FDEC vs. XBAP

Last updated Jun 24, 2026

FDEC (FT Vest U.S. Equity Buffer ETF - December) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past 5 years, FDEC returned 10.20%/yr vs 9.51%/yr for XBAP. Their correlation of 0.87 suggests significant overlap in exposure. FDEC charges 0.85%/yr vs 0.79%/yr for XBAP.

Performance

FDEC vs. XBAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - December (FDEC) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDEC achieves a 5.40% return, which is significantly lower than XBAP's 7.58% return.

FDEC

• 1D: -0.67%
• 1M: -0.22%
• YTD: 5.40%
• 6M: 5.03%
• 1Y: 18.13%
• 3Y*: 15.03%
• 5Y*: 10.20%
• 10Y*: —

XBAP

• 1D: -0.37%
• 1M: -0.07%
• YTD: 7.58%
• 6M: 7.77%
• 1Y: 14.57%
• 3Y*: 13.22%
• 5Y*: 9.51%
• 10Y*: —

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

FDEC vs. XBAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FDEC FT Vest U.S. Equity Buffer ETF - December	5.40%	14.82%	14.32%	22.76%	-9.18%	9.71%
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.58%	13.38%	11.55%	20.53%	-7.59%	7.65%

Correlation

The correlation between FDEC and XBAP is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.87

The correlation between FDEC and XBAP has been stable across timeframes, ranging from 0.77 to 0.87 - a consistent structural relationship.

FDEC vs. XBAP - Sectors Allocation Comparison

Sectors	FDEC	XBAP
Technology	39.0%	39.1%
Financial Services	11.1%	10.9%
Communication Services	10.6%	10.7%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

FDEC vs. XBAP — Risk / Return Rank

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

FDEC

FDEC Risk / Return Rank: 80
FDEC Sharpe Ratio Rank: 81
FDEC Sortino Ratio Rank: 83
FDEC Omega Ratio Rank: 82
FDEC Calmar Ratio Rank: 67
FDEC Martin Ratio Rank: 84

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 97
XBAP Sortino Ratio Rank: 98
XBAP Omega Ratio Rank: 98
XBAP Calmar Ratio Rank: 98
XBAP Martin Ratio Rank: 98

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.

FDEC vs. XBAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - December (FDEC) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). 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.

	FDEC	XBAP	Difference
Sharpe ratio: Return per unit of total volatility	2.36	4.06	-1.70
Sortino ratio: Return per unit of downside risk	3.41	7.30	-3.90
Omega ratio: Gain probability vs. loss probability	1.45	2.04	-0.58
Calmar ratio: Return relative to maximum drawdown	3.12	11.29	-8.17
Martin ratio: Return relative to average drawdown	15.92	64.34	-48.42

FDEC vs. XBAP - Sharpe Ratio Comparison

The current FDEC Sharpe Ratio is 2.36, which is lower than the XBAP Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of FDEC and XBAP, 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

FDEC vs. XBAP - Drawdown Comparison

The maximum FDEC drawdown since its inception was -15.67%, which is greater than XBAP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for FDEC and XBAP.

Drawdown Indicators

	FDEC	XBAP	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-14.57%	-1.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-1.30%	-4.53%
Max Drawdown (3Y) Largest decline over 3 years	-13.04%	-8.25%	-4.79%
Max Drawdown (5Y) Largest decline over 5 years	-15.67%	-14.57%	-1.10%
Current Drawdown Current decline from peak	-1.11%	-0.69%	-0.42%
Average Drawdown Average peak-to-trough decline	-2.55%	-1.73%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	0.23%	+0.91%

Volatility

FDEC vs. XBAP - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - December (FDEC) has a higher volatility of 2.26% compared to Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) at 1.57%. This indicates that FDEC's price experiences larger fluctuations and is considered to be riskier than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEC	XBAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	1.57%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	6.19%	2.94%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	7.73%	3.62%	+4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.25%	9.98%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.99%	9.84%	+1.15%

FDEC vs. XBAP - Expense Ratio Comparison

FDEC has a 0.85% expense ratio, which is higher than XBAP's 0.79% expense ratio.

Dividends

FDEC vs. XBAP - Dividend Comparison

Neither FDEC nor XBAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FDEC and XBAP in my portfolio?

FDEC and XBAP have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDEC or XBAP?

FDEC has higher volatility (2.26%) compared to XBAP (1.57%). In terms of maximum drawdown, FDEC dropped -15.67% vs XBAP's -14.57%.

Which ETF is better, FDEC or XBAP?

On 5-year performance, FDEC leads with 10.20% vs 9.51% for XBAP. On fees, XBAP is cheaper at 0.79% per year. On volatility, XBAP has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEC or XBAP?

Over the 5-year period, FDEC has performed better with a 10.20% return vs 9.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEC or XBAP?

XBAP is cheaper with a 0.79% expense ratio, compared with 0.85% for FDEC.

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

FDEC and XBAP have nearly identical dividend yields, around 0.00%.

What is the main difference between FDEC and XBAP?

They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for FDEC and 0.79% for XBAP.

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.06 vs 2.36), 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.