DLAG vs. FBUF

Last updated Jul 11, 2026

DLAG (FT Vest U.S. Equity Dual Directional Buffer ETF - August) 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. DLAG charges 0.85%/yr vs 0.48%/yr for FBUF.

Performance

DLAG vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) 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 DLAG having a 6.26% return and FBUF slightly higher at 6.51%.

DLAG

• 1D: 0.17%
• 1M: 1.25%
• 6M: 5.38%
• YTD: 6.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: 0.49%
• 1M: 2.58%
• 6M: 5.54%
• YTD: 6.51%
• 1Y: 17.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DLAG vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	6.26%	2.31%
FBUF Fidelity Dynamic Buffered Equity ETF	6.51%	3.87%

Correlation

The correlation between DLAG 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 Sep 22, 2025	0.91

Return for Risk

DLAG vs. FBUF — Risk / Return Rank

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

DLAG

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

FBUF

FBUF Risk / Return Rank: 81
FBUF Sharpe Ratio Rank: 82
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 74
FBUF Martin Ratio Rank: 82

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.

DLAG vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) 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.

	DLAG	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	—	2.09	—
Sortino ratio: Return per unit of downside risk	—	2.81	—
Omega ratio: Gain probability vs. loss probability	—	1.41	—
Calmar ratio: Return relative to maximum drawdown	—	3.04	—
Martin ratio: Return relative to average drawdown	—	12.75	—

Drawdowns

DLAG vs. FBUF - Drawdown Comparison

The maximum DLAG drawdown since its inception was -4.23%, smaller than the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for DLAG and FBUF.

Drawdown Indicators

	DLAG	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-11.09%	+6.86%
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	-0.53%	-1.36%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.34%	—

Volatility

Volatility by Period

	DLAG	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.03%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.31%	8.16%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	9.64%	-3.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.31%	9.64%	-3.33%

DLAG vs. FBUF - Expense Ratio Comparison

DLAG has a 0.85% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

DLAG vs. FBUF - Dividend Comparison

DLAG has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025	2024
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	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 DLAG and FBUF in my portfolio?

With a correlation of 0.91, DLAG 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, DLAG 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, DLAG or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.85% for DLAG.

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

FBUF has the higher dividend yield at 0.58%, compared with 0.00% for DLAG.

What is the main difference between DLAG and FBUF?

They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.85% for DLAG and 0.48% for FBUF.