Data as of Nov 4, 2026.
DDTS vs PBSE: Cap, Buffer & Days Left
As of Nov 4, 2026 PBSE can fall 1.2% before its buffer engages and DDTS 0.9%.
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Net assets on Nov 4, 2026: $33m for Innovator Equity Dual Directional 10 Buffer ETF - Sep and $50m for PGIM S&P 500 Buffer 20 ETF - September .
DDTS: reference −0.1% since period start, fund +0.7%; buffer 0 to −10; cap +14.7%; Buffer working. Data to Nov 4, 2026.
DDTS: reference −0.1% since period start, fund +0.7%; buffer 0 to −10; cap +14.7%; Buffer working. Data to Nov 4, 2026.PBSE: reference 0.0% since period start, fund +0.7%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.
PBSE: reference 0.0% since period start, fund +0.7%; buffer 0 to −20; cap +12.3%; Buffer working. Data to Nov 4, 2026.Pair scorecard
PBSE costs 0.29 points a year less; their one-year returns differ by 1.6 points; PBSE is 1.5 times larger.
Points (pts) are percentage points.
| Measure | DDTS | PBSE |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.1% | +8.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.50% |
| Net assets | $33m | $50m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Sep 12, 2025 to Oct 30, 2026 · 59 weekly returns · each against SPYFrom Sep 2025 to Oct 2026, DDTS returned more: +9.9% to +8.8%. PBSE swung less: 4.0% to 5.4%. PBSE fell less at its worst: −2.8% to −3.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | DDTS | PBSE | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +9.9% | +8.8% | DDTS | Price change plus distributions, reinvested. | |
| Annualized | +8.7% | +7.7% | DDTS | Total return as a yearly rate. | |
| Price return | +9.9% | +8.8% | DDTS | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 5.4% | 4.0% | PBSE | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 3.2% | 2.4% | PBSE | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −3.9% | −2.8% | PBSE | Deepest fall from a high to the low after it. | |
| Upside capture | 36.7% | 27.7% | 100.0% | DDTS | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 44.6% | 32.2% | 100.0% | PBSE | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.43 | 0.31 | 1.00 | PBSE lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.86 | 0.84 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.86 | 0.91 | PBSE (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.45 | 1.55 | PBSE (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.110 | 0.118 | 0.104 | PBSE (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 2.23 | 2.77 | PBSE | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.3% a year | +0.4% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.14 | 0.28 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.6% to +4.1% | −2.6% to +3.5% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.80 | −0.81 | Tie | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.1% | 8.3% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 59 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DDTS | PBSE | DDTS | PBSE |
| 3 months | +1.0% | +1.0% | +1.4 pts | +1.4 pts |
| 6 months | +3.9% | +3.5% | −0.6 pts | −1.0 pts |
| 1 year | +10.1% | +8.5% | −3.4 pts | −5.0 pts |
| Since launchNot the same days: DDTS Sep 2025 · PBSE May 2024 | +12.7% | +25.5% | −7.1 pts | −19.2 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. PBSE is a floor fund, which caps how far a holder can fall. DDTS is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
DDTS resets first, on Aug 31, 2027, 300 days from now; PBSE runs to Aug 31, 2027, 300 days. DDTS can still gain 13.7% before its cap, PBSE 11.1%. A fall from here reaches DDTS’s buffer after 0.9% and PBSE’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.
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DDTS
From its price on Nov 4, 2026, the fund can gain about 13.7% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 9.9% of the 10.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.
PBSE
From its price on Nov 4, 2026, the fund can gain about 11.1% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.
Questions people ask
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How this is computed
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, DDTS against PBSE, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddts-vs-pbse
ETFIQ. (Nov 4, 2026). DDTS against PBSE. Retrieved from https://etfiq.com/compare/buffer/ddts-vs-pbse
[DDTS against PBSE (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ddts-vs-pbse)
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