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DDFF vs. IEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DDFF vs. IEO

Last updated Jul 22, 2026
Documentation

DDFF (Innovator Equity Dual Directional 15 Buffer ETF - February) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - DDFF is a Defined Outcome fund actively managed by Innovator, while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. DDFF is actively managed, while IEO is passively managed. At a correlation of -0.27, they often move in opposite directions. DDFF charges 0.79%/yr vs 0.42%/yr for IEO.

Performance

DDFF vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - February (DDFF) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

DDFF

1D
0.23%
1M
0.45%
6M
—
YTD
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
—

IEO

1D
1.74%
1M
15.32%
6M
36.47%
YTD
40.11%
1Y
43.01%
3Y*
13.73%
5Y*
23.18%
10Y*
11.04%
ALL TIME*
6.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DDFF vs. IEO - Yearly Performance Comparison

2026 (YTD)
DDFF
Innovator Equity Dual Directional 15 Buffer ETF - February		3.78%
IEO
iShares U.S. Oil & Gas Exploration & Production ETF		27.26%

Correlation

The correlation between DDFF and IEO is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (All Time)
Calculated using the full available price history since Feb 2, 2026

-0.27

DDFF vs. IEO - Sectors Allocation Comparison

Sectors
DDFF
IEO

Technology

37.9%

-

Financial Services

11.7%

-

Communication Services

10.0%

-

Consumer Cyclical

9.6%

-

Healthcare

9.1%

-

Industrials

8.4%
1.0%

Consumer Defensive

4.6%

-

Energy

3.0%
99.1%

Utilities

2.3%

-

Real Estate

1.9%

-

Basic Materials

1.7%
0.9%

Technology

DDFF
37.9%
IEO

-

Financial Services

DDFF
11.7%
IEO

-

Communication Services

DDFF
10.0%
IEO

-

Consumer Cyclical

DDFF
9.6%
IEO

-

Healthcare

DDFF
9.1%
IEO

-

Industrials

DDFF
8.4%
IEO
1.0%

Consumer Defensive

DDFF
4.6%
IEO

-

Energy

DDFF
3.0%
IEO
99.1%

Utilities

DDFF
2.3%
IEO

-

Real Estate

DDFF
1.9%
IEO

-

Basic Materials

DDFF
1.7%
IEO
0.9%

Compare stocks, funds, or ETFs

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Innovator Equity Dual Directional 15 Buffer ETF - February

iShares U.S. Oil & Gas Exploration & Production ETF

Often compared with DDFF:
DDFF vs. UCODDFF vs. BALTDDFF vs. FFTYDDFF vs. JULBDDFF vs. DBCDDFF vs. TWOXDDFF vs. BUFP
Often compared with IEO:
IEO vs. XLEIEO vs. VDEIEO vs. FCGIEO vs. FENYIEO vs. DEOIEO vs. PCEFIEO vs. IEZ

Return for Risk

DDFF vs. IEO — Risk / Return Rank

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

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

IEO
IEO Risk / Return Rank: 6363
Overall Rank
IEO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
IEO Sortino Ratio Rank: 6363
Sortino Ratio Rank
IEO Omega Ratio Rank: 6060
Omega Ratio Rank
IEO Calmar Ratio Rank: 7171
Calmar Ratio Rank
IEO Martin Ratio Rank: 5252
Martin Ratio Rank
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.

DDFF vs. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - February (DDFF) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

DDFFIEODifference
Sharpe ratioReturn per unit of total volatility

—

1.69

—

Sortino ratioReturn per unit of downside risk

—

2.20

—

Omega ratioGain probability vs. loss probability

—

1.28

—

Calmar ratioReturn relative to maximum drawdown

—

2.65

—

Martin ratioReturn relative to average drawdown

—

6.55

—

DDFF vs. IEO - Sharpe Ratio Comparison

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Drawdowns

DDFF vs. IEO - Drawdown Comparison

The maximum DDFF drawdown since its inception was -3.72%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for DDFF and IEO.

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Drawdown Indicators

DDFFIEODifference

Max Drawdown

Largest peak-to-trough decline

-3.72%

-79.17%

+75.45%

Max Drawdown (1Y)

Largest decline over 1 year

—

-16.32%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-31.46%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-31.46%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-75.00%

—

Current Drawdown

Current decline from peak

-0.13%

-3.50%

+3.37%

Average Drawdown

Average peak-to-trough decline

-0.53%

-26.17%

+25.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

6.59%

—

Volatility

DDFF vs. IEO - Volatility Comparison

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Volatility by Period

DDFFIEODifference

Volatility (1M)

Calculated over the trailing 1-month period

—

6.26%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

20.18%

—

Volatility (1Y)

Calculated over the trailing 1-year period

5.48%

25.72%

-20.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.48%

30.26%

-24.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.48%

34.93%

-29.45%

DDFF vs. IEO - Expense Ratio Comparison

DDFF has a 0.79% expense ratio, which is higher than IEO's 0.42% expense ratio.

Dividends

DDFF vs. IEO - Dividend Comparison

DDFF has not paid dividends to shareholders, while IEO's dividend yield for the trailing twelve months is around 1.88%.

PositionTTM20252024202320222021202020192018201720162015
DDFF
Innovator Equity Dual Directional 15 Buffer ETF - February		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IEO
iShares U.S. Oil & Gas Exploration & Production ETF		1.88%2.61%2.63%3.00%3.77%2.62%3.17%1.85%1.67%0.94%0.98%2.03%

Frequently Asked Questions

DDFF and IEO have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IEO is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IEO is cheaper with a 0.42% expense ratio, compared with 0.79% for DDFF.

IEO has the higher dividend yield at 1.88%, compared with 0.00% for DDFF.

DDFF is categorized as Defined Outcome, while IEO is Energy Equities. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for DDFF and 0.42% for IEO.

Portfolio Optimizer

Find the right allocation for DDFF and IEO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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