DDFO vs. FBUF

Last updated Jun 6, 2026

DDFO (Innovator Equity Dual Directional 15 Buffer ETF - October) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. DDFO is passively managed, while FBUF is actively managed. Their correlation of 0.83 suggests significant overlap in exposure. DDFO charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

DDFO vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - October (DDFO) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DDFO having a 3.31% return and FBUF slightly higher at 3.46%.

DDFO

• 1D: -0.40%
• 1M: 0.25%
• YTD: 3.31%
• 6M: 3.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -1.97%
• 1M: 0.41%
• YTD: 3.46%
• 6M: 4.08%
• 1Y: 17.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDFO vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
DDFO Innovator Equity Dual Directional 15 Buffer ETF - October	3.31%	1.72%
FBUF Fidelity Dynamic Buffered Equity ETF	3.46%	3.23%

Correlation

The correlation between DDFO and FBUF is 0.83, 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 Oct 2, 2025	0.83

Return for Risk

DDFO vs. FBUF — Risk / Return Rank

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

FBUF

FBUF Risk / Return Rank: 73
FBUF Sharpe Ratio Rank: 74
FBUF Sortino Ratio Rank: 69
FBUF Omega Ratio Rank: 80
FBUF Calmar Ratio Rank: 66
FBUF Martin Ratio Rank: 76

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.

DDFO vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - October (DDFO) 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.

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

Sharpe Ratios by Period

	DDFO	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	1.35	+0.28

Drawdowns

DDFO vs. FBUF - Drawdown Comparison

The maximum DDFO drawdown since its inception was -2.79%, smaller than the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for DDFO and FBUF.

Drawdown Indicators

	DDFO	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-2.79%	-11.09%	+8.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.61%	—
Current Drawdown Current decline from peak	-0.53%	-1.98%	+1.45%
Average Drawdown Average peak-to-trough decline	-0.42%	-1.37%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.26%	—

Volatility

Volatility by Period

	DDFO	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	7.76%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.70%	9.63%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.70%	9.63%	-4.93%

DDFO vs. FBUF - Expense Ratio Comparison

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

Dividends

DDFO vs. FBUF - Dividend Comparison

DDFO has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.64%.

Position	TTM	2025	2024
DDFO Innovator Equity Dual Directional 15 Buffer ETF - October	0.00%	0.00%	0.00%
FBUF Fidelity Dynamic Buffered Equity ETF	0.64%	0.64%	0.54%

Frequently Asked Questions

Can I hold both DDFO and FBUF in my portfolio?

DDFO and FBUF have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDFO or FBUF?

On fees, FBUF is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDFO or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.79% for DDFO.

Which ETF pays a higher dividend yield, DDFO or FBUF?

FBUF has the higher dividend yield at 0.64%, compared with 0.00% for DDFO.

What is the main difference between DDFO and FBUF?

They also come from different issuers: Innovator and Fidelity. Their fees differ too: 0.79% for DDFO and 0.48% for FBUF.