ZDEK vs. FDEC

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) and FT Vest U.S. Equity Buffer ETF - December (FDEC).

ZDEK and FDEC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZDEK is an actively managed fund by Innovator. It was launched on Dec 1, 2024. FDEC is an actively managed fund by FT Vest. It was launched on Dec 18, 2020.

Performance

ZDEK vs. FDEC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) and FT Vest U.S. Equity Buffer ETF - December (FDEC). The values are adjusted to include any dividend payments, if applicable.

ZDEK vs. FDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	-0.30%	7.78%	-0.38%
FDEC FT Vest U.S. Equity Buffer ETF - December	-2.29%	14.82%	-0.12%

Returns By Period

In the year-to-date period, ZDEK achieves a -0.30% return, which is significantly higher than FDEC's -2.29% return.

ZDEK

• 1D: 0.14%
• 1M: -0.70%
• YTD: -0.30%
• 6M: 1.51%
• 1Y: 8.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDEC

• 1D: 0.59%
• 1M: -2.64%
• YTD: -2.29%
• 6M: 1.36%
• 1Y: 14.92%
• 3Y*: 14.10%
• 5Y*: 9.31%
• 10Y*: —

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

ZDEK vs. FDEC - Expense Ratio Comparison

ZDEK has a 0.79% expense ratio, which is lower than FDEC's 0.85% expense ratio.

FDEC

FT Vest U.S. Equity Buffer ETF - December

ZDEK

Innovator Equity Defined Protection ETF - 1 Yr December

Return for Risk

ZDEK vs. FDEC — Risk / Return Rank

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

ZDEK

ZDEK Risk / Return Rank: 96
ZDEK Sharpe Ratio Rank: 94
ZDEK Sortino Ratio Rank: 97
ZDEK Omega Ratio Rank: 96
ZDEK Calmar Ratio Rank: 97
ZDEK Martin Ratio Rank: 97

FDEC

FDEC Risk / Return Rank: 69
FDEC Sharpe Ratio Rank: 65
FDEC Sortino Ratio Rank: 67
FDEC Omega Ratio Rank: 73
FDEC Calmar Ratio Rank: 62
FDEC Martin Ratio Rank: 77

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.

ZDEK vs. FDEC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) and FT Vest U.S. Equity Buffer ETF - December (FDEC). 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.

	ZDEK	FDEC	Difference
Sharpe ratio Return per unit of total volatility	2.43	1.20	+1.22
Sortino ratio Return per unit of downside risk	3.69	1.78	+1.91
Omega ratio Gain probability vs. loss probability	1.50	1.29	+0.22
Calmar ratio Return relative to maximum drawdown	5.32	1.74	+3.58
Martin ratio Return relative to average drawdown	21.69	8.96	+12.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZDEK vs. FDEC - Sharpe Ratio Comparison

The current ZDEK Sharpe Ratio is 2.43, which is higher than the FDEC Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of ZDEK and FDEC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZDEK	FDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	1.20	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	0.90	+0.64

Correlation

The correlation between ZDEK and FDEC is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZDEK vs. FDEC - Dividend Comparison

Neither ZDEK nor FDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZDEK vs. FDEC - Drawdown Comparison

The maximum ZDEK drawdown since its inception was -3.40%, smaller than the maximum FDEC drawdown of -15.67%. Use the drawdown chart below to compare losses from any high point for ZDEK and FDEC.

Drawdown Indicators

	ZDEK	FDEC	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-15.67%	+12.27%
Max Drawdown (1Y) Largest decline over 1 year	-1.57%	-8.75%	+7.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.67%	—
Current Drawdown Current decline from peak	-0.87%	-3.38%	+2.51%
Average Drawdown Average peak-to-trough decline	-0.50%	-2.64%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	1.70%	-1.31%

Volatility

ZDEK vs. FDEC - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) is 0.97%, while FT Vest U.S. Equity Buffer ETF - December (FDEC) has a volatility of 3.78%. This indicates that ZDEK experiences smaller price fluctuations and is considered to be less risky than FDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZDEK	FDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	3.78%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	2.01%	6.14%	-4.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	12.46%	-9.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	11.20%	-7.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.45%	11.12%	-7.67%