BNOV vs. QB

Last updated Jul 17, 2026

BNOV (Innovator U.S. Equity Buffer ETF - November) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds - BNOV tracks the S&P 500 Price Return Index while QB tracks the Nasdaq-100. Both are passively managed. Over the past year, BNOV returned 15.86% vs 18.61% for QB. A 0.74 correlation means they provide meaningful diversification when combined. BNOV charges 0.79%/yr vs 0.58%/yr for QB.

Performance

BNOV vs. QB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - November (BNOV) and ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNOV achieves a 8.07% return, which is significantly lower than QB's 12.42% return.

BNOV

• 1D: -0.41%
• 1M: 0.37%
• 6M: 7.11%
• YTD: 8.07%
• 1Y: 15.86%
• 3Y*: 11.69%
• 5Y*: 8.66%
• 10Y*: —

QB

• 1D: -0.11%
• 1M: 2.44%
• 6M: 11.41%
• YTD: 12.42%
• 1Y: 18.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNOV vs. QB - Yearly Performance Comparison

	2026 (YTD)	2025
BNOV Innovator U.S. Equity Buffer ETF - November	8.07%	9.14%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	12.42%	6.10%

Correlation

The correlation between BNOV and QB is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.74

The correlation between BNOV and QB has been stable across timeframes, ranging from 0.74 to 0.74 - a consistent structural relationship.

BNOV vs. QB - Sectors Allocation Comparison

Sectors	BNOV	QB
Technology	38.4%	49.9%
Financial Services	11.0%	0.2%
Communication Services	10.8%	16.4%
Consumer Cyclical	10.0%	12.5%
Healthcare	8.4%	5.3%
Industrials	7.9%	3.7%
Consumer Defensive	4.6%	8.6%
Energy	3.2%	0.6%
Utilities	2.1%	1.6%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.3%

Return for Risk

BNOV vs. QB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNOV

BNOV Risk / Return Rank: 70
BNOV Sharpe Ratio Rank: 70
BNOV Sortino Ratio Rank: 72
BNOV Omega Ratio Rank: 74
BNOV Calmar Ratio Rank: 60
BNOV Martin Ratio Rank: 75

QB

QB Risk / Return Rank: 94
QB Sharpe Ratio Rank: 93
QB Sortino Ratio Rank: 94
QB Omega Ratio Rank: 95
QB Calmar Ratio Rank: 94
QB Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BNOV vs. QB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - November (BNOV) and ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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	QB	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.66	-0.85
Sortino ratio: Return per unit of downside risk	2.59	3.87	-1.28
Omega ratio: Gain probability vs. loss probability	1.35	1.63	-0.28
Calmar ratio: Return relative to maximum drawdown	2.42	5.38	-2.96
Martin ratio: Return relative to average drawdown	11.01	25.93	-14.92

BNOV vs. QB - Sharpe Ratio Comparison

The current BNOV Sharpe Ratio is 1.80, which is lower than the QB Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of BNOV and QB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BNOV vs. QB - Drawdown Comparison

The maximum BNOV drawdown since its inception was -24.66%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for BNOV and QB.

Drawdown Indicators

	BNOV	QB	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-3.47%	-21.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-3.47%	-3.10%
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	-0.41%	-0.22%	-0.19%
Average Drawdown Average peak-to-trough decline	-2.89%	-0.42%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.72%	+0.72%

Volatility

BNOV vs. QB - Volatility Comparison

Innovator U.S. Equity Buffer ETF - November (BNOV) and ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) have volatilities of 2.82% and 2.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNOV	QB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.71%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	7.30%	5.83%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	7.03%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.93%	6.91%	+5.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.00%	6.91%	+7.09%

BNOV vs. QB - Expense Ratio Comparison

BNOV has a 0.79% expense ratio, which is higher than QB's 0.58% expense ratio.

Dividends

BNOV vs. QB - Dividend Comparison

BNOV has not paid dividends to shareholders, while QB's dividend yield for the trailing twelve months is around 0.77%.

Position	TTM	2025
BNOV Innovator U.S. Equity Buffer ETF - November	0.00%	0.00%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.77%	0.48%

Frequently Asked Questions

Can I hold both BNOV and QB in my portfolio?

BNOV and QB have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNOV or QB?

BNOV has higher volatility (2.82%) compared to QB (2.71%). In terms of maximum drawdown, BNOV dropped -24.66% vs QB's -3.47%.

Which ETF is better, BNOV or QB?

On 1-year performance, QB leads with 18.61% vs 15.86% for BNOV. On fees, QB is cheaper at 0.58% per year. On volatility, QB has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNOV or QB?

Over the 1-year period, QB has performed better with a 18.61% return vs 15.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNOV or QB?

QB is cheaper with a 0.58% expense ratio, compared with 0.79% for BNOV.

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

QB has the higher dividend yield at 0.77%, compared with 0.00% for BNOV.

What is the main difference between BNOV and QB?

BNOV tracks S&P 500 Price Return Index, while QB tracks Nasdaq-100. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for BNOV and 0.58% for QB.

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (2.66 vs 1.80), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.