Which has more room to gain, DFEB or FFEB?

From their prices on Nov 4, 2026, DFEB can gain about 3.6% before its cap and FFEB about 4.9%, so FFEB has more room left this period.

Which resets first, DFEB or FFEB?

DFEB ends its outcome period on Feb 19, 2027 and FFEB on Feb 19, 2027. A new cap is set the day after each.

Which is cheaper, DFEB or FFEB?

DFEB and FFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DFEB vs FFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 DFEB can fall 12.2% before its buffer engages and FFEB 8.9%.

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Net assets on Nov 3, 2026: $456m for FT Vest U.S. Equity Deep Buffer ETF - February and $1.4bn for FT Vest U.S. Equity Buffer ETF - February.

DFEB on its own →FFEB on its own →

At a glance

12.2%

DFEB can fall this far before its buffer

8.9%

FFEB can fall this far before its buffer

3.6%

DFEB can still gain

4.9%

FFEB can still gain

DFEB Between buffer and cap

DFEB: reference +11.2% since period start, fund +7.2%; buffer −5 to −30; cap +11.9%; Between buffer and cap. Data to Nov 4, 2026.

FFEB Between buffer and cap

FFEB: reference +11.2% since period start, fund +8.9%; buffer 0 to −10; cap +15.0%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 2.6 points; FFEB is 3.1 times larger.

Points (pts) are percentage points.

DFEB vs FFEB: Cap, Buffer & Days Left
Measure	DFEB	FFEB
Return
Measure	DFEB	FFEB
Total return, 1 year	+11.1%	+13.7%
Drawdown
Measure	DFEB	FFEB
Index fall to the buffer	14.6%	10.1%
Benchmark
Measure	DFEB	FFEB
What it tracks	SPY	SPY
Cost and size
Measure	DFEB	FFEB
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$456m	$1.4bn
Holdings
Measure	DFEB	FFEB
Holdings in common	not published

ETFIQ Downside Cover Score · FFEB scores higher If the market falls into a bear market from here, how much does the buffer absorb?

IQ Buffer Score11.1DFEB38.7FFEB

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

DFEB 11.1

FFEB 38.7

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Risk and return

Mar 6, 2020 to Oct 30, 2026 · 347 weekly returns · each against SPY

DFEB FFEB

Return

Total return edge FFEB +76.0% +119.8%

Annualized edge FFEB +8.8% +12.5%

Price return edge FFEB +76.0% +119.8%

Risk

Volatility edge DFEB 7.9% 11.9%

Max drawdown edge DFEB −10.4% −16.6%

Downside capture 48.5% 66.8%

Beta 0.41 0.63

Risk-adjusted

Sharpe edge FFEB (slight) 0.73 0.80

Sortino edge FFEB (slight) 1.07 1.18

Treynor 0.141 0.151

Calmar edge DFEB 0.85 0.75

Against the benchmark

Alpha 0.0% a year +0.6% a year

Alpha t-stat −0.04 0.61

Information ratio −0.75 −0.64

Tracking error 11.1% 7.2%

Reading

From Mar 2020 to Oct 2026, FFEB returned more: +119.8% to +76.0%. DFEB swung less: 7.9% to 11.9%. DFEB fell less at its worst: −10.4% to −16.6%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: DFEB vs FFEB: Cap, Buffer & Days Left
Measure	DFEB	FFEB	SPY	Edge	How it is measured
Return
Total return	+76.0%	+119.8%	+179.6%	FFEB	Price change plus distributions, reinvested.
Annualized	+8.8%	+12.5%	+16.7%	FFEB	Total return as a yearly rate.
Price return	+76.0%	+119.8%	+154.1%	FFEB	Price change alone, distributions left out.
Risk
Volatility	7.9%	11.9%	18.4%	DFEB	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	5.4%	8.1%	12.3%	DFEB	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−10.4%	−16.6%	−23.9%	DFEB	Deepest fall from a high to the low after it.
Upside capture	30.8%	49.7%	100.0%	FFEB	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	48.5%	66.8%	100.0%	DFEB	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.41	0.63	1.00	DFEB lower	How far it moves for each 1% its benchmark moves.
R squared	0.92	0.96	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.73	0.80	0.77	FFEB (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.07	1.18	1.15	FFEB (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.141	0.151	0.142	FFEB (slight)	Return above Treasury bills per unit of beta.
Calmar	0.85	0.75	0.70	DFEB	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	0.0% a year	+0.6% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.04	0.61		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−1.8% to +1.7%	−1.3% to +2.5%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.75	−0.64		FFEB	Return against its benchmark per unit of tracking error.
Tracking error	11.1%	7.2%	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, 347 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: DFEB vs FFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DFEB	FFEB	DFEB	FFEB
3 months	+1.4%	+1.3%	+1.8 pts	+1.7 pts
6 months	+4.1%	+4.8%	−0.4 pts	+0.3 pts
1 year	+11.1%	+13.7%	−2.4 pts	+0.1 pts
3 years	+47.2%	+59.7%	−29.2 pts	−16.7 pts
Since launchDFEB Feb 2020 · FFEB Feb 2020	+71.4%	+109.3%	−66.4 pts	−28.6 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

DFEB FT Vest U.S. Equity Deep Buffer ETF - February · Absorbs losses from 5.0% to 30.0% on SPY and caps the gain at 11.9%, over a period ending Feb 19, 2027 FFEB FT Vest U.S. Equity Buffer ETF - February · Absorbs the first 10% of loss on SPY and caps the gain at 15.0%, over a period ending Feb 19, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 5% to 30% 10%

Outcome period Feb 23, 2026 to Feb 19, 2027 Feb 23, 2026 to Feb 19, 2027

Days left 107 107

Starting cap +11.9% +15.0%

Can still gain 3.6% 4.9%

Fall before buffer 12.2% 8.9%

Protection left, index points 25.0% of 25.0% 10.0% of 10.0%

Index return this period +11.2% +11.2%

Fund return this period +7.2% +8.9%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $456m $1.4bn

As of Nov 4, 2026. Source: ETFIQ.

Both are First Trust funds, so the difference between them is the terms rather than the house.

Where each one stands today

DFEB resets first, on Feb 19, 2027, 107 days from now; FFEB runs to Feb 19, 2027, 107 days. DFEB can still gain 3.6% before its cap, FFEB 4.9%. A fall from here reaches DFEB’s buffer after 12.2% and FFEB’s after 8.9%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

DFEB

From its price on Nov 4, 2026, the fund can gain about 3.6% more before it reaches its cap. The fund's price can fall 12.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.6% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% buffer still sits below today's SPY level. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.

FFEB

From its price on Nov 4, 2026, the fund can gain about 4.9% more before it reaches its cap. The fund's price can fall 8.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.1% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, DFEB or FFEB?: From their prices on Nov 4, 2026, DFEB can gain about 3.6% before its cap and FFEB about 4.9%, so FFEB has more room left this period.
Which resets first, DFEB or FFEB?: DFEB ends its outcome period on Feb 19, 2027 and FFEB on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, DFEB or FFEB?: DFEB and FFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

DFEB vs PMAR DFEB vs PMMR DFEB vs GFEB DFEB vs SIXP FFEB vs GFEB FFEB vs PMAR FFEB vs SIXP FFEB vs UMAR

Where to next

State Street® SPDR® S&P 500® ETF Trust →DFEB on its own →FFEB on its own →Method →Standards and sources →

Sources and dates

DFEB and FFEB filings on SEC EDGAR ↗

First Trust page for DFEB ↗

First Trust page for FFEB ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

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.

Cite this pageCitation, APA and Markdown

ETFIQ, DFEB against FFEB, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dfeb-vs-ffeb

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