GFEB vs. DDEC

Last updated Jun 4, 2026

GFEB (FT Cboe Vest U.S. Equity Moderate Buffer ETF - February) and DDEC (FT Vest U.S. Equity Deep Buffer ETF - December) are both exchange-traded funds - GFEB is a Options Trading fund tracking the NONE, while DDEC is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 3 years, GFEB returned 13.04%/yr vs 12.69%/yr for DDEC. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

GFEB vs. DDEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) and FT Vest U.S. Equity Deep Buffer ETF - December (DDEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GFEB achieves a 5.83% return, which is significantly higher than DDEC's 4.97% return.

GFEB

• 1D: -0.21%
• 1M: 1.89%
• YTD: 5.83%
• 6M: 6.55%
• 1Y: 15.17%
• 3Y*: 13.04%
• 5Y*: —
• 10Y*: —

DDEC

• 1D: -0.19%
• 1M: 1.98%
• YTD: 4.97%
• 6M: 5.94%
• 1Y: 16.08%
• 3Y*: 12.69%
• 5Y*: 8.31%
• 10Y*: —

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

GFEB vs. DDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GFEB FT Cboe Vest U.S. Equity Moderate Buffer ETF - February	5.83%	11.19%	13.06%	13.76%
DDEC FT Vest U.S. Equity Deep Buffer ETF - December	4.97%	12.33%	12.26%	13.70%

Correlation

The correlation between GFEB and DDEC 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 (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	0.89

The correlation between GFEB and DDEC has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

GFEB vs. DDEC - Sectors Allocation Comparison

Sectors	GFEB	DDEC
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

GFEB vs. DDEC — Risk / Return Rank

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

GFEB

GFEB Risk / Return Rank: 84
GFEB Sharpe Ratio Rank: 85
GFEB Sortino Ratio Rank: 89
GFEB Omega Ratio Rank: 89
GFEB Calmar Ratio Rank: 70
GFEB Martin Ratio Rank: 86

DDEC

DDEC Risk / Return Rank: 86
DDEC Sharpe Ratio Rank: 85
DDEC Sortino Ratio Rank: 89
DDEC Omega Ratio Rank: 89
DDEC Calmar Ratio Rank: 77
DDEC Martin Ratio Rank: 88

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.

GFEB vs. DDEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) and FT Vest U.S. Equity Deep Buffer ETF - December (DDEC). 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.

	GFEB	DDEC	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.79	-0.03
Sortino ratio: Return per unit of downside risk	4.09	4.12	-0.03
Omega ratio: Gain probability vs. loss probability	1.56	1.57	-0.01
Calmar ratio: Return relative to maximum drawdown	3.41	3.87	-0.45
Martin ratio: Return relative to average drawdown	18.40	19.48	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GFEB vs. DDEC - Sharpe Ratio Comparison

The current GFEB Sharpe Ratio is 2.77, which is comparable to the DDEC Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of GFEB and DDEC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GFEB	DDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	2.79	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	1.25	+0.54

Drawdowns

GFEB vs. DDEC - Drawdown Comparison

The maximum GFEB drawdown since its inception was -9.63%, smaller than the maximum DDEC drawdown of -10.22%. Use the drawdown chart below to compare losses from any high point for GFEB and DDEC.

Drawdown Indicators

	GFEB	DDEC	Difference
Max Drawdown Largest peak-to-trough decline	-9.63%	-10.22%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-4.18%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-9.63%	-9.40%	-0.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.22%	—
Current Drawdown Current decline from peak	-0.21%	-0.19%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.69%	-1.87%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.83%	0.00%

Volatility

GFEB vs. DDEC - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) and FT Vest U.S. Equity Deep Buffer ETF - December (DDEC) have volatilities of 0.91% and 0.88%, 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

	GFEB	DDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.88%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	4.36%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.51%	5.79%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.57%	7.02%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	6.87%	+0.70%

GFEB vs. DDEC - Expense Ratio Comparison

Both GFEB and DDEC have an expense ratio of 0.85%.

Dividends

GFEB vs. DDEC - Dividend Comparison

Neither GFEB nor DDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GFEB and DDEC in my portfolio?

With a correlation of 0.92, GFEB and DDEC 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, GFEB or DDEC?

GFEB has higher volatility (0.91%) compared to DDEC (0.88%). In terms of maximum drawdown, GFEB dropped -9.63% vs DDEC's -10.22%.

Which ETF is better, GFEB or DDEC?

On 3-year performance, GFEB leads with 13.04% vs 12.69% for DDEC. Both ETFs have the same 0.85% 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, GFEB or DDEC?

Over the 3-year period, GFEB has performed better with a 13.04% return vs 12.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GFEB or DDEC?

GFEB and DDEC have the same expense ratio: 0.85% per year.

Which ETF pays a higher dividend yield, GFEB or DDEC?

GFEB and DDEC have nearly identical dividend yields, around 0.00%.

What is the main difference between GFEB and DDEC?

GFEB is categorized as Options Trading, while DDEC is Defined Outcome. GFEB tracks NONE, while DDEC tracks S&P 500.

Which has better risk-adjusted returns?

DDEC currently has the higher Sharpe Ratio (2.79 vs 2.77), 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.