Data as of Nov 4, 2026.
FFEB vs UMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 UMAR can fall 12.0% before its buffer engages and FFEB 8.9%, and FFEB resets 9 days sooner.
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Net assets: $1.4bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - February, and $143m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Mar.
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.
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.UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.
UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
UMAR costs 0.06 points a year less; their one-year returns differ by 2.7 points; FFEB is 9.9 times larger.
Points (pts) are percentage points.
| Measure | FFEB | UMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.7% | +11.0% |
| Drawdown | ||
| Index fall to the buffer | 10.1% | 15.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $1.4bn | $142m |
| Holdings | ||
| Holdings in common | not published | |
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
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 →
Risk and return
Mar 13, 2020 to Oct 30, 2026 · 346 weekly returns · each against SPYFrom Mar 2020 to Oct 2026, FFEB returned more: +137.1% to +70.3%. UMAR swung less: 7.0% to 11.6%. UMAR fell less at its worst: −8.2% to −13.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FFEB | UMAR | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +137.1% | +70.3% | FFEB | Price change plus distributions, reinvested. | |
| Annualized | +13.9% | +8.3% | FFEB | Total return as a yearly rate. | |
| Price return | +137.1% | +70.3% | FFEB | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 11.6% | 7.0% | UMAR | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 7.6% | 4.8% | UMAR | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −13.2% | −8.2% | UMAR | Deepest fall from a high to the low after it. | |
| Upside capture | 49.7% | 25.3% | 100.0% | FFEB | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 65.8% | 40.9% | 100.0% | UMAR | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.63 | 0.36 | 1.00 | UMAR lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.96 | 0.87 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.92 | 0.75 | FFEB | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.41 | 1.09 | FFEB | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.170 | 0.146 | 0.156 | FFEB | Return above Treasury bills per unit of beta. |
| Calmar | 1.05 | 1.01 | FFEB (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.9% a year | −0.4% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.94 | −0.36 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.0% to +2.8% | −2.3% to +1.6% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.69 | −0.87 | FFEB | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.2% | 11.8% | 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, 346 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FFEB | UMAR | FFEB | UMAR |
| 3 months | +1.3% | +1.5% | +1.7 pts | +1.9 pts |
| 6 months | +4.8% | +4.3% | +0.3 pts | −0.1 pts |
| 1 year | +13.7% | +11.0% | +0.1 pts | −2.5 pts |
| 3 years | +59.7% | +44.0% | −16.7 pts | −32.4 pts |
| Since launchNot the same days: FFEB Feb 2020 · UMAR Mar 2020 | +109.3% | +64.9% | −28.6 pts | −83.2 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.
Where each one stands today
FFEB resets first, on Feb 19, 2027, 107 days from now; UMAR runs to Feb 28, 2027, 116 days. FFEB can still gain 4.9% before its cap, UMAR 3.9%. A fall from here reaches FFEB’s buffer after 8.9% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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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.
UMAR
From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.0% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.
Questions people ask
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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.
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ETFIQ, FFEB against UMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ffeb-vs-umar
ETFIQ. (Nov 4, 2026). FFEB against UMAR. Retrieved from https://etfiq.com/compare/buffer/ffeb-vs-umar
[FFEB against UMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ffeb-vs-umar)
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