XBOC vs. FBUF

Last updated Aug 4, 2026

XBOC (Innovator U.S. Equity Accelerated 9 Buffer ETF - October) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, XBOC returned 12.32% vs 19.00% for FBUF. Their correlation of 0.84 means they have usually moved in the same direction. XBOC charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

XBOC 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 - October (XBOC) 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, XBOC achieves a 7.12% return, which is significantly lower than FBUF's 7.94% return.

XBOC

• 1D: 0.28%
• 1M: 1.15%
• 6M: 6.07%
• YTD: 7.12%
• 1Y: 12.32%
• 3Y*: 11.62%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.61%

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
XBOC Innovator U.S. Equity Accelerated 9 Buffer ETF - October	$65.44K	$75.93K	$80.56K

XBOC vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XBOC Innovator U.S. Equity Accelerated 9 Buffer ETF - October	7.12%	11.15%	5.41%
FBUF Fidelity Dynamic Buffered Equity ETF	7.94%	14.01%	10.55%

Correlation

The correlation between XBOC and FBUF is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.84

The correlation between XBOC and FBUF has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

Return for Risk

XBOC vs. FBUF — Risk / Return Rank

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

XBOC

XBOC Risk / Return Rank: 78
XBOC Sharpe Ratio Rank: 77
XBOC Sortino Ratio Rank: 79
XBOC Omega Ratio Rank: 86
XBOC Calmar Ratio Rank: 64
XBOC Martin Ratio Rank: 85

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.

XBOC 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 - October (XBOC) 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.

	XBOC	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.26	-0.32
Sortino ratio: Return per unit of downside risk	2.80	3.04	-0.24
Omega ratio: Gain probability vs. loss probability	1.41	1.44	-0.03
Calmar ratio: Return relative to maximum drawdown	2.48	3.40	-0.92
Martin ratio: Return relative to average drawdown	13.26	14.19	-0.94

XBOC vs. FBUF - Sharpe Ratio Comparison

The current XBOC Sharpe Ratio is 1.94, which is comparable to the FBUF Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of XBOC 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

XBOC vs. FBUF - Drawdown Comparison

The maximum XBOC drawdown since its inception was -13.35%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for XBOC and FBUF.

Drawdown Indicators

	XBOC	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-13.35%	-11.09%	-2.26%
Max Drawdown (1Y) Largest decline over 1 year	-4.99%	-5.61%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-12.53%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.01%	-1.34%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	1.34%	-0.41%

Volatility

XBOC vs. FBUF - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated 9 Buffer ETF - October (XBOC) is 1.19%, while Fidelity Dynamic Buffered Equity ETF (FBUF) has a volatility of 2.89%. This indicates that XBOC 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

	XBOC	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	2.89%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	5.14%	6.41%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	6.40%	8.46%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.76%	9.66%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.76%	9.66%	+0.10%

XBOC vs. FBUF - Expense Ratio Comparison

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

Dividends

XBOC vs. FBUF - Dividend Comparison

XBOC has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.57%	0.64%	0.54%
XBOC Innovator U.S. Equity Accelerated 9 Buffer ETF - October	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XBOC and FBUF in my portfolio?

XBOC and FBUF have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBOC or FBUF?

FBUF has higher volatility (2.89%) compared to XBOC (1.19%). In terms of maximum drawdown, XBOC dropped -13.35% vs FBUF's -11.09%.

Which ETF is better, XBOC or FBUF?

On 1-year performance, FBUF leads with 19.00% vs 12.32% for XBOC. On fees, FBUF is cheaper at 0.48% per year. On volatility, XBOC has been the lower-risk option at 1.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBOC or FBUF?

Over the 1-year period, FBUF has performed better with a 19.00% return vs 12.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBOC or FBUF?

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

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

FBUF has the higher dividend yield at 0.57%, compared with 0.00% for XBOC.

What is the main difference between XBOC and FBUF?

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

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (2.26 vs 1.94), 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.