TENM vs. FBUF

Last updated Jun 4, 2026

TENM (iShares Large Cap 10% Target Buffer Mar ETF) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.87 suggests significant overlap in exposure. TENM charges 0.50%/yr vs 0.48%/yr for FBUF.

Performance

TENM vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Mar ETF (TENM) 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, TENM achieves a 6.19% return, which is significantly higher than FBUF's 5.32% return.

TENM

• 1D: -0.20%
• 1M: 2.22%
• YTD: 6.19%
• 6M: 6.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

TENM vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
TENM iShares Large Cap 10% Target Buffer Mar ETF	6.19%	2.04%
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	3.28%

Correlation

The correlation between TENM and FBUF is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.87

Return for Risk

TENM vs. FBUF — Risk / Return Rank

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

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.

TENM vs. FBUF - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	TENM	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.17	1.47	+0.71

Drawdowns

TENM vs. FBUF - Drawdown Comparison

The maximum TENM drawdown since its inception was -3.61%, smaller than the maximum FBUF drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for TENM and FBUF.

Drawdown Indicators

	TENM	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-3.61%	-11.09%	+7.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.61%	—
Current Drawdown Current decline from peak	-0.24%	-0.22%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.70%	-1.38%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.25%	—

Volatility

Volatility by Period

	TENM	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.37%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.52%	7.49%	-0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.52%	9.55%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.52%	9.55%	-3.03%

TENM vs. FBUF - Expense Ratio Comparison

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

Dividends

TENM vs. FBUF - Dividend Comparison

TENM's dividend yield for the trailing twelve months is around 0.28%, less than FBUF's 0.63% yield.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%
TENM iShares Large Cap 10% Target Buffer Mar ETF	0.28%	0.29%	0.00%

Frequently Asked Questions

Can I hold both TENM and FBUF in my portfolio?

TENM and FBUF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TENM 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, TENM or FBUF?

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

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

FBUF has the higher dividend yield at 0.63%, compared with 0.28% for TENM.

What is the main difference between TENM and FBUF?

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