DNOV vs. GDEC

Last updated Apr 1, 2026

Compare and contrast key facts about FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC).

DNOV and GDEC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DNOV is a passively managed fund by FT Vest that tracks the performance of the S&P 500. It was launched on Nov 15, 2019. GDEC is an actively managed fund by FT Vest. It was launched on Dec 14, 2023.

Performance

DNOV vs. GDEC - Performance Comparison

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

DNOV vs. GDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	-1.91%	13.93%	10.71%	0.47%
GDEC FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	-2.12%	12.14%	11.45%	0.46%

Returns By Period

In the year-to-date period, DNOV achieves a -1.91% return, which is significantly higher than GDEC's -2.12% return.

DNOV

• 1D: 1.46%
• 1M: -2.36%
• YTD: -1.91%
• 6M: 2.32%
• 1Y: 14.29%
• 3Y*: 11.81%
• 5Y*: 6.99%
• 10Y*: —

GDEC

• 1D: 1.68%
• 1M: -2.53%
• YTD: -2.12%
• 6M: 0.93%
• 1Y: 11.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DNOV vs. GDEC - Expense Ratio Comparison

Both DNOV and GDEC have an expense ratio of 0.85%.

DNOV

FT Vest U.S. Equity Deep Buffer ETF - November

GDEC

FT Cboe Vest U.S. Equity Moderate Buffer ETF - December

Return for Risk

DNOV vs. GDEC — Risk / Return Rank

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

DNOV

DNOV Risk / Return Rank: 86
DNOV Sharpe Ratio Rank: 82
DNOV Sortino Ratio Rank: 86
DNOV Omega Ratio Rank: 89
DNOV Calmar Ratio Rank: 83
DNOV Martin Ratio Rank: 91

GDEC

GDEC Risk / Return Rank: 71
GDEC Sharpe Ratio Rank: 64
GDEC Sortino Ratio Rank: 67
GDEC Omega Ratio Rank: 76
GDEC Calmar Ratio Rank: 66
GDEC Martin Ratio Rank: 80

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.

DNOV vs. GDEC - Risk-Adjusted Trends Comparison

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

	DNOV	GDEC	Difference
Sharpe ratio Return per unit of total volatility	1.58	1.15	+0.43
Sortino ratio Return per unit of downside risk	2.33	1.73	+0.59
Omega ratio Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio Return relative to maximum drawdown	2.38	1.71	+0.67
Martin ratio Return relative to average drawdown	12.43	8.98	+3.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DNOV vs. GDEC - Sharpe Ratio Comparison

The current DNOV Sharpe Ratio is 1.58, which is higher than the GDEC Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of DNOV and GDEC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DNOV	GDEC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	1.15	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.17	-0.37

Correlation

The correlation between DNOV and GDEC is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DNOV vs. GDEC - Dividend Comparison

Neither DNOV nor GDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

DNOV vs. GDEC - Drawdown Comparison

The maximum DNOV drawdown since its inception was -15.03%, which is greater than GDEC's maximum drawdown of -10.61%. Use the drawdown chart below to compare losses from any high point for DNOV and GDEC.

Drawdown Indicators

	DNOV	GDEC	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-10.61%	-4.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.13%	-7.19%	+1.06%
Max Drawdown (5Y) Largest decline over 5 years	-9.98%	—	—
Current Drawdown Current decline from peak	-2.78%	-3.19%	+0.41%
Average Drawdown Average peak-to-trough decline	-2.06%	-0.80%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	1.37%	-0.20%

Volatility

DNOV vs. GDEC - Volatility Comparison

The current volatility for FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) is 2.68%, while FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) has a volatility of 3.14%. This indicates that DNOV experiences smaller price fluctuations and is considered to be less risky than GDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNOV	GDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	3.14%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	4.45%	4.70%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	9.09%	10.29%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	8.13%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.12%	8.13%	+0.99%