FHEQ vs. FBUF

Last updated Aug 1, 2026

FHEQ (Fidelity Hedged Equity ETF) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both exchange-traded funds - FHEQ is a Equity Hedged fund actively managed by Fidelity, while FBUF is a Defined Outcome fund actively managed by Fidelity. Both are actively managed. Over the past year, FHEQ returned 16.95% vs 18.24% for FBUF. Their correlation of 0.93 means they have usually moved in the same direction. Both charge a 0.48% expense ratio.

Performance

FHEQ vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) 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, FHEQ achieves a 8.57% return, which is significantly higher than FBUF's 7.24% return.

FHEQ

• 1D: 0.69%
• 1M: 1.24%
• 6M: 7.59%
• YTD: 8.57%
• 1Y: 16.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.55%

FBUF

• 1D: 0.75%
• 1M: 2.45%
• 6M: 5.84%
• YTD: 7.24%
• 1Y: 18.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBUF Fidelity Dynamic Buffered Equity ETF	$219.76K	$192.41K	$264.91K
FHEQ Fidelity Hedged Equity ETF	$3.34M	$2.52M	$2.78M

FHEQ vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHEQ Fidelity Hedged Equity ETF	8.57%	13.34%	11.10%
FBUF Fidelity Dynamic Buffered Equity ETF	7.24%	14.01%	10.55%

Correlation

The correlation between FHEQ and FBUF is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.93

The correlation between FHEQ and FBUF has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FHEQ vs. FBUF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FHEQ

FHEQ Risk / Return Rank: 62
FHEQ Sharpe Ratio Rank: 66
FHEQ Sortino Ratio Rank: 64
FHEQ Omega Ratio Rank: 62
FHEQ Calmar Ratio Rank: 56
FHEQ Martin Ratio Rank: 62

FBUF

FBUF Risk / Return Rank: 84
FBUF Sharpe Ratio Rank: 85
FBUF Sortino Ratio Rank: 82
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 82
FBUF Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FHEQ vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) 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.

	FHEQ	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.98	-0.47
Sortino ratio: Return per unit of downside risk	2.14	2.67	-0.53
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	1.99	3.01	-1.02
Martin ratio: Return relative to average drawdown	7.45	12.57	-5.11

FHEQ vs. FBUF - Sharpe Ratio Comparison

The current FHEQ Sharpe Ratio is 1.52, which is comparable to the FBUF Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FHEQ 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

FHEQ vs. FBUF - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, roughly equal to the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for FHEQ and FBUF.

Drawdown Indicators

	FHEQ	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-11.09%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-5.61%	-2.16%
Current Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-1.82%	-1.34%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.34%	+0.74%

Volatility

FHEQ vs. FBUF - Volatility Comparison

Fidelity Hedged Equity ETF (FHEQ) and Fidelity Dynamic Buffered Equity ETF (FBUF) have volatilities of 2.80% and 2.85%, 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

	FHEQ	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	2.85%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	6.38%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	10.21%	8.52%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.51%	9.66%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.51%	9.66%	+0.85%

FHEQ vs. FBUF - Expense Ratio Comparison

Both FHEQ and FBUF have an expense ratio of 0.48%.

Dividends

FHEQ vs. FBUF - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.54%, less than FBUF's 0.58% yield.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.58%	0.64%	0.54%
FHEQ Fidelity Hedged Equity ETF	0.54%	0.63%	0.50%

Frequently Asked Questions

Can I hold both FHEQ and FBUF in my portfolio?

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

FBUF has higher volatility (2.85%) compared to FHEQ (2.80%). In terms of maximum drawdown, FHEQ dropped -11.12% vs FBUF's -11.09%.

Which ETF is better, FHEQ or FBUF?

On 1-year performance, FBUF leads with 18.24% vs 16.95% for FHEQ. Both ETFs have the same 0.48% expense ratio. 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, FHEQ or FBUF?

Over the 1-year period, FBUF has performed better with a 18.24% return vs 16.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHEQ or FBUF?

FHEQ and FBUF have the same expense ratio: 0.48% per year.

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

FBUF has the higher dividend yield at 0.58%, compared with 0.54% for FHEQ.

What is the main difference between FHEQ and FBUF?

FHEQ is categorized as Equity Hedged, while FBUF is Defined Outcome.

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (1.98 vs 1.52), 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.