TEND vs. FBUF

Last updated Aug 4, 2026

TEND (iShares Large Cap 10% Target Buffer Dec ETF) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.91 means they have usually moved in the same direction. TEND charges 0.50%/yr vs 0.48%/yr for FBUF.

Performance

TEND vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Dec ETF (TEND) 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 TEND having a 8.33% return and FBUF slightly lower at 7.94%.

TEND

• 1D: 0.54%
• 1M: 1.33%
• 6M: 7.03%
• YTD: 8.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FBUF

• 1D: 0.65%
• 1M: 3.11%
• 6M: 5.93%
• YTD: 7.94%
• 1Y: 19.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.25%

*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	$202.49K	$184.01K	$259.55K
TEND iShares Large Cap 10% Target Buffer Dec ETF	$45.54K	$100.44K	$306.99K

TEND vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
TEND iShares Large Cap 10% Target Buffer Dec ETF	8.33%	1.62%
FBUF Fidelity Dynamic Buffered Equity ETF	7.94%	3.27%

Correlation

The correlation between TEND and FBUF is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.91

Return for Risk

TEND vs. FBUF — Risk / Return Rank

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

TEND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FBUF

FBUF Risk / Return Rank: 88
FBUF Sharpe Ratio Rank: 89
FBUF Sortino Ratio Rank: 87
FBUF Omega Ratio Rank: 90
FBUF Calmar Ratio Rank: 85
FBUF Martin Ratio Rank: 89

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.

TEND vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Dec ETF (TEND) 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.

	TEND	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	—	2.26	—
Sortino ratio: Return per unit of downside risk	—	3.04	—
Omega ratio: Gain probability vs. loss probability	—	1.44	—
Calmar ratio: Return relative to maximum drawdown	—	3.40	—
Martin ratio: Return relative to average drawdown	—	14.19	—

Drawdowns

TEND vs. FBUF - Drawdown Comparison

The maximum TEND drawdown since its inception was -5.92%, smaller than the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for TEND and FBUF.

Drawdown Indicators

	TEND	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-5.92%	-11.09%	+5.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.61%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.74%	-1.34%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.34%	—

Volatility

Volatility by Period

	TEND	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.19%	8.46%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.19%	9.66%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.19%	9.66%	-1.47%

TEND vs. FBUF - Expense Ratio Comparison

TEND has a 0.50% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

TEND vs. FBUF - Dividend Comparison

TEND's dividend yield for the trailing twelve months is around 0.13%, less than FBUF's 0.57% yield.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.57%	0.64%	0.54%
TEND iShares Large Cap 10% Target Buffer Dec ETF	0.13%	0.14%	0.00%

Frequently Asked Questions

Can I hold both TEND and FBUF in my portfolio?

With a correlation of 0.91, TEND 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 ETF is better, TEND or FBUF?

On fees, FBUF is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEND or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.50% for TEND.

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

FBUF has the higher dividend yield at 0.57%, compared with 0.13% for TEND.

What is the main difference between TEND and FBUF?

They also come from different issuers: BlackRock and Fidelity. Their fees differ too: 0.50% for TEND and 0.48% for FBUF.