DDFM vs. DDFL

Last updated Jun 5, 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 correlation of 0.81 suggests significant overlap in exposure. 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: 0.10%
• 1M: 1.05%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DDFL

• 1D: 0.02%
• 1M: 0.67%
• YTD: 2.83%
• 6M: 3.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDFM vs. DDFL - Yearly Performance Comparison

	2026 (YTD)
DDFM Innovator Equity Dual Directional 15 Buffer ETF - March	3.27%
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	2.25%

Correlation

The correlation between DDFM and DDFL is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 3, 2026	0.81

Return for Risk

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.

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

Sharpe Ratios by Period

	DDFM	DDFL	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	2.59	-0.35

Drawdowns

DDFM vs. DDFL - Drawdown Comparison

The maximum DDFM drawdown since its inception was -3.09%, which is greater than DDFL's maximum drawdown of -1.63%. 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	-3.09%	-1.63%	-1.46%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.52%	-0.19%	-0.33%

Volatility

Volatility by Period

	DDFM	DDFL	Difference
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	3.25%	+2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.89%	3.25%	+2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	3.25%	+2.64%

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 0.81, 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%.