BNOV vs. NVDO

Last updated Aug 2, 2026

BNOV (Innovator U.S. Equity Buffer ETF - November) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. BNOV is passively managed, while NVDO is actively managed. Their 0.53 correlation means they have sometimes moved together and sometimes differently. BNOV charges 0.79%/yr vs 0.77%/yr for NVDO.

Performance

BNOV vs. NVDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - November (BNOV) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNOV achieves a 8.04% return, which is significantly lower than NVDO's 16.35% return.

BNOV

• 1D: 0.78%
• 1M: 0.65%
• 6M: 7.01%
• YTD: 8.04%
• 1Y: 15.79%
• 3Y*: 11.26%
• 5Y*: 8.60%
• 10Y*: —
• ALL TIME*: 9.78%

NVDO

• 1D: 0.00%
• 1M: 0.00%
• 6M: 10.90%
• YTD: 16.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNOV Innovator U.S. Equity Buffer ETF - November	$493.09K	$442.48K	$1.23M
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	$0.00	$0.00	$23.88K

BNOV vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
BNOV Innovator U.S. Equity Buffer ETF - November	8.04%	4.84%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	16.35%	10.05%

Correlation

The correlation between BNOV and NVDO is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.53

Return for Risk

BNOV vs. NVDO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BNOV

BNOV Risk / Return Rank: 71
BNOV Sharpe Ratio Rank: 70
BNOV Sortino Ratio Rank: 72
BNOV Omega Ratio Rank: 73
BNOV Calmar Ratio Rank: 64
BNOV Martin Ratio Rank: 78

NVDO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BNOV vs. NVDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - November (BNOV) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BNOV	NVDO	Difference
Sharpe ratio: Return per unit of total volatility	1.61	—	—
Sortino ratio: Return per unit of downside risk	2.32	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.23	—	—
Martin ratio: Return relative to average drawdown	10.01	—	—

Drawdowns

BNOV vs. NVDO - Drawdown Comparison

The maximum BNOV drawdown since its inception was -24.66%, which is greater than NVDO's maximum drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for BNOV and NVDO.

Drawdown Indicators

	BNOV	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-16.25%	-8.41%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.27%	—	—
Current Drawdown Current decline from peak	-0.43%	-4.73%	+4.30%
Average Drawdown Average peak-to-trough decline	-2.88%	-4.95%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	—	—

Volatility

Volatility by Period

	BNOV	NVDO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.42%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.10%	30.29%	-21.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	30.29%	-18.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.98%	30.29%	-16.31%

BNOV vs. NVDO - Expense Ratio Comparison

BNOV has a 0.79% expense ratio, which is higher than NVDO's 0.77% expense ratio.

Dividends

BNOV vs. NVDO - Dividend Comparison

BNOV has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 14.32%.

Position	TTM	2025
BNOV Innovator U.S. Equity Buffer ETF - November	0.00%	0.00%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.32%	16.66%

Frequently Asked Questions

Can I hold both BNOV and NVDO in my portfolio?

BNOV and NVDO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNOV or NVDO?

On fees, NVDO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNOV or NVDO?

NVDO is cheaper with a 0.77% expense ratio, compared with 0.79% for BNOV.

Which ETF pays a higher dividend yield, BNOV or NVDO?

NVDO has the higher dividend yield at 14.32%, compared with 0.00% for BNOV.

What is the main difference between BNOV and NVDO?

They also come from different issuers: Innovator and Leverage Shares. Their fees differ too: 0.79% for BNOV and 0.77% for NVDO.