DNOV vs. PNOV

Last updated Jun 24, 2026

DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) and PNOV (Innovator U.S. Equity Power Buffer ETF - November) are both Defined Outcome funds - DNOV tracks the S&P 500 while PNOV tracks the Cboe S&P 500 15% Buffer Protect November Series Index. Both are passively managed. Over the past 5 years, DNOV returned 7.96%/yr vs 7.79%/yr for PNOV. Their correlation of 0.85 suggests significant overlap in exposure. DNOV charges 0.85%/yr vs 0.79%/yr for PNOV.

Performance

DNOV vs. PNOV - 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 Innovator U.S. Equity Power Buffer ETF - November (PNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DNOV achieves a 4.40% return, which is significantly lower than PNOV's 5.22% return.

DNOV

• 1D: -0.38%
• 1M: 0.08%
• YTD: 4.40%
• 6M: 4.23%
• 1Y: 16.14%
• 3Y*: 12.53%
• 5Y*: 7.96%
• 10Y*: —

PNOV

• 1D: -0.63%
• 1M: -0.16%
• YTD: 5.22%
• 6M: 4.69%
• 1Y: 12.98%
• 3Y*: 9.63%
• 5Y*: 7.79%
• 10Y*: —

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

DNOV vs. PNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	4.40%	13.93%	10.71%	18.52%	-7.50%	6.03%	7.49%	1.37%
PNOV Innovator U.S. Equity Power Buffer ETF - November	5.22%	10.31%	9.97%	14.08%	-2.64%	7.12%	10.41%	1.36%

Correlation

The correlation between DNOV and PNOV is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019	0.85

The correlation between DNOV and PNOV has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

DNOV vs. PNOV - Sectors Allocation Comparison

Sectors	DNOV	PNOV
Technology	39.0%	38.4%
Financial Services	11.1%	11.0%
Communication Services	10.6%	10.8%
Consumer Cyclical	9.9%	10.0%
Healthcare	8.3%	8.4%
Industrials	7.8%	7.9%
Consumer Defensive	4.5%	4.6%
Energy	3.1%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

DNOV vs. PNOV — Risk / Return Rank

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

DNOV

DNOV Risk / Return Rank: 90
DNOV Sharpe Ratio Rank: 91
DNOV Sortino Ratio Rank: 93
DNOV Omega Ratio Rank: 93
DNOV Calmar Ratio Rank: 80
DNOV Martin Ratio Rank: 92

PNOV

PNOV Risk / Return Rank: 71
PNOV Sharpe Ratio Rank: 69
PNOV Sortino Ratio Rank: 72
PNOV Omega Ratio Rank: 78
PNOV Calmar Ratio Rank: 59
PNOV Martin Ratio Rank: 77

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. PNOV - 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 Innovator U.S. Equity Power Buffer ETF - November (PNOV). 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.

	DNOV	PNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.06	+0.79
Sortino ratio: Return per unit of downside risk	4.30	2.99	+1.31
Omega ratio: Gain probability vs. loss probability	1.59	1.42	+0.17
Calmar ratio: Return relative to maximum drawdown	3.88	2.69	+1.19
Martin ratio: Return relative to average drawdown	20.65	13.56	+7.09

DNOV vs. PNOV - Sharpe Ratio Comparison

The current DNOV Sharpe Ratio is 2.85, which is higher than the PNOV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of DNOV and PNOV, 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

DNOV vs. PNOV - Drawdown Comparison

The maximum DNOV drawdown since its inception was -15.03%, smaller than the maximum PNOV drawdown of -18.51%. Use the drawdown chart below to compare losses from any high point for DNOV and PNOV.

Drawdown Indicators

	DNOV	PNOV	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-18.51%	+3.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.18%	-4.85%	+0.67%
Max Drawdown (3Y) Largest decline over 3 years	-9.98%	-10.35%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-9.98%	-10.63%	+0.65%
Current Drawdown Current decline from peak	-0.63%	-1.04%	+0.41%
Average Drawdown Average peak-to-trough decline	-2.00%	-1.64%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.96%	-0.18%

Volatility

DNOV vs. PNOV - Volatility Comparison

The current volatility for FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) is 1.50%, while Innovator U.S. Equity Power Buffer ETF - November (PNOV) has a volatility of 2.08%. This indicates that DNOV experiences smaller price fluctuations and is considered to be less risky than PNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DNOV	PNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	2.08%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	4.34%	5.29%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	6.33%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	8.94%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.01%	10.54%	-1.53%

DNOV vs. PNOV - Expense Ratio Comparison

DNOV has a 0.85% expense ratio, which is higher than PNOV's 0.79% expense ratio.

Dividends

DNOV vs. PNOV - Dividend Comparison

Neither DNOV nor PNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DNOV and PNOV in my portfolio?

With a correlation of 0.91, DNOV and PNOV 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, DNOV or PNOV?

PNOV has higher volatility (2.08%) compared to DNOV (1.50%). In terms of maximum drawdown, DNOV dropped -15.03% vs PNOV's -18.51%.

Which ETF is better, DNOV or PNOV?

On 5-year performance, DNOV leads with 7.96% vs 7.79% for PNOV. On fees, PNOV is cheaper at 0.79% per year. On volatility, DNOV has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DNOV or PNOV?

Over the 5-year period, DNOV has performed better with a 7.96% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DNOV or PNOV?

PNOV is cheaper with a 0.79% expense ratio, compared with 0.85% for DNOV.

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

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

What is the main difference between DNOV and PNOV?

DNOV tracks S&P 500, while PNOV tracks Cboe S&P 500 15% Buffer Protect November Series Index. They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for DNOV and 0.79% for PNOV.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (2.85 vs 2.06), 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.