Which has more room to gain, DHDG or ZFEB?

From their prices on Oct 21, 2026, DHDG can gain about 3.7% before its cap and ZFEB about 1.9%, so DHDG has more room left this period.

Which resets first, DHDG or ZFEB?

DHDG ends its outcome period on Jan 15, 2027 and ZFEB on Jan 31, 2027. A new cap is set the day after each.

Which is cheaper, DHDG or ZFEB?

DHDG charges 0.85% a year and ZFEB charges 0.79%, so ZFEB is cheaper. Fees come from each fund's prospectus.

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DHDG vs ZFEB: Cap, Buffer & Days Left

As of Oct 21, 2026 ZFEB can fall 4.2% before its buffer engages and DHDG 3.2%, and DHDG resets 16 days sooner. Net assets on Oct 21, 2026: $79m for FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF and $146m for Innovator Equity Defined Protection ETF - 1 Yr February.

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Answers cite the figures on this page.

ZFEB costs 0.06 points a year less; their one-year returns differ by 8.0 points; ZFEB is 1.8 times larger.

Points (pts) are percentage points.

DHDG vs ZFEB: Cap, Buffer & Days Left
	DHDG	ZFEB
Expense ratio	0.85%	0.79%
Net assets	$79m	$146m
Total return, 1 year	+13.8%	+5.8%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	3.7%	10.5%

3.2%

DHDG can fall this far before its buffer

4.2%

ZFEB can fall this far before its buffer

3.7%

DHDG can still gain

1.9%

ZFEB can still gain

DHDGBetween buffer and cap

DHDG: reference +1.3% since period start, fund +0.5%; buffer −2 to −15; cap +4.5%; Between buffer and cap. Figures to Oct 21, 2026.

ZFEBAt its cap

ZFEB: reference +11.7% since period start, fund +3.8%; buffer Floor; cap +6.4%; At its cap. Figures to Oct 21, 2026.

Figures to Oct 21, 2026.

These are two different products. ZFEB is a floor fund, which caps how far a holder can fall. DHDG is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

ZFEB is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

DHDG resets first, on Jan 15, 2027, 86 days from now; ZFEB runs to Jan 31, 2027, 102 days. DHDG can still gain 3.7% before its cap, ZFEB 1.9%. A fall from here reaches DHDG’s buffer after 3.2% and ZFEB’s after 4.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: DHDG vs ZFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DHDG	ZFEB	DHDG	ZFEB
3 months	+2.9%	+1.6%	−0.5 pts	−1.9 pts
6 months	+7.3%	+2.9%	−1.4 pts	−5.8 pts
1 year	+13.8%	+5.8%	−1.4 pts	−9.3 pts
Since launch Not the same days: DHDG Oct 2024 · ZFEB Feb 2025	+25.2%	+10.7%	−7.2 pts	−18.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

DHDG

FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF · Absorbs losses from 2.5% to 15.0% on SPY and caps the gain at 4.5%, over a period ending Jan 15, 2027

ZFEB

Innovator Equity Defined Protection ETF - 1 Yr February · Absorbs the whole loss on SPY and caps the gain at 6.4%, over a period ending Jan 31, 2027

Issuer First Trust Innovator

Reference index SPY SPY

Buffer 2% to 15% 100%

Outcome period Oct 19, 2026 to Jan 15, 2027 Jan 31, 2026 to Jan 31, 2027

Days left 86 102

Starting cap +4.5% +6.4%

Can still gain 3.7% 1.9%

Fall before buffer 3.2% 4.2%

Protection left, index points 12.5% of 12.5% 100.0% of 100.0%

Index return this period +1.3% +11.7%

Fund return this period +0.5% +3.8%

State today Open At cap

Expense ratio 0.85% 0.79%

Net assets $79m $146m

As of Oct 21, 2026. Source: ETFIQ.

About DHDG

From its price on Oct 21, 2026, the fund can gain about 3.7% more before it reaches its cap. The fund's price can fall 3.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.7% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 86 days remained on Oct 21, 2026. On Jan 15, 2027 the period ends and a new cap is set.

About ZFEB

SPY had already risen past this fund's cap of +6.4% for the period on Oct 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.9% as the period runs out. The fund's price can fall 4.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.5% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 102 days remained on Oct 21, 2026. On Jan 31, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, DHDG or ZFEB?: From their prices on Oct 21, 2026, DHDG can gain about 3.7% before its cap and ZFEB about 1.9%, so DHDG has more room left this period.
Which resets first, DHDG or ZFEB?: DHDG ends its outcome period on Jan 15, 2027 and ZFEB on Jan 31, 2027. A new cap is set the day after each.
Which is cheaper, DHDG or ZFEB?: DHDG charges 0.85% a year and ZFEB charges 0.79%, so ZFEB is cheaper. Fees come from each fund's prospectus.

Other comparisons

DHDG vs UFEB DHDG vs GJAN DHDG vs DJAN DHDG vs FEBP ZFEB vs GJAN ZFEB vs DJAN ZFEB vs PFEB ZFEB vs FJAN

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DHDG on its own →ZFEB on its own →How every figure is computed →Standards and sources →

Where these figures came from

DHDG filings on SEC EDGAR ↗First Trust page for DHDG ↗ZFEB filings on SEC EDGAR ↗Innovator page for ZFEB ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, DHDG against ZFEB, data as of Oct 21, 2026. https://etfiq.com/compare/buffer/dhdg-vs-zfeb

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.