FNOV vs. DNOV

Last updated Aug 2, 2026

FNOV (FT Vest U.S. Equity Buffer ETF - November) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) are both Defined Outcome funds from FT Vest tracking the S&P 500. Both are passively managed. Over the past 5 years, FNOV returned 9.20%/yr vs 8.27%/yr for DNOV. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.85% expense ratio.

Performance

FNOV vs. DNOV - 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 - November (DNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNOV achieves a 7.39% return, which is significantly higher than DNOV's 5.93% return.

FNOV

• 1D: 0.46%
• 1M: 0.79%
• 6M: 6.54%
• YTD: 7.39%
• 1Y: 16.74%
• 3Y*: 12.59%
• 5Y*: 9.20%
• 10Y*: —
• ALL TIME*: 10.26%

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)
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	$331.77K	$264.08K	$439.06K
FNOV FT Vest U.S. Equity Buffer ETF - November	$642.68K	$541.79K	$1.95M

FNOV vs. DNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNOV FT Vest U.S. Equity Buffer ETF - November	7.39%	14.66%	12.48%	19.69%	-8.88%	10.77%	12.30%	2.37%
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	5.93%	13.93%	10.71%	18.52%	-7.50%	6.03%	7.49%	1.37%

Correlation

The correlation between FNOV and DNOV is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.95
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019	0.89

The correlation between FNOV and DNOV has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

FNOV vs. DNOV - Sectors Allocation Comparison

Sectors	FNOV	DNOV
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

FNOV vs. DNOV — Risk / Return Rank

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

FNOV

FNOV Risk / Return Rank: 85
FNOV Sharpe Ratio Rank: 85
FNOV Sortino Ratio Rank: 87
FNOV Omega Ratio Rank: 86
FNOV Calmar Ratio Rank: 77
FNOV Martin Ratio Rank: 89

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.

FNOV vs. DNOV - 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 - 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.

	FNOV	DNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.49	-0.46
Sortino ratio: Return per unit of downside risk	2.94	3.75	-0.81
Omega ratio: Gain probability vs. loss probability	1.38	1.51	-0.12
Calmar ratio: Return relative to maximum drawdown	2.74	3.40	-0.66
Martin ratio: Return relative to average drawdown	14.16	18.03	-3.87

FNOV vs. DNOV - Sharpe Ratio Comparison

The current FNOV Sharpe Ratio is 2.03, which is comparable to the DNOV Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FNOV 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

FNOV vs. DNOV - Drawdown Comparison

The maximum FNOV drawdown since its inception was -24.41%, which is greater than DNOV's maximum drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for FNOV and DNOV.

Drawdown Indicators

	FNOV	DNOV	Difference
Max Drawdown Largest peak-to-trough decline	-24.41%	-15.03%	-9.38%
Max Drawdown (1Y) Largest decline over 1 year	-5.71%	-4.18%	-1.53%
Max Drawdown (3Y) Largest decline over 3 years	-13.11%	-9.98%	-3.13%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-9.98%	-5.89%
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-2.86%	-1.97%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.79%	+0.31%

Volatility

FNOV vs. DNOV - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - November (FNOV) has a higher volatility of 1.89% compared to FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) at 1.35%. This indicates that FNOV's price experiences larger fluctuations and is considered to be riskier than DNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNOV	DNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	1.35%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	6.11%	4.31%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	5.71%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.55%	7.64%	+3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	8.96%	+4.60%

FNOV vs. DNOV - Expense Ratio Comparison

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

Dividends

FNOV vs. DNOV - Dividend Comparison

Neither FNOV nor DNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNOV and DNOV in my portfolio?

With a correlation of 0.96, FNOV 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, FNOV or DNOV?

FNOV has higher volatility (1.89%) compared to DNOV (1.35%). In terms of maximum drawdown, FNOV dropped -24.41% vs DNOV's -15.03%.

Which ETF is better, FNOV or DNOV?

On 5-year performance, FNOV leads with 9.20% vs 8.27% for DNOV. Both ETFs have the same 0.85% expense ratio. On volatility, DNOV has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNOV or DNOV?

Over the 5-year period, FNOV has performed better with a 9.20% return vs 8.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNOV or DNOV?

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

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

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

What is the main difference between FNOV and DNOV?

Both ETFs track S&P 500.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (2.49 vs 2.03), 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.