FEBZ vs. FBUF

Last updated Jun 23, 2026

FEBZ (TrueShares Structured Outcome (February) ETF) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. FEBZ is passively managed, while FBUF is actively managed. Over the past year, FEBZ returned 19.20% vs 18.32% for FBUF. Their correlation of 0.93 suggests significant overlap in exposure. FEBZ charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

FEBZ vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (February) ETF (FEBZ) 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, FEBZ achieves a 7.05% return, which is significantly higher than FBUF's 4.55% return.

FEBZ

• 1D: -0.26%
• 1M: 0.17%
• YTD: 7.05%
• 6M: 6.68%
• 1Y: 19.20%
• 3Y*: 14.99%
• 5Y*: 10.98%
• 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)

FEBZ vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEBZ TrueShares Structured Outcome (February) ETF	7.05%	12.97%	10.68%
FBUF Fidelity Dynamic Buffered Equity ETF	4.55%	14.01%	10.55%

Correlation

The correlation between FEBZ and FBUF is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.93

The correlation between FEBZ and FBUF has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

Return for Risk

FEBZ vs. FBUF — Risk / Return Rank

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

FEBZ

FEBZ Risk / Return Rank: 60
FEBZ Sharpe Ratio Rank: 62
FEBZ Sortino Ratio Rank: 59
FEBZ Omega Ratio Rank: 61
FEBZ Calmar Ratio Rank: 56
FEBZ Martin Ratio Rank: 64

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.

FEBZ vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (February) ETF (FEBZ) 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.

	FEBZ	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.28	-0.30
Sortino ratio: Return per unit of downside risk	2.73	3.05	-0.32
Omega ratio: Gain probability vs. loss probability	1.36	1.45	-0.10
Calmar ratio: Return relative to maximum drawdown	2.70	3.28	-0.58
Martin ratio: Return relative to average drawdown	11.33	14.04	-2.71

FEBZ vs. FBUF - Sharpe Ratio Comparison

The current FEBZ Sharpe Ratio is 1.99, which is comparable to the FBUF Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FEBZ 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

FEBZ vs. FBUF - Drawdown Comparison

The maximum FEBZ drawdown since its inception was -17.50%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for FEBZ and FBUF.

Drawdown Indicators

	FEBZ	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-11.09%	-6.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-5.61%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.50%	—	—
Current Drawdown Current decline from peak	-1.35%	-0.94%	-0.41%
Average Drawdown Average peak-to-trough decline	-3.31%	-1.38%	-1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	1.31%	+0.39%

Volatility

FEBZ vs. FBUF - Volatility Comparison

TrueShares Structured Outcome (February) ETF (FEBZ) and Fidelity Dynamic Buffered Equity ETF (FBUF) have volatilities of 3.37% and 3.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEBZ	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	3.32%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.60%	6.08%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	8.07%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.53%	9.68%	+2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.37%	9.68%	+2.69%

FEBZ vs. FBUF - Expense Ratio Comparison

FEBZ has a 0.79% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

FEBZ vs. FBUF - Dividend Comparison

FEBZ's dividend yield for the trailing twelve months is around 2.99%, more than FBUF's 0.59% yield.

Position	TTM	2025	2024	2023
FBUF Fidelity Dynamic Buffered Equity ETF	0.59%	0.64%	0.54%	0.00%
FEBZ TrueShares Structured Outcome (February) ETF	2.99%	3.20%	3.88%	6.81%

Frequently Asked Questions

Can I hold both FEBZ and FBUF in my portfolio?

With a correlation of 0.92, FEBZ 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 is riskier, FEBZ or FBUF?

FEBZ has higher volatility (3.37%) compared to FBUF (3.32%). In terms of maximum drawdown, FEBZ dropped -17.50% vs FBUF's -11.09%.

Which ETF is better, FEBZ or FBUF?

On 1-year performance, FEBZ leads with 19.20% vs 18.32% for FBUF. On fees, FBUF is cheaper at 0.48% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBZ or FBUF?

Over the 1-year period, FEBZ has performed better with a 19.20% return vs 18.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBZ or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.79% for FEBZ.

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

FEBZ has the higher dividend yield at 2.99%, compared with 0.59% for FBUF.

What is the main difference between FEBZ and FBUF?

They also come from different issuers: TrueShares and Fidelity. Their fees differ too: 0.79% for FEBZ and 0.48% for FBUF.

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (2.28 vs 1.99), 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.