DDFM vs. DDFL

Last updated Aug 1, 2026

DDFM (Innovator Equity Dual Directional 15 Buffer ETF - March) and DDFL (Innovator Equity Dual Directional 15 Buffer ETF - July) are both Defined Outcome funds from Innovator. DDFM is passively managed, while DDFL is actively managed. Their 0.71 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

DDFM vs. DDFL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - March (DDFM) and Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DDFM

• 1D: 0.21%
• 1M: 0.55%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

DDFL

• 1D: 0.24%
• 1M: 0.52%
• 6M: 3.32%
• YTD: 3.63%
• 1Y: 8.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	$2.70M	$3.47M	$2.07M
DDFM Innovator Equity Dual Directional 15 Buffer ETF - March	$52.30K	$63.44K	$88.30K

DDFM vs. DDFL - Yearly Performance Comparison

	2026 (YTD)
DDFM Innovator Equity Dual Directional 15 Buffer ETF - March	3.54%
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	3.07%

Correlation

The correlation between DDFM and DDFL is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 2, 2026	0.71

Return for Risk

DDFM vs. DDFL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DDFM

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

DDFL

DDFL Risk / Return Rank: 93
DDFL Sharpe Ratio Rank: 91
DDFL Sortino Ratio Rank: 93
DDFL Omega Ratio Rank: 93
DDFL Calmar Ratio Rank: 94
DDFL Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DDFM vs. DDFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - March (DDFM) and Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL). 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.

	DDFM	DDFL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.30	—
Sortino ratio: Return per unit of downside risk	—	3.58	—
Omega ratio: Gain probability vs. loss probability	—	1.48	—
Calmar ratio: Return relative to maximum drawdown	—	4.71	—
Martin ratio: Return relative to average drawdown	—	23.00	—

Drawdowns

DDFM vs. DDFL - Drawdown Comparison

The maximum DDFM drawdown since its inception was -3.49%, which is greater than DDFL's maximum drawdown of -1.83%. Use the drawdown chart below to compare losses from any high point for DDFM and DDFL.

Drawdown Indicators

	DDFM	DDFL	Difference
Max Drawdown Largest peak-to-trough decline	-3.49%	-1.83%	-1.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.63%	—
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.52%	-0.30%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.33%	—

Volatility

Volatility by Period

	DDFM	DDFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.26%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.31%	3.35%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.31%	3.71%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.31%	3.71%	+1.60%

DDFM vs. DDFL - Expense Ratio Comparison

Both DDFM and DDFL have an expense ratio of 0.79%.

Dividends

DDFM vs. DDFL - Dividend Comparison

Neither DDFM nor DDFL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDFM and DDFL in my portfolio?

DDFM and DDFL have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDFM or DDFL?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDFM or DDFL?

DDFM and DDFL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, DDFM or DDFL?

DDFM and DDFL have nearly identical dividend yields, around 0.00%.