FNOV vs. BUFR

Last updated Jun 4, 2026

FNOV (FT Vest U.S. Equity Buffer ETF - November) and BUFR (FT Vest Laddered Buffer ETF) are both Defined Outcome funds. FNOV is passively managed, while BUFR is actively managed. Over the past 5 years, FNOV returned 9.26%/yr vs 9.98%/yr for BUFR. Their correlation of 0.92 suggests significant overlap in exposure. FNOV charges 0.85%/yr vs 0.95%/yr for BUFR.

Performance

FNOV vs. BUFR - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FNOV having a 6.44% return and BUFR slightly lower at 6.42%.

FNOV

• 1D: -0.19%
• 1M: 2.52%
• YTD: 6.44%
• 6M: 6.91%
• 1Y: 19.58%
• 3Y*: 14.49%
• 5Y*: 9.26%
• 10Y*: —

BUFR

• 1D: -0.21%
• 1M: 2.16%
• YTD: 6.42%
• 6M: 7.11%
• 1Y: 17.61%
• 3Y*: 14.50%
• 5Y*: 9.98%
• 10Y*: —

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

FNOV vs. BUFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FNOV FT Vest U.S. Equity Buffer ETF - November	6.44%	14.66%	12.48%	19.69%	-8.88%	10.77%	9.31%
BUFR FT Vest Laddered Buffer ETF	6.42%	12.44%	14.68%	19.63%	-7.57%	11.88%	7.57%

Correlation

The correlation between FNOV and BUFR is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 12, 2020	0.92

The correlation between FNOV and BUFR has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

FNOV vs. BUFR - Sectors Allocation Comparison

Sectors	FNOV	BUFR
Technology	36.2%	35.8%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.4%	8.4%
Industrials	8.1%	7.9%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

FNOV vs. BUFR — Risk / Return Rank

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

FNOV

FNOV Risk / Return Rank: 81
FNOV Sharpe Ratio Rank: 81
FNOV Sortino Ratio Rank: 85
FNOV Omega Ratio Rank: 85
FNOV Calmar Ratio Rank: 70
FNOV Martin Ratio Rank: 86

BUFR

BUFR Risk / Return Rank: 84
BUFR Sharpe Ratio Rank: 82
BUFR Sortino Ratio Rank: 86
BUFR Omega Ratio Rank: 87
BUFR Calmar Ratio Rank: 75
BUFR Martin Ratio Rank: 89

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.

FNOV vs. BUFR - Risk-Adjusted Trends Comparison

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

	FNOV	BUFR	Difference
Sharpe ratio Return per unit of total volatility	2.63	2.71	-0.09
Sortino ratio Return per unit of downside risk	3.80	3.95	-0.14
Omega ratio Gain probability vs. loss probability	1.51	1.55	-0.03
Calmar ratio Return relative to maximum drawdown	3.45	3.84	-0.39
Martin ratio Return relative to average drawdown	18.25	20.78	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNOV vs. BUFR - Sharpe Ratio Comparison

The current FNOV Sharpe Ratio is 2.63, which is comparable to the BUFR Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FNOV and BUFR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FNOV	BUFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.71	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.96	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	1.07	-0.31

Drawdowns

FNOV vs. BUFR - Drawdown Comparison

The maximum FNOV drawdown since its inception was -24.41%, which is greater than BUFR's maximum drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for FNOV and BUFR.

Drawdown Indicators

	FNOV	BUFR	Difference
Max Drawdown Largest peak-to-trough decline	-24.41%	-13.73%	-10.68%
Max Drawdown (1Y) Largest decline over 1 year	-5.71%	-4.61%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.11%	-12.81%	-0.30%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-13.73%	-2.14%
Current Drawdown Current decline from peak	-0.19%	-0.21%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.92%	-2.09%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.85%	+0.23%

Volatility

FNOV vs. BUFR - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - November (FNOV) has a higher volatility of 1.13% compared to FT Vest Laddered Buffer ETF (BUFR) at 1.03%. This indicates that FNOV's price experiences larger fluctuations and is considered to be riskier than BUFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNOV	BUFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.03%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	5.71%	4.95%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	7.50%	6.53%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.48%	10.44%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	10.23%	+3.45%

FNOV vs. BUFR - Expense Ratio Comparison

FNOV has a 0.85% expense ratio, which is lower than BUFR's 0.95% expense ratio.

Dividends

FNOV vs. BUFR - Dividend Comparison

Neither FNOV nor BUFR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNOV and BUFR in my portfolio?

With a correlation of 0.97, FNOV and BUFR 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, FNOV or BUFR?

FNOV has higher volatility (1.13%) compared to BUFR (1.03%). In terms of maximum drawdown, FNOV dropped -24.41% vs BUFR's -13.73%.

Which ETF is better, FNOV or BUFR?

On 5-year performance, BUFR leads with 9.98% vs 9.26% for FNOV. On fees, FNOV 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, FNOV or BUFR?

Over the 5-year period, BUFR has performed better with a 9.98% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNOV or BUFR?

FNOV is cheaper with a 0.85% expense ratio, compared with 0.95% for BUFR.

Which ETF pays a higher dividend yield, FNOV or BUFR?

FNOV and BUFR have nearly identical dividend yields, around 0.00%.

What is the main difference between FNOV and BUFR?

They also come from different issuers: FT Vest and First Trust. Their fees differ too: 0.85% for FNOV and 0.95% for BUFR.

Which has better risk-adjusted returns?

BUFR currently has the higher Sharpe Ratio (2.71 vs 2.63), 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.