FMAR vs. UDEC

Last updated Aug 4, 2026

FMAR (FT Vest U.S. Equity Buffer ETF - March) and UDEC (Innovator U.S. Equity Ultra Buffer ETF - December) are both Defined Outcome funds. FMAR is actively managed, while UDEC is passively managed. Over the past 5 years, FMAR returned 10.60%/yr vs 7.38%/yr for UDEC. Their correlation of 0.86 means they have usually moved in the same direction. FMAR charges 0.85%/yr vs 0.79%/yr for UDEC.

Performance

FMAR vs. UDEC - Performance Comparison

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

Returns By Period

In the year-to-date period, FMAR achieves a 11.43% return, which is significantly higher than UDEC's 6.52% return.

FMAR

• 1D: 0.38%
• 1M: 1.12%
• 6M: 10.54%
• YTD: 11.43%
• 1Y: 17.38%
• 3Y*: 13.97%
• 5Y*: 10.60%
• 10Y*: —
• ALL TIME*: 11.35%

UDEC

• 1D: 0.47%
• 1M: 1.33%
• 6M: 5.40%
• YTD: 6.52%
• 1Y: 15.43%
• 3Y*: 11.63%
• 5Y*: 7.38%
• 10Y*: —
• ALL TIME*: 7.30%

*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)
FMAR FT Vest U.S. Equity Buffer ETF - March	$817.51K	$684.12K	$1.82M
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	$499.11K	$383.21K	$1.53M

FMAR vs. UDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAR FT Vest U.S. Equity Buffer ETF - March	11.43%	9.69%	14.61%	20.39%	-5.51%	11.71%
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	6.52%	12.97%	9.52%	16.80%	-9.44%	5.46%

Correlation

The correlation between FMAR and UDEC is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Mar 22, 2021	0.86

The correlation between FMAR and UDEC has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

FMAR vs. UDEC - Sectors Allocation Comparison

Sectors	FMAR	UDEC
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

FMAR vs. UDEC — Risk / Return Rank

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

FMAR

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

UDEC

UDEC Risk / Return Rank: 90
UDEC Sharpe Ratio Rank: 90
UDEC Sortino Ratio Rank: 91
UDEC Omega Ratio Rank: 91
UDEC Calmar Ratio Rank: 85
UDEC Martin Ratio Rank: 92

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.

FMAR vs. UDEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - March (FMAR) and Innovator U.S. Equity Ultra Buffer ETF - December (UDEC). 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.

	FMAR	UDEC	Difference
Sharpe ratio: Return per unit of total volatility	3.35	2.35	+1.00
Sortino ratio: Return per unit of downside risk	5.34	3.42	+1.91
Omega ratio: Gain probability vs. loss probability	1.79	1.46	+0.33
Calmar ratio: Return relative to maximum drawdown	7.40	3.49	+3.91
Martin ratio: Return relative to average drawdown	43.08	16.73	+26.35

FMAR vs. UDEC - Sharpe Ratio Comparison

The current FMAR Sharpe Ratio is 3.35, which is higher than the UDEC Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FMAR and UDEC, 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

FMAR vs. UDEC - Drawdown Comparison

The maximum FMAR drawdown since its inception was -14.36%, which is greater than UDEC's maximum drawdown of -13.37%. Use the drawdown chart below to compare losses from any high point for FMAR and UDEC.

Drawdown Indicators

	FMAR	UDEC	Difference
Max Drawdown Largest peak-to-trough decline	-14.36%	-13.37%	-0.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.36%	-4.44%	+2.08%
Max Drawdown (3Y) Largest decline over 3 years	-12.37%	-8.94%	-3.43%
Max Drawdown (5Y) Largest decline over 5 years	-14.36%	-10.26%	-4.10%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.08%	-2.12%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.92%	-0.52%

Volatility

FMAR vs. UDEC - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - March (FMAR) is 1.50%, while Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) has a volatility of 1.81%. This indicates that FMAR experiences smaller price fluctuations and is considered to be less risky than UDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAR	UDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	1.81%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	4.48%	4.63%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.22%	6.61%	-1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.45%	7.27%	+3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.24%	7.98%	+2.26%

FMAR vs. UDEC - Expense Ratio Comparison

FMAR has a 0.85% expense ratio, which is higher than UDEC's 0.79% expense ratio.

Dividends

FMAR vs. UDEC - Dividend Comparison

Neither FMAR nor UDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FMAR and UDEC in my portfolio?

With a correlation of 0.90, FMAR and UDEC 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, FMAR or UDEC?

UDEC has higher volatility (1.81%) compared to FMAR (1.50%). In terms of maximum drawdown, FMAR dropped -14.36% vs UDEC's -13.37%.

Which ETF is better, FMAR or UDEC?

On 5-year performance, FMAR leads with 10.60% vs 7.38% for UDEC. On fees, UDEC is cheaper at 0.79% per year. On volatility, FMAR has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAR or UDEC?

Over the 5-year period, FMAR has performed better with a 10.60% return vs 7.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAR or UDEC?

UDEC is cheaper with a 0.79% expense ratio, compared with 0.85% for FMAR.

Which ETF pays a higher dividend yield, FMAR or UDEC?

FMAR and UDEC have nearly identical dividend yields, around 0.00%.

What is the main difference between FMAR and UDEC?

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

Which has better risk-adjusted returns?

FMAR currently has the higher Sharpe Ratio (3.35 vs 2.35), 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.