NFEB vs. FBUF

Last updated Aug 1, 2026

NFEB (Innovator Growth-100 Power Buffer ETF - February) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. NFEB is passively managed, while FBUF is actively managed. Over the past year, NFEB returned 15.13% vs 18.24% for FBUF. Their correlation of 0.86 means they have usually moved in the same direction. NFEB charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

NFEB vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - February (NFEB) 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 NFEB having a 7.32% return and FBUF slightly lower at 7.24%.

NFEB

• 1D: 0.48%
• 1M: -0.03%
• 6M: 5.80%
• YTD: 7.32%
• 1Y: 15.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.05%

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
NFEB Innovator Growth-100 Power Buffer ETF - February	$54.26K	$120.82K	$115.97K

NFEB vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
NFEB Innovator Growth-100 Power Buffer ETF - February	7.32%	13.29%
FBUF Fidelity Dynamic Buffered Equity ETF	7.24%	11.95%

Correlation

The correlation between NFEB and FBUF is 0.86, 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.	0.86
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.86

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

Return for Risk

NFEB vs. FBUF — Risk / Return Rank

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

NFEB

NFEB Risk / Return Rank: 77
NFEB Sharpe Ratio Rank: 78
NFEB Sortino Ratio Rank: 79
NFEB Omega Ratio Rank: 80
NFEB Calmar Ratio Rank: 66
NFEB Martin Ratio Rank: 81

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.

NFEB vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - February (NFEB) 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.

	NFEB	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.98	-0.17
Sortino ratio: Return per unit of downside risk	2.59	2.67	-0.08
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	2.35	3.01	-0.66
Martin ratio: Return relative to average drawdown	10.82	12.57	-1.75

NFEB vs. FBUF - Sharpe Ratio Comparison

The current NFEB Sharpe Ratio is 1.81, which is comparable to the FBUF Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of NFEB 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

NFEB vs. FBUF - Drawdown Comparison

The maximum NFEB drawdown since its inception was -13.27%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for NFEB and FBUF.

Drawdown Indicators

	NFEB	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-13.27%	-11.09%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-6.05%	-5.61%	-0.44%
Current Drawdown Current decline from peak	-1.05%	0.00%	-1.05%
Average Drawdown Average peak-to-trough decline	-1.46%	-1.34%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.34%	-0.03%

Volatility

NFEB vs. FBUF - Volatility Comparison

The current volatility for Innovator Growth-100 Power Buffer ETF - February (NFEB) is 2.36%, while Fidelity Dynamic Buffered Equity ETF (FBUF) has a volatility of 2.85%. This indicates that NFEB experiences smaller price fluctuations and is considered to be less risky than FBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFEB	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	2.85%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	6.62%	6.38%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	7.84%	8.52%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.68%	9.66%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.68%	9.66%	+2.02%

NFEB vs. FBUF - Expense Ratio Comparison

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

Dividends

NFEB vs. FBUF - Dividend Comparison

NFEB has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.58%.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.58%	0.64%	0.54%
NFEB Innovator Growth-100 Power Buffer ETF - February	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NFEB and FBUF in my portfolio?

NFEB and FBUF have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFEB or FBUF?

FBUF has higher volatility (2.85%) compared to NFEB (2.36%). In terms of maximum drawdown, NFEB dropped -13.27% vs FBUF's -11.09%.

Which ETF is better, NFEB or FBUF?

On 1-year performance, FBUF leads with 18.24% vs 15.13% for NFEB. On fees, FBUF is cheaper at 0.48% per year. On volatility, NFEB has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFEB or FBUF?

Over the 1-year period, FBUF has performed better with a 18.24% return vs 15.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFEB or FBUF?

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

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

FBUF has the higher dividend yield at 0.58%, compared with 0.00% for NFEB.

What is the main difference between NFEB and FBUF?

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

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (1.98 vs 1.81), 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.