XBAP vs. QDEC

Last updated Jun 23, 2026

XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) and QDEC (FT Vest Nasdaq-100 Buffer ETF – December) are both exchange-traded funds - XBAP is a Defined Outcome fund actively managed by Innovator, while QDEC is a Nasdaq-100 fund actively managed by FT Vest. Both are actively managed. Over the past 5 years, XBAP returned 9.64%/yr vs 10.47%/yr for QDEC. Their correlation of 0.82 suggests significant overlap in exposure. XBAP charges 0.79%/yr vs 0.90%/yr for QDEC.

Performance

XBAP vs. QDEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) and FT Vest Nasdaq-100 Buffer ETF – December (QDEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBAP achieves a 7.98% return, which is significantly lower than QDEC's 9.31% return.

XBAP

• 1D: 0.01%
• 1M: 0.30%
• YTD: 7.98%
• 6M: 8.23%
• 1Y: 15.47%
• 3Y*: 13.36%
• 5Y*: 9.64%
• 10Y*: —

QDEC

• 1D: -0.06%
• 1M: 0.71%
• YTD: 9.31%
• 6M: 8.98%
• 1Y: 25.39%
• 3Y*: 17.13%
• 5Y*: 10.47%
• 10Y*: —

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

XBAP vs. QDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.98%	13.38%	11.55%	20.53%	-7.59%	7.65%
QDEC FT Vest Nasdaq-100 Buffer ETF – December	9.31%	18.12%	16.40%	29.29%	-22.26%	14.77%

Correlation

The correlation between XBAP and QDEC is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.82

The correlation between XBAP and QDEC has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

XBAP vs. QDEC — Risk / Return Rank

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

XBAP

XBAP Risk / Return Rank: 98
XBAP Sharpe Ratio Rank: 97
XBAP Sortino Ratio Rank: 98
XBAP Omega Ratio Rank: 98
XBAP Calmar Ratio Rank: 98
XBAP Martin Ratio Rank: 98

QDEC

QDEC Risk / Return Rank: 80
QDEC Sharpe Ratio Rank: 82
QDEC Sortino Ratio Rank: 84
QDEC Omega Ratio Rank: 83
QDEC Calmar Ratio Rank: 69
QDEC Martin Ratio Rank: 82

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.

XBAP vs. QDEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) and FT Vest Nasdaq-100 Buffer ETF – December (QDEC). 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.

	XBAP	QDEC	Difference
Sharpe ratio: Return per unit of total volatility	4.32	2.53	+1.79
Sortino ratio: Return per unit of downside risk	7.88	3.55	+4.33
Omega ratio: Gain probability vs. loss probability	2.13	1.48	+0.65
Calmar ratio: Return relative to maximum drawdown	11.99	3.37	+8.63
Martin ratio: Return relative to average drawdown	69.63	15.85	+53.78

XBAP vs. QDEC - Sharpe Ratio Comparison

The current XBAP Sharpe Ratio is 4.32, which is higher than the QDEC Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of XBAP and QDEC, 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

XBAP vs. QDEC - Drawdown Comparison

The maximum XBAP drawdown since its inception was -14.57%, smaller than the maximum QDEC drawdown of -25.25%. Use the drawdown chart below to compare losses from any high point for XBAP and QDEC.

Drawdown Indicators

	XBAP	QDEC	Difference
Max Drawdown Largest peak-to-trough decline	-14.57%	-25.25%	+10.68%
Max Drawdown (1Y) Largest decline over 1 year	-1.30%	-7.58%	+6.28%
Max Drawdown (3Y) Largest decline over 3 years	-8.25%	-16.08%	+7.83%
Max Drawdown (5Y) Largest decline over 5 years	-14.57%	-25.25%	+10.68%
Current Drawdown Current decline from peak	-0.32%	-0.42%	+0.10%
Average Drawdown Average peak-to-trough decline	-1.73%	-5.00%	+3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	1.61%	-1.39%

Volatility

XBAP vs. QDEC - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) is 1.52%, while FT Vest Nasdaq-100 Buffer ETF – December (QDEC) has a volatility of 3.01%. This indicates that XBAP experiences smaller price fluctuations and is considered to be less risky than QDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBAP	QDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	3.01%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	7.91%	-5.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.60%	10.10%	-6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.98%	14.74%	-4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.84%	14.59%	-4.75%

XBAP vs. QDEC - Expense Ratio Comparison

XBAP has a 0.79% expense ratio, which is lower than QDEC's 0.90% expense ratio.

Dividends

XBAP vs. QDEC - Dividend Comparison

Neither XBAP nor QDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XBAP and QDEC in my portfolio?

XBAP and QDEC have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBAP or QDEC?

QDEC has higher volatility (3.01%) compared to XBAP (1.52%). In terms of maximum drawdown, XBAP dropped -14.57% vs QDEC's -25.25%.

Which ETF is better, XBAP or QDEC?

On 5-year performance, QDEC leads with 10.47% vs 9.64% for XBAP. On fees, XBAP is cheaper at 0.79% per year. On volatility, XBAP has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBAP or QDEC?

Over the 5-year period, QDEC has performed better with a 10.47% return vs 9.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBAP or QDEC?

XBAP is cheaper with a 0.79% expense ratio, compared with 0.90% for QDEC.

Which ETF pays a higher dividend yield, XBAP or QDEC?

XBAP and QDEC have nearly identical dividend yields, around 0.00%.

What is the main difference between XBAP and QDEC?

XBAP is categorized as Defined Outcome, while QDEC is Nasdaq-100. They also come from different issuers: Innovator and FT Vest. Their fees differ too: 0.79% for XBAP and 0.90% for QDEC.

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.32 vs 2.53), 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.