FBUF vs. TENJ

Last updated Jun 24, 2026

FBUF (Fidelity Dynamic Buffered Equity ETF) and TENJ (iShares Large Cap 10% Target Buffer Jun ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.93 suggests significant overlap in exposure. FBUF charges 0.48%/yr vs 0.50%/yr for TENJ.

Performance

FBUF vs. TENJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Dynamic Buffered Equity ETF (FBUF) and iShares Large Cap 10% Target Buffer Jun ETF (TENJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBUF achieves a 3.62% return, which is significantly lower than TENJ's 6.89% return.

FBUF

• 1D: -0.89%
• 1M: -0.79%
• YTD: 3.62%
• 6M: 3.09%
• 1Y: 16.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TENJ

• 1D: -0.95%
• 1M: -0.09%
• YTD: 6.89%
• 6M: 6.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBUF vs. TENJ - Yearly Performance Comparison

	2026 (YTD)	2025
FBUF Fidelity Dynamic Buffered Equity ETF	3.62%	2.61%
TENJ iShares Large Cap 10% Target Buffer Jun ETF	6.89%	2.22%

Correlation

The correlation between FBUF and TENJ is 0.93, 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 22, 2025	0.93

Return for Risk

FBUF vs. TENJ — Risk / Return Rank

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

FBUF

FBUF Risk / Return Rank: 68
FBUF Sharpe Ratio Rank: 67
FBUF Sortino Ratio Rank: 63
FBUF Omega Ratio Rank: 73
FBUF Calmar Ratio Rank: 63
FBUF Martin Ratio Rank: 72

TENJ

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

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. TENJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Dynamic Buffered Equity ETF (FBUF) and iShares Large Cap 10% Target Buffer Jun ETF (TENJ). 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.

	FBUF	TENJ	Difference
Sharpe ratio: Return per unit of total volatility	2.05	—	—
Sortino ratio: Return per unit of downside risk	2.74	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	2.95	—	—
Martin ratio: Return relative to average drawdown	12.59	—	—

Drawdowns

FBUF vs. TENJ - Drawdown Comparison

The maximum FBUF drawdown since its inception was -11.09%, which is greater than TENJ's maximum drawdown of -5.51%. Use the drawdown chart below to compare losses from any high point for FBUF and TENJ.

Drawdown Indicators

	FBUF	TENJ	Difference
Max Drawdown Largest peak-to-trough decline	-11.09%	-5.51%	-5.58%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	—	—
Current Drawdown Current decline from peak	-1.83%	-1.25%	-0.58%
Average Drawdown Average peak-to-trough decline	-1.38%	-0.83%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	—	—

Volatility

Volatility by Period

	FBUF	TENJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.11%	8.55%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	8.55%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	8.55%	+1.14%

FBUF vs. TENJ - Expense Ratio Comparison

FBUF has a 0.48% expense ratio, which is lower than TENJ's 0.50% expense ratio.

Dividends

FBUF vs. TENJ - Dividend Comparison

FBUF's dividend yield for the trailing twelve months is around 0.60%, more than TENJ's 0.26% yield.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.60%	0.64%	0.54%
TENJ iShares Large Cap 10% Target Buffer Jun ETF	0.26%	0.28%	0.00%

Frequently Asked Questions

Can I hold both FBUF and TENJ in my portfolio?

With a correlation of 0.93, FBUF and TENJ 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, FBUF or TENJ?

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, FBUF or TENJ?

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

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

FBUF has the higher dividend yield at 0.60%, compared with 0.26% for TENJ.

What is the main difference between FBUF and TENJ?

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