Which has more room to gain, FFEB or GFEB?

From their prices on Nov 4, 2026, FFEB can gain about 4.9% before its cap and GFEB about 3.5%, so FFEB has more room left this period.

Which resets first, FFEB or GFEB?

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

Which is cheaper, FFEB or GFEB?

FFEB and GFEB 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

FFEB vs GFEB: Cap, Buffer & Days Left

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As of Nov 4, 2026 FFEB can fall 8.9% before its buffer engages and GFEB 7.7%.

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Net assets on Nov 3, 2026: $1.4bn for FT Vest U.S. Equity Buffer ETF - February and $369m for FT Vest U.S. Equity Moderate Buffer ETF - February.

FFEB on its own →GFEB on its own →

At a glance

8.9%

FFEB can fall this far before its buffer

7.7%

GFEB can fall this far before its buffer

4.9%

FFEB can still gain

3.5%

GFEB can still gain

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.

GFEB Between buffer and cap

GFEB: reference +11.2% since period start, fund +7.4%; buffer 0 to −15; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.85% a year; their one-year returns differ by 2.5 points; FFEB is 3.8 times larger.

Points (pts) are percentage points.

FFEB vs GFEB: Cap, Buffer & Days Left
Measure	FFEB	GFEB
Return
Measure	FFEB	GFEB
Total return, 1 year	+13.7%	+11.2%
Drawdown
Measure	FFEB	GFEB
Index fall to the buffer	10.1%
Benchmark
Measure	FFEB	GFEB
What it tracks	SPY	SPY
Cost and size
Measure	FFEB	GFEB
Expense ratio	0.85%	0.85%
Net assets, as of Nov 3, 2026	$1.4bn	$369m
Holdings
Measure	FFEB	GFEB
Holdings in common	not published

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

IQ Buffer Score38.7FFEB61.8GFEB

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

FFEB 38.7

GFEB 61.8

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 3, 2023 to Oct 30, 2026 · 191 weekly returns · each against SPY

FFEB GFEB

Return

Total return edge FFEB +69.1% +54.0%

Annualized edge FFEB +15.4% +12.5%

Price return edge FFEB +69.1% +54.0%

Risk

Volatility edge GFEB 8.8% 6.9%

Max drawdown edge GFEB −10.7% −8.5%

Downside capture 61.9% 46.2%

Beta 0.62 0.47

Risk-adjusted

Sharpe edge FFEB (slight) 1.14 1.08

Sortino edge FFEB (slight) 1.73 1.62

Treynor 0.164 0.157

Calmar edge GFEB (slight) 1.44 1.47

Against the benchmark

Alpha +1.0% a year +0.4% a year

Alpha t-stat 0.96 0.43

Information ratio −0.80 −0.96

Tracking error 5.7% 7.6%

Reading

From Mar 2023 to Oct 2026, FFEB returned more: +69.1% to +54.0%. GFEB swung less: 6.9% to 8.8%. GFEB fell less at its worst: −8.5% to −10.7%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: FFEB vs GFEB: Cap, Buffer & Days Left
Measure	FFEB	GFEB	SPY	Edge	How it is measured
Return
Total return	+69.1%	+54.0%		FFEB	Price change plus distributions, reinvested.
Annualized	+15.4%	+12.5%		FFEB	Total return as a yearly rate.
Price return	+69.1%	+54.0%		FFEB	Price change alone, distributions left out.
Risk
Volatility	8.8%	6.9%		GFEB	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	5.9%	4.6%		GFEB	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−10.7%	−8.5%		GFEB	Deepest fall from a high to the low after it.
Upside capture	53.0%	37.9%	100.0%	FFEB	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	61.9%	46.2%	100.0%	GFEB	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.62	0.47	1.00	GFEB lower	How far it moves for each 1% its benchmark moves.
R squared	0.95	0.92	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	1.14	1.08		FFEB (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.73	1.62		FFEB (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.164	0.157	0.147	FFEB (slight)	Return above Treasury bills per unit of beta.
Calmar	1.44	1.47		GFEB (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	+1.0% a year	+0.4% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.96	0.43		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−1.1% to +3.2%	−1.6% to +2.5%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.80	−0.96		FFEB	Return against its benchmark per unit of tracking error.
Tracking error	5.7%	7.6%	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, 191 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: FFEB vs GFEB: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	FFEB	GFEB	FFEB	GFEB
3 months	+1.3%	+1.5%	+1.7 pts	+1.8 pts
6 months	+4.8%	+4.3%	+0.3 pts	−0.2 pts
1 year	+13.7%	+11.2%	+0.1 pts	−2.4 pts
3 years	+59.7%	+45.4%	−16.7 pts	−31.0 pts
Since launchNot the same days: FFEB Feb 2020 · GFEB Feb 2023	+109.3%	+56.2%	−28.6 pts	−36.0 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

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 GFEB FT Vest U.S. Equity Moderate Buffer ETF - February · Absorbs the first 15% of loss on SPY and caps the gain at 12.1%, over a period ending Feb 19, 2027

Issuer First Trust First Trust

Reference index SPY SPY

Buffer 10% 15%

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

Days left 107 107

Starting cap +15.0% +12.1%

Can still gain 4.9% 3.5%

Fall before buffer 8.9% 7.7%

Protection left, index points 10.0% of 10.0% 15.0% of 15.0%

Index return this period +11.2% +11.2%

Fund return this period +8.9% +7.4%

State today Open Open

Expense ratio 0.85% 0.85%

Net assets, as of Nov 3, 2026 $1.4bn $369m

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

FFEB resets first, on Feb 19, 2027, 107 days from now; GFEB runs to Feb 19, 2027, 107 days. FFEB can still gain 4.9% before its cap, GFEB 3.5%. A fall from here reaches FFEB’s buffer after 8.9% and GFEB’s after 7.7%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

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. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.

GFEB

From its price on Nov 4, 2026, the fund can gain about 3.5% more before it reaches its cap. The fund's price can fall 7.7% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, FFEB or GFEB?: From their prices on Nov 4, 2026, FFEB can gain about 4.9% before its cap and GFEB about 3.5%, so FFEB has more room left this period.
Which resets first, FFEB or GFEB?: FFEB ends its outcome period on Feb 19, 2027 and GFEB on Feb 19, 2027. A new cap is set the day after each.
Which is cheaper, FFEB or GFEB?: FFEB and GFEB both charge 0.85% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

FFEB vs SIXP FFEB vs PMAR FFEB vs MARW FFEB vs PBMR GFEB vs PMAR GFEB vs SIXP GFEB vs MARW GFEB vs MRCP

Where to next

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

Sources and dates

FFEB and GFEB filings on SEC EDGAR ↗

First Trust page for FFEB ↗

First Trust page for GFEB ↗

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

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