DDFO vs. FBUF

Last updated Aug 1, 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 means they have usually moved in the same direction. 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

In the year-to-date period, DDFO achieves a 4.71% return, which is significantly lower than FBUF's 7.24% return.

DDFO

• 1D: 0.19%
• 1M: 0.61%
• 6M: 4.35%
• YTD: 4.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FBUF

• 1D: 0.75%
• 1M: 2.45%
• 6M: 5.84%
• YTD: 7.24%
• 1Y: 18.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.98%

*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)
DDFO Innovator Equity Dual Directional 15 Buffer ETF - October	$136.70K	$156.19K	$248.14K
FBUF Fidelity Dynamic Buffered Equity ETF	$219.76K	$192.41K	$264.91K

DDFO vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
DDFO Innovator Equity Dual Directional 15 Buffer ETF - October	4.71%	1.91%
FBUF Fidelity Dynamic Buffered Equity ETF	7.24%	3.35%

Correlation

The correlation between DDFO and FBUF is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.83

Return for Risk

DDFO vs. FBUF — Risk / Return Rank

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

DDFO

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

FBUF

FBUF Risk / Return Rank: 84
FBUF Sharpe Ratio Rank: 85
FBUF Sortino Ratio Rank: 82
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 82
FBUF Martin Ratio Rank: 87

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.

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.

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.

	DDFO	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	—	1.98	—
Sortino ratio: Return per unit of downside risk	—	2.67	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	3.01	—
Martin ratio: Return relative to average drawdown	—	12.57	—

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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.37%	-1.34%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.34%	—

Volatility

Volatility by Period

	DDFO	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.43%	8.52%	-4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	9.66%	-5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.43%	9.66%	-5.23%

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 0.58%.

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	0.58%	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 0.58%, 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.