FNOV vs. DDEC

Last updated Jun 24, 2026

FNOV (FT Vest U.S. Equity Buffer ETF - November) and DDEC (FT Vest U.S. Equity Deep Buffer ETF - December) are both Defined Outcome funds from FT Vest tracking the S&P 500. Both are passively managed. Over the past 5 years, FNOV returned 9.01%/yr vs 8.08%/yr for DDEC. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

FNOV vs. DDEC - 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 U.S. Equity Deep Buffer ETF - December (DDEC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNOV achieves a 5.69% return, which is significantly higher than DDEC's 4.35% return.

FNOV

• 1D: -0.65%
• 1M: -0.07%
• YTD: 5.69%
• 6M: 5.21%
• 1Y: 17.95%
• 3Y*: 13.66%
• 5Y*: 9.01%
• 10Y*: —

DDEC

• 1D: -0.42%
• 1M: -0.04%
• YTD: 4.35%
• 6M: 4.05%
• 1Y: 14.63%
• 3Y*: 12.16%
• 5Y*: 8.08%
• 10Y*: —

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

FNOV vs. DDEC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FNOV FT Vest U.S. Equity Buffer ETF - November	5.69%	14.66%	12.48%	19.69%	-8.88%	10.77%	0.63%
DDEC FT Vest U.S. Equity Deep Buffer ETF - December	4.35%	12.33%	12.26%	16.82%	-6.71%	7.61%	0.95%

Correlation

The correlation between FNOV and DDEC is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 21, 2020	0.89

The correlation between FNOV and DDEC has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

FNOV vs. DDEC - Sectors Allocation Comparison

Sectors	FNOV	DDEC
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

FNOV vs. DDEC — 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: 82
FNOV Sortino Ratio Rank: 85
FNOV Omega Ratio Rank: 85
FNOV Calmar Ratio Rank: 69
FNOV Martin Ratio Rank: 86

DDEC

DDEC Risk / Return Rank: 84
DDEC Sharpe Ratio Rank: 84
DDEC Sortino Ratio Rank: 87
DDEC Omega Ratio Rank: 87
DDEC Calmar Ratio Rank: 74
DDEC Martin Ratio Rank: 87

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. DDEC - 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 U.S. Equity Deep Buffer ETF - December (DDEC). 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.

	FNOV	DDEC	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.50	-0.11
Sortino ratio: Return per unit of downside risk	3.44	3.65	-0.21
Omega ratio: Gain probability vs. loss probability	1.46	1.50	-0.04
Calmar ratio: Return relative to maximum drawdown	3.16	3.52	-0.36
Martin ratio: Return relative to average drawdown	16.51	17.42	-0.91

FNOV vs. DDEC - Sharpe Ratio Comparison

The current FNOV Sharpe Ratio is 2.39, which is comparable to the DDEC Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of FNOV and DDEC, 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

FNOV vs. DDEC - Drawdown Comparison

The maximum FNOV drawdown since its inception was -24.41%, which is greater than DDEC's maximum drawdown of -10.22%. Use the drawdown chart below to compare losses from any high point for FNOV and DDEC.

Drawdown Indicators

	FNOV	DDEC	Difference
Max Drawdown Largest peak-to-trough decline	-24.41%	-10.22%	-14.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.71%	-4.18%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	-13.11%	-9.40%	-3.71%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-10.22%	-5.65%
Current Drawdown Current decline from peak	-0.89%	-0.78%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.90%	-1.85%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.84%	+0.25%

Volatility

FNOV vs. DDEC - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - November (FNOV) has a higher volatility of 2.22% compared to FT Vest U.S. Equity Deep Buffer ETF - December (DDEC) at 1.77%. This indicates that FNOV's price experiences larger fluctuations and is considered to be riskier than DDEC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNOV	DDEC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	1.77%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	4.64%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	7.56%	5.91%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	7.06%	+4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.64%	6.88%	+6.76%

FNOV vs. DDEC - Expense Ratio Comparison

Both FNOV and DDEC have an expense ratio of 0.85%.

Dividends

FNOV vs. DDEC - Dividend Comparison

Neither FNOV nor DDEC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNOV and DDEC in my portfolio?

With a correlation of 0.93, FNOV and DDEC 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 DDEC?

FNOV has higher volatility (2.22%) compared to DDEC (1.77%). In terms of maximum drawdown, FNOV dropped -24.41% vs DDEC's -10.22%.

Which ETF is better, FNOV or DDEC?

On 5-year performance, FNOV leads with 9.01% vs 8.08% for DDEC. Both ETFs have the same 0.85% expense ratio. On volatility, DDEC has been the lower-risk option at 1.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNOV or DDEC?

Over the 5-year period, FNOV has performed better with a 9.01% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNOV or DDEC?

FNOV and DDEC have the same expense ratio: 0.85% per year.

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

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

What is the main difference between FNOV and DDEC?

Both ETFs track S&P 500.

Which has better risk-adjusted returns?

DDEC currently has the higher Sharpe Ratio (2.50 vs 2.39), 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.