FBUF vs. FDEC

Last updated Jun 4, 2026

FBUF (Fidelity Dynamic Buffered Equity ETF) and FDEC (FT Vest U.S. Equity Buffer ETF - December) are both Defined Outcome funds. Both are actively managed. Over the past year, FBUF returned 19.61% vs 20.01% for FDEC. Their correlation of 0.87 suggests significant overlap in exposure. FBUF charges 0.48%/yr vs 0.85%/yr for FDEC.

Performance

FBUF vs. FDEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Dynamic Buffered Equity ETF (FBUF) and FT Vest U.S. Equity Buffer ETF - December (FDEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBUF achieves a 5.32% return, which is significantly lower than FDEC's 6.38% return.

FBUF

• 1D: -0.12%
• 1M: 2.85%
• YTD: 5.32%
• 6M: 6.28%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDEC

• 1D: -0.19%
• 1M: 2.64%
• YTD: 6.38%
• 6M: 7.86%
• 1Y: 20.01%
• 3Y*: 15.93%
• 5Y*: 10.58%
• 10Y*: —

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

FBUF vs. FDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	14.01%	10.13%
FDEC FT Vest U.S. Equity Buffer ETF - December	6.38%	14.82%	8.48%

Correlation

The correlation between FBUF and FDEC 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 Apr 12, 2024	0.87

The correlation between FBUF and FDEC has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

FBUF vs. FDEC — Risk / Return Rank

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

FBUF

FBUF Risk / Return Rank: 79
FBUF Sharpe Ratio Rank: 80
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 70
FBUF Martin Ratio Rank: 80

FDEC

FDEC Risk / Return Rank: 81
FDEC Sharpe Ratio Rank: 81
FDEC Sortino Ratio Rank: 85
FDEC Omega Ratio Rank: 85
FDEC Calmar Ratio Rank: 70
FDEC Martin Ratio Rank: 85

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.

FBUF vs. FDEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Dynamic Buffered Equity ETF (FBUF) and FT Vest U.S. Equity Buffer ETF - December (FDEC). 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.

	FBUF	FDEC	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.64	-0.01
Sortino ratio: Return per unit of downside risk	3.55	3.83	-0.27
Omega ratio: Gain probability vs. loss probability	1.53	1.52	+0.01
Calmar ratio: Return relative to maximum drawdown	3.51	3.44	+0.06
Martin ratio: Return relative to average drawdown	15.68	17.84	-2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBUF vs. FDEC - Sharpe Ratio Comparison

The current FBUF Sharpe Ratio is 2.63, which is comparable to the FDEC Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of FBUF and FDEC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBUF	FDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.64	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.95	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	1.04	+0.43

Drawdowns

FBUF vs. FDEC - Drawdown Comparison

The maximum FBUF drawdown since its inception was -11.09%, smaller than the maximum FDEC drawdown of -15.67%. Use the drawdown chart below to compare losses from any high point for FBUF and FDEC.

Drawdown Indicators

	FBUF	FDEC	Difference
Max Drawdown Largest peak-to-trough decline	-11.09%	-15.67%	+4.58%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	-5.83%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.67%	—
Current Drawdown Current decline from peak	-0.22%	-0.19%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.38%	-2.57%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.12%	+0.13%

Volatility

FBUF vs. FDEC - Volatility Comparison

The current volatility for Fidelity Dynamic Buffered Equity ETF (FBUF) is 1.11%, while FT Vest U.S. Equity Buffer ETF - December (FDEC) has a volatility of 1.27%. This indicates that FBUF experiences smaller price fluctuations and is considered to be less risky than FDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBUF	FDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.27%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	5.37%	5.92%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	7.62%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.55%	11.21%	-1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.55%	11.01%	-1.46%

FBUF vs. FDEC - Expense Ratio Comparison

FBUF has a 0.48% expense ratio, which is lower than FDEC's 0.85% expense ratio.

Dividends

FBUF vs. FDEC - Dividend Comparison

FBUF's dividend yield for the trailing twelve months is around 0.63%, while FDEC has not paid dividends to shareholders.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%
FDEC FT Vest U.S. Equity Buffer ETF - December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBUF and FDEC in my portfolio?

With a correlation of 0.90, FBUF and FDEC 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 is riskier, FBUF or FDEC?

FDEC has higher volatility (1.27%) compared to FBUF (1.11%). In terms of maximum drawdown, FBUF dropped -11.09% vs FDEC's -15.67%.

Which ETF is better, FBUF or FDEC?

On 1-year performance, FDEC leads with 20.01% vs 19.61% for FBUF. On fees, FBUF is cheaper at 0.48% per year. On volatility, FBUF has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBUF or FDEC?

Over the 1-year period, FDEC has performed better with a 20.01% return vs 19.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBUF or FDEC?

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

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

FBUF has the higher dividend yield at 0.63%, compared with 0.00% for FDEC.

What is the main difference between FBUF and FDEC?

They also come from different issuers: Fidelity and FT Vest. Their fees differ too: 0.48% for FBUF and 0.85% for FDEC.

Which has better risk-adjusted returns?

FDEC currently has the higher Sharpe Ratio (2.64 vs 2.63), 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.