PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DDFL vs. SPY
Performance
Return for Risk
Dividends
Drawdowns
Volatility

DDFL vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) and State Street SPDR S&P 500 ETF (SPY).

DDFL and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DDFL is an actively managed fund by Innovator. It was launched on Jun 30, 2025. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

DDFL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Loading graphics...

DDFL vs. SPY - Yearly Performance Comparison

2026 (YTD)2025
DDFL
Innovator Equity Dual Directional 15 Buffer ETF - July		-0.02%4.76%
SPY
State Street SPDR S&P 500 ETF		-4.37%11.04%

Returns By Period

In the year-to-date period, DDFL achieves a -0.02% return, which is significantly higher than SPY's -4.37% return.

DDFL

1D
0.90%
1M
-0.56%
YTD
-0.02%
6M
1.73%
1Y
—
3Y*
—
5Y*
—
10Y*
—

SPY

1D
2.91%
1M
-4.94%
YTD
-4.37%
6M
-1.82%
1Y
17.59%
3Y*
18.19%
5Y*
11.69%
10Y*
13.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Innovator Equity Dual Directional 15 Buffer ETF - July

State Street SPDR S&P 500 ETF

Often compared with DDFL:
DDFL vs. BAPRDDFL vs. BALTDDFL vs. BUFFDDFL vs. DMAXDDFL vs. EAPRDDFL vs. FBUFDDFL vs. NAPR
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

DDFL vs. SPY - Expense Ratio Comparison

DDFL has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

DDFL
Innovator Equity Dual Directional 15 Buffer ETF - July
SPY
State Street SPDR S&P 500 ETF

Return for Risk

DDFL vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DDFL
SPY
SPY Risk / Return Rank: 6464
Overall Rank
SPY Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6060
Sortino Ratio Rank
SPY Omega Ratio Rank: 6565
Omega Ratio Rank
SPY Calmar Ratio Rank: 6565
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
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.

DDFL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) and State Street SPDR S&P 500 ETF (SPY). 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.

DDFL vs. SPY - Sharpe Ratio Comparison

Loading graphics...

Sharpe Ratios by Period

DDFLSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

—

0.93

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.69

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.78

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.83

0.56

+1.27

Correlation

The correlation between DDFL and SPY is 0.81, 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

DDFL vs. SPY - Dividend Comparison

DDFL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.14%.

TTM20252024202320222021202020192018201720162015
DDFL
Innovator Equity Dual Directional 15 Buffer ETF - July		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		1.14%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Drawdowns

DDFL vs. SPY - Drawdown Comparison

The maximum DDFL drawdown since its inception was -1.63%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DDFL and SPY.

Loading graphics...

Drawdown Indicators

DDFLSPYDifference

Max Drawdown

Largest peak-to-trough decline

-1.63%

-55.19%

+53.56%

Max Drawdown (1Y)

Largest decline over 1 year

—

-12.05%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.50%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-0.75%

-6.24%

+5.49%

Average Drawdown

Average peak-to-trough decline

-0.22%

-9.09%

+8.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

2.52%

—

Volatility

DDFL vs. SPY - Volatility Comparison

Loading graphics...

Volatility by Period

DDFLSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

5.31%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

9.47%

—

Volatility (1Y)

Calculated over the trailing 1-year period

3.50%

19.05%

-15.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.50%

17.06%

-13.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.50%

17.92%

-14.42%