DECP vs. FBUF

Last updated Jun 23, 2026

DECP (PGIM S&P 500 Buffer 12 ETF - December) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, DECP returned 20.00% vs 18.32% for FBUF. Their correlation of 0.90 suggests significant overlap in exposure. DECP charges 0.50%/yr vs 0.48%/yr for FBUF.

Performance

DECP vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - December (DECP) 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, DECP achieves a 6.39% return, which is significantly higher than FBUF's 4.55% return.

DECP

• 1D: -0.26%
• 1M: 0.93%
• YTD: 6.39%
• 6M: 6.12%
• 1Y: 20.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -0.25%
• 1M: 0.10%
• YTD: 4.55%
• 6M: 4.42%
• 1Y: 18.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECP vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECP PGIM S&P 500 Buffer 12 ETF - December	6.39%	14.87%	5.64%
FBUF Fidelity Dynamic Buffered Equity ETF	4.55%	14.01%	9.84%

Correlation

The correlation between DECP and FBUF is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 24, 2024	0.90

The correlation between DECP and FBUF has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

DECP vs. FBUF — Risk / Return Rank

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

DECP

DECP Risk / Return Rank: 81
DECP Sharpe Ratio Rank: 80
DECP Sortino Ratio Rank: 81
DECP Omega Ratio Rank: 82
DECP Calmar Ratio Rank: 75
DECP Martin Ratio Rank: 86

FBUF

FBUF Risk / Return Rank: 74
FBUF Sharpe Ratio Rank: 74
FBUF Sortino Ratio Rank: 70
FBUF Omega Ratio Rank: 80
FBUF Calmar Ratio Rank: 68
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.

DECP vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - December (DECP) 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.

	DECP	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.28	+0.18
Sortino ratio: Return per unit of downside risk	3.43	3.05	+0.38
Omega ratio: Gain probability vs. loss probability	1.47	1.45	+0.02
Calmar ratio: Return relative to maximum drawdown	3.70	3.28	+0.42
Martin ratio: Return relative to average drawdown	17.70	14.04	+3.66

DECP vs. FBUF - Sharpe Ratio Comparison

The current DECP Sharpe Ratio is 2.46, which is comparable to the FBUF Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of DECP and FBUF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DECP vs. FBUF - Drawdown Comparison

The maximum DECP drawdown since its inception was -12.12%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for DECP and FBUF.

Drawdown Indicators

	DECP	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-11.09%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	-5.61%	+0.18%
Current Drawdown Current decline from peak	-0.47%	-0.94%	+0.47%
Average Drawdown Average peak-to-trough decline	-1.12%	-1.38%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	1.31%	-0.18%

Volatility

DECP vs. FBUF - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - December (DECP) is 2.31%, while Fidelity Dynamic Buffered Equity ETF (FBUF) has a volatility of 3.32%. This indicates that DECP experiences smaller price fluctuations and is considered to be less risky than FBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECP	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	3.32%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	6.06%	6.08%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	8.07%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.92%	9.68%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.92%	9.68%	+0.24%

DECP vs. FBUF - Expense Ratio Comparison

DECP has a 0.50% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

DECP vs. FBUF - Dividend Comparison

DECP has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.59%.

Position	TTM	2025	2024
DECP PGIM S&P 500 Buffer 12 ETF - December	0.00%	0.00%	0.00%
FBUF Fidelity Dynamic Buffered Equity ETF	0.59%	0.64%	0.54%

Frequently Asked Questions

Can I hold both DECP and FBUF in my portfolio?

DECP and FBUF have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECP or FBUF?

FBUF has higher volatility (3.32%) compared to DECP (2.31%). In terms of maximum drawdown, DECP dropped -12.12% vs FBUF's -11.09%.

Which ETF is better, DECP or FBUF?

On 1-year performance, DECP leads with 20.00% vs 18.32% for FBUF. On fees, FBUF is cheaper at 0.48% per year. On volatility, DECP has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECP or FBUF?

Over the 1-year period, DECP has performed better with a 20.00% return vs 18.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECP or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.50% for DECP.

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

FBUF has the higher dividend yield at 0.59%, compared with 0.00% for DECP.

What is the main difference between DECP and FBUF?

They also come from different issuers: PGIM and Fidelity. Their fees differ too: 0.50% for DECP and 0.48% for FBUF.

Which has better risk-adjusted returns?

DECP currently has the higher Sharpe Ratio (2.46 vs 2.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.