PSEP vs. FBUF

Last updated Jun 4, 2026

PSEP (Innovator U.S. Equity Power Buffer ETF - September) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. PSEP is passively managed, while FBUF is actively managed. Over the past year, PSEP returned 14.71% vs 19.61% for FBUF. Their correlation of 0.86 suggests significant overlap in exposure. PSEP charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

PSEP vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - September (PSEP) 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, PSEP achieves a 4.91% return, which is significantly lower than FBUF's 5.32% return.

PSEP

• 1D: -0.08%
• 1M: 1.67%
• YTD: 4.91%
• 6M: 5.58%
• 1Y: 14.71%
• 3Y*: 13.16%
• 5Y*: 9.36%
• 10Y*: —

FBUF

• 1D: -0.12%
• 1M: 2.85%
• YTD: 5.32%
• 6M: 6.28%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSEP vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSEP Innovator U.S. Equity Power Buffer ETF - September	4.91%	11.85%	7.32%
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	14.01%	10.13%

Correlation

The correlation between PSEP and FBUF is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Apr 12, 2024	0.86

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

Return for Risk

PSEP vs. FBUF — Risk / Return Rank

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

PSEP

PSEP Risk / Return Rank: 82
PSEP Sharpe Ratio Rank: 80
PSEP Sortino Ratio Rank: 85
PSEP Omega Ratio Rank: 86
PSEP Calmar Ratio Rank: 72
PSEP Martin Ratio Rank: 88

FBUF

FBUF Risk / Return Rank: 79
FBUF Sharpe Ratio Rank: 80
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 70
FBUF Martin Ratio Rank: 80

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.

PSEP vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - September (PSEP) 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.

	PSEP	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.63	-0.04
Sortino ratio: Return per unit of downside risk	3.83	3.55	+0.28
Omega ratio: Gain probability vs. loss probability	1.53	1.53	0.00
Calmar ratio: Return relative to maximum drawdown	3.62	3.51	+0.11
Martin ratio: Return relative to average drawdown	19.15	15.68	+3.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSEP vs. FBUF - Sharpe Ratio Comparison

The current PSEP Sharpe Ratio is 2.59, which is comparable to the FBUF Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of PSEP 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.

Sharpe Ratios by Period

	PSEP	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.63	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	1.47	-0.51

Drawdowns

PSEP vs. FBUF - Drawdown Comparison

The maximum PSEP drawdown since its inception was -17.90%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for PSEP and FBUF.

Drawdown Indicators

	PSEP	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-11.09%	-6.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-5.61%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-9.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.92%	—	—
Current Drawdown Current decline from peak	-0.08%	-0.22%	+0.14%
Average Drawdown Average peak-to-trough decline	-1.56%	-1.38%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.25%	-0.48%

Volatility

PSEP vs. FBUF - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - September (PSEP) is 0.70%, while Fidelity Dynamic Buffered Equity ETF (FBUF) has a volatility of 1.11%. This indicates that PSEP 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

	PSEP	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	1.11%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	5.37%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	5.71%	7.49%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.61%	9.55%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.12%	9.55%	+0.57%

PSEP vs. FBUF - Expense Ratio Comparison

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

Dividends

PSEP vs. FBUF - Dividend Comparison

PSEP has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.63%.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%
PSEP Innovator U.S. Equity Power Buffer ETF - September	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PSEP and FBUF in my portfolio?

PSEP 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, PSEP or FBUF?

FBUF has higher volatility (1.11%) compared to PSEP (0.70%). In terms of maximum drawdown, PSEP dropped -17.90% vs FBUF's -11.09%.

Which ETF is better, PSEP or FBUF?

On 1-year performance, FBUF leads with 19.61% vs 14.71% for PSEP. On fees, FBUF is cheaper at 0.48% per year. On volatility, PSEP has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSEP or FBUF?

Over the 1-year period, FBUF has performed better with a 19.61% return vs 14.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSEP or FBUF?

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

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

FBUF has the higher dividend yield at 0.63%, compared with 0.00% for PSEP.

What is the main difference between PSEP and FBUF?

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

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (2.63 vs 2.59), 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.