XBJL vs. FBUF

Last updated Jun 23, 2026

XBJL (Innovator U.S. Equity Accelerated 9 Buffer ETF - July) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, XBJL returned 11.62% vs 18.32% for FBUF. Their correlation of 0.85 suggests significant overlap in exposure. XBJL charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

XBJL vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL) 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 investments are quite close, with XBJL having a 4.39% return and FBUF slightly higher at 4.55%.

XBJL

• 1D: 0.05%
• 1M: 0.54%
• YTD: 4.39%
• 6M: 4.54%
• 1Y: 11.62%
• 3Y*: 11.49%
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -0.25%
• 1M: 0.10%
• YTD: 4.55%
• 6M: 4.42%
• 1Y: 18.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XBJL vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - July	4.39%	12.05%	7.81%
FBUF Fidelity Dynamic Buffered Equity ETF	4.55%	14.01%	10.55%

Correlation

The correlation between XBJL and FBUF is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.85

The correlation between XBJL and FBUF has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

XBJL vs. FBUF — Risk / Return Rank

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

XBJL

XBJL Risk / Return Rank: 82
XBJL Sharpe Ratio Rank: 75
XBJL Sortino Ratio Rank: 84
XBJL Omega Ratio Rank: 87
XBJL Calmar Ratio Rank: 72
XBJL Martin Ratio Rank: 90

FBUF

FBUF Risk / Return Rank: 74
FBUF Sharpe Ratio Rank: 74
FBUF Sortino Ratio Rank: 70
FBUF Omega Ratio Rank: 80
FBUF Calmar Ratio Rank: 68
FBUF Martin Ratio Rank: 76

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.

XBJL vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL) 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.

	XBJL	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.28	+0.03
Sortino ratio: Return per unit of downside risk	3.56	3.05	+0.51
Omega ratio: Gain probability vs. loss probability	1.52	1.45	+0.06
Calmar ratio: Return relative to maximum drawdown	3.53	3.28	+0.25
Martin ratio: Return relative to average drawdown	19.91	14.04	+5.87

XBJL vs. FBUF - Sharpe Ratio Comparison

The current XBJL Sharpe Ratio is 2.32, which is comparable to the FBUF Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of XBJL 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

XBJL vs. FBUF - Drawdown Comparison

The maximum XBJL drawdown since its inception was -11.78%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for XBJL and FBUF.

Drawdown Indicators

	XBJL	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-11.09%	-0.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-5.61%	+2.31%
Max Drawdown (3Y) Largest decline over 3 years	-11.74%	—	—
Current Drawdown Current decline from peak	0.00%	-0.94%	+0.94%
Average Drawdown Average peak-to-trough decline	-1.62%	-1.38%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	1.31%	-0.73%

Volatility

XBJL vs. FBUF - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - July (XBJL) is 0.30%, while Fidelity Dynamic Buffered Equity ETF (FBUF) has a volatility of 3.32%. This indicates that XBJL 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

	XBJL	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	3.32%	-3.02%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	6.08%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.05%	8.07%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.94%	9.68%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.94%	9.68%	+0.26%

XBJL vs. FBUF - Expense Ratio Comparison

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

Dividends

XBJL vs. FBUF - Dividend Comparison

XBJL has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.59%.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.59%	0.64%	0.54%
XBJL Innovator U.S. Equity Accelerated 9 Buffer ETF - July	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XBJL and FBUF in my portfolio?

XBJL and FBUF have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBJL or FBUF?

FBUF has higher volatility (3.32%) compared to XBJL (0.30%). In terms of maximum drawdown, XBJL dropped -11.78% vs FBUF's -11.09%.

Which ETF is better, XBJL or FBUF?

On 1-year performance, FBUF leads with 18.32% vs 11.62% for XBJL. On fees, FBUF is cheaper at 0.48% per year. On volatility, XBJL has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBJL or FBUF?

Over the 1-year period, FBUF has performed better with a 18.32% return vs 11.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBJL or FBUF?

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

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

FBUF has the higher dividend yield at 0.59%, compared with 0.00% for XBJL.

What is the main difference between XBJL and FBUF?

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

Which has better risk-adjusted returns?

XBJL currently has the higher Sharpe Ratio (2.32 vs 2.28), 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.