JANZ vs. FBUF

Last updated Aug 2, 2026

JANZ (TrueShares Structured Outcome (January) ETF) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, JANZ returned 15.58% vs 18.24% for FBUF. Their correlation of 0.92 means they have usually moved in the same direction. JANZ charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

JANZ vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (January) ETF (JANZ) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JANZ having a 7.35% return and FBUF slightly lower at 7.24%.

JANZ

• 1D: 0.71%
• 1M: 0.20%
• 6M: 6.49%
• YTD: 7.35%
• 1Y: 15.58%
• 3Y*: 13.92%
• 5Y*: 9.89%
• 10Y*: —
• ALL TIME*: 11.44%

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
JANZ TrueShares Structured Outcome (January) ETF	$139.93K	$79.26K	$602.93K

JANZ vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JANZ TrueShares Structured Outcome (January) ETF	7.35%	12.47%	11.29%
FBUF Fidelity Dynamic Buffered Equity ETF	7.24%	14.01%	10.55%

Correlation

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

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

Return for Risk

JANZ vs. FBUF — Risk / Return Rank

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

JANZ

JANZ Risk / Return Rank: 58
JANZ Sharpe Ratio Rank: 56
JANZ Sortino Ratio Rank: 55
JANZ Omega Ratio Rank: 53
JANZ Calmar Ratio Rank: 58
JANZ Martin Ratio Rank: 68

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.

JANZ vs. FBUF - Risk-Adjusted Trends Comparison

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

	JANZ	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.98	-0.62
Sortino ratio: Return per unit of downside risk	1.93	2.67	-0.74
Omega ratio: Gain probability vs. loss probability	1.24	1.38	-0.14
Calmar ratio: Return relative to maximum drawdown	2.09	3.01	-0.92
Martin ratio: Return relative to average drawdown	8.30	12.57	-4.26

JANZ vs. FBUF - Sharpe Ratio Comparison

The current JANZ Sharpe Ratio is 1.36, which is lower than the FBUF Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of JANZ 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

JANZ vs. FBUF - Drawdown Comparison

The maximum JANZ drawdown since its inception was -18.11%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for JANZ and FBUF.

Drawdown Indicators

	JANZ	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-18.11%	-11.09%	-7.02%
Max Drawdown (1Y) Largest decline over 1 year	-6.83%	-5.61%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-14.33%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.11%	—	—
Current Drawdown Current decline from peak	-1.37%	0.00%	-1.37%
Average Drawdown Average peak-to-trough decline	-3.44%	-1.34%	-2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.34%	+0.38%

Volatility

JANZ vs. FBUF - Volatility Comparison

TrueShares Structured Outcome (January) ETF (JANZ) and Fidelity Dynamic Buffered Equity ETF (FBUF) have volatilities of 2.97% 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

	JANZ	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.85%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.21%	6.38%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	10.45%	8.52%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	9.66%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	9.66%	+3.31%

JANZ vs. FBUF - Expense Ratio Comparison

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

Dividends

JANZ vs. FBUF - Dividend Comparison

JANZ's dividend yield for the trailing twelve months is around 1.32%, more than FBUF's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021
FBUF Fidelity Dynamic Buffered Equity ETF	0.58%	0.64%	0.54%	0.00%	0.00%	0.00%
JANZ TrueShares Structured Outcome (January) ETF	1.32%	1.42%	2.70%	2.58%	0.21%	4.52%

Frequently Asked Questions

Can I hold both JANZ and FBUF in my portfolio?

With a correlation of 0.92, JANZ 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, JANZ or FBUF?

JANZ has higher volatility (2.97%) compared to FBUF (2.85%). In terms of maximum drawdown, JANZ dropped -18.11% vs FBUF's -11.09%.

Which ETF is better, JANZ or FBUF?

On 1-year performance, FBUF leads with 18.24% vs 15.58% for JANZ. On fees, FBUF is cheaper at 0.48% per year. On volatility, FBUF has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JANZ or FBUF?

Over the 1-year period, FBUF has performed better with a 18.24% return vs 15.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JANZ or FBUF?

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

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

JANZ has the higher dividend yield at 1.32%, compared with 0.58% for FBUF.

What is the main difference between JANZ and FBUF?

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

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (1.98 vs 1.36), 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.