BUFD vs. DNOV

Last updated Aug 2, 2026

BUFD (FT Vest Laddered Deep Buffer ETF) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) are both Defined Outcome funds from FT Vest. BUFD is actively managed, while DNOV is passively managed. Over the past 5 years, BUFD returned 7.52%/yr vs 8.27%/yr for DNOV. Their correlation of 0.84 means they have usually moved in the same direction. BUFD charges 0.95%/yr vs 0.85%/yr for DNOV.

Performance

BUFD vs. DNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Laddered Deep Buffer ETF (BUFD) and FT Vest U.S. Equity Deep Buffer ETF - November (DNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BUFD having a 5.83% return and DNOV slightly higher at 5.93%.

BUFD

• 1D: 0.29%
• 1M: 0.56%
• 6M: 5.12%
• YTD: 5.83%
• 1Y: 11.93%
• 3Y*: 11.03%
• 5Y*: 7.52%
• 10Y*: —
• ALL TIME*: 7.42%

DNOV

• 1D: 0.40%
• 1M: 0.77%
• 6M: 5.15%
• YTD: 5.93%
• 1Y: 15.16%
• 3Y*: 11.86%
• 5Y*: 8.27%
• 10Y*: —
• ALL TIME*: 8.17%

*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)
BUFD FT Vest Laddered Deep Buffer ETF	$8.38M	$7.74M	$8.49M
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	$331.77K	$264.08K	$439.06K

BUFD vs. DNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BUFD FT Vest Laddered Deep Buffer ETF	5.83%	10.66%	12.42%	15.40%	-7.70%	5.86%
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	5.93%	13.93%	10.71%	18.52%	-7.50%	5.12%

Correlation

The correlation between BUFD and DNOV is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021	0.84

The correlation between BUFD and DNOV has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

Return for Risk

BUFD vs. DNOV — Risk / Return Rank

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

BUFD

BUFD Risk / Return Rank: 89
BUFD Sharpe Ratio Rank: 88
BUFD Sortino Ratio Rank: 90
BUFD Omega Ratio Rank: 90
BUFD Calmar Ratio Rank: 85
BUFD Martin Ratio Rank: 93

DNOV

DNOV Risk / Return Rank: 92
DNOV Sharpe Ratio Rank: 93
DNOV Sortino Ratio Rank: 94
DNOV Omega Ratio Rank: 94
DNOV Calmar Ratio Rank: 86
DNOV Martin Ratio Rank: 94

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.

BUFD vs. DNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Laddered Deep Buffer ETF (BUFD) and FT Vest U.S. Equity Deep Buffer ETF - November (DNOV). 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.

	BUFD	DNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.49	-0.37
Sortino ratio: Return per unit of downside risk	3.18	3.75	-0.56
Omega ratio: Gain probability vs. loss probability	1.42	1.51	-0.08
Calmar ratio: Return relative to maximum drawdown	3.27	3.40	-0.13
Martin ratio: Return relative to average drawdown	17.29	18.03	-0.74

BUFD vs. DNOV - Sharpe Ratio Comparison

The current BUFD Sharpe Ratio is 2.12, which is comparable to the DNOV Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of BUFD and DNOV, 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

BUFD vs. DNOV - Drawdown Comparison

The maximum BUFD drawdown since its inception was -10.75%, smaller than the maximum DNOV drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for BUFD and DNOV.

Drawdown Indicators

	BUFD	DNOV	Difference
Max Drawdown Largest peak-to-trough decline	-10.75%	-15.03%	+4.28%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-4.18%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-10.15%	-9.98%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-10.75%	-9.98%	-0.77%
Current Drawdown Current decline from peak	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-1.92%	-1.97%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.79%	-0.14%

Volatility

BUFD vs. DNOV - Volatility Comparison

FT Vest Laddered Deep Buffer ETF (BUFD) and FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) have volatilities of 1.40% and 1.35%, 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

	BUFD	DNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	1.35%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	4.31%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	5.31%	5.71%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.75%	7.64%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.49%	8.96%	-1.47%

BUFD vs. DNOV - Expense Ratio Comparison

BUFD has a 0.95% expense ratio, which is higher than DNOV's 0.85% expense ratio.

Dividends

BUFD vs. DNOV - Dividend Comparison

Neither BUFD nor DNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BUFD and DNOV in my portfolio?

With a correlation of 0.93, BUFD and DNOV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BUFD or DNOV?

BUFD has higher volatility (1.40%) compared to DNOV (1.35%). In terms of maximum drawdown, BUFD dropped -10.75% vs DNOV's -15.03%.

Which ETF is better, BUFD or DNOV?

On 5-year performance, DNOV leads with 8.27% vs 7.52% for BUFD. On fees, DNOV is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFD or DNOV?

Over the 5-year period, DNOV has performed better with a 8.27% return vs 7.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFD or DNOV?

DNOV is cheaper with a 0.85% expense ratio, compared with 0.95% for BUFD.

Which ETF pays a higher dividend yield, BUFD or DNOV?

BUFD and DNOV have nearly identical dividend yields, around 0.00%.

What is the main difference between BUFD and DNOV?

Their fees differ too: 0.95% for BUFD and 0.85% for DNOV.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (2.49 vs 2.12), 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.