DDTO vs. FBUF

Last updated Jun 6, 2026

DDTO (Innovator Equity Dual Directional 10 Buffer ETF - October) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. DDTO charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

DDTO vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 10 Buffer ETF - October (DDTO) 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, DDTO achieves a 4.95% return, which is significantly higher than FBUF's 3.46% return.

DDTO

• 1D: -0.81%
• 1M: 0.48%
• YTD: 4.95%
• 6M: 5.32%
• 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)

DDTO vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
DDTO Innovator Equity Dual Directional 10 Buffer ETF - October	4.95%	1.87%
FBUF Fidelity Dynamic Buffered Equity ETF	3.46%	3.23%

Correlation

The correlation between DDTO and FBUF is 0.91, 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	0.91

Return for Risk

DDTO 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.

DDTO vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 10 Buffer ETF - October (DDTO) 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

	DDTO	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	1.42	1.35	+0.07

Drawdowns

DDTO vs. FBUF - Drawdown Comparison

The maximum DDTO drawdown since its inception was -4.98%, smaller than the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for DDTO and FBUF.

Drawdown Indicators

	DDTO	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-4.98%	-11.09%	+6.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.61%	—
Current Drawdown Current decline from peak	-0.83%	-1.98%	+1.15%
Average Drawdown Average peak-to-trough decline	-0.67%	-1.37%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.26%	—

Volatility

Volatility by Period

	DDTO	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	7.33%	7.76%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	9.63%	-2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.33%	9.63%	-2.30%

DDTO vs. FBUF - Expense Ratio Comparison

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

Dividends

DDTO vs. FBUF - Dividend Comparison

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

Position	TTM	2025	2024
DDTO Innovator Equity Dual Directional 10 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 DDTO and FBUF in my portfolio?

With a correlation of 0.91, DDTO and FBUF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, DDTO 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, DDTO or FBUF?

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

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

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

What is the main difference between DDTO and FBUF?

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