank: 66
BDEC Martin Ratio Rank: 77

FBUF

FBUF Risk / Return Rank: 78
FBUF Sharpe Ratio Rank: 74
FBUF Sortino Ratio Rank: 74
FBUF Omega Ratio Rank: 78
FBUF Calmar Ratio Rank: 79
FBUF Martin Ratio Rank: 83

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.

BDEC vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - December (BDEC) and Fidelity Dynamic Buffered Equity ETF (FBUF). 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.

	BDEC	FBUF	Difference
Sharpe ratio Return per unit of total volatility	1.10	1.33	-0.23
Sortino ratio Return per unit of downside risk	1.66	1.87	-0.21
Omega ratio Gain probability vs. loss probability	1.25	1.30	-0.04
Calmar ratio Return relative to maximum drawdown	1.67	2.16	-0.49
Martin ratio Return relative to average drawdown	8.36	9.34	-0.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDEC vs. FBUF - Sharpe Ratio Comparison

The current BDEC Sharpe Ratio is 1.10, which is comparable to the FBUF Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of BDEC and FBUF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BDEC	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	1.33	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.11	-0.42

Correlation

The correlation between BDEC and FBUF is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BDEC vs. FBUF - Dividend Comparison

BDEC has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.67%.

	TTM	2025	2024
BDEC Innovator U.S. Equity Buffer ETF - December	0.00%	0.00%	0.00%
FBUF Fidelity Dynamic Buffered Equity ETF	0.67%	0.64%	0.54%

Drawdowns

BDEC vs. FBUF - Drawdown Comparison

The maximum BDEC drawdown since its inception was -25.60%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for BDEC and FBUF.

Drawdown Indicators

	BDEC	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-25.60%	-11.09%	-14.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-6.81%	-2.21%
Max Drawdown (5Y) Largest decline over 5 years	-16.44%	—	—
Current Drawdown Current decline from peak	-4.57%	-4.18%	-0.39%
Average Drawdown Average peak-to-trough decline	-3.12%	-1.42%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.58%	+0.23%

Volatility

BDEC vs. FBUF - Volatility Comparison

Innovator U.S. Equity Buffer ETF - December (BDEC) has a higher volatility of 3.90% compared to Fidelity Dynamic Buffered Equity ETF (FBUF) at 3.11%. This indicates that BDEC's price experiences larger fluctuations and is considered to be riskier than FBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDEC	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.11%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	7.20%	6.52%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	10.77%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.94%	9.87%	+2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.40%	9.87%	+4.53%