GFEB vs. DNOV

Last updated Jun 24, 2026

GFEB (FT Cboe Vest U.S. Equity Moderate Buffer ETF - February) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) are both exchange-traded funds - GFEB is a Options Trading fund tracking the NONE, while DNOV is a Defined Outcome fund tracking the S&P 500. Both are passively managed. Over the past 3 years, GFEB returned 12.38%/yr vs 12.53%/yr for DNOV. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

GFEB vs. DNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) 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, GFEB achieves a 5.26% return, which is significantly higher than DNOV's 4.40% return.

GFEB

• 1D: -0.38%
• 1M: -0.13%
• YTD: 5.26%
• 6M: 5.20%
• 1Y: 13.99%
• 3Y*: 12.38%
• 5Y*: —
• 10Y*: —

DNOV

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

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

GFEB vs. DNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GFEB FT Cboe Vest U.S. Equity Moderate Buffer ETF - February	5.26%	11.19%	13.06%	13.06%
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	4.40%	13.93%	10.71%	14.00%

Correlation

The correlation between GFEB and DNOV 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	0.89
Correlation (All Time) Calculated using the full available price history since Feb 21, 2023	0.90

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

Return for Risk

GFEB vs. DNOV — Risk / Return Rank

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

GFEB

GFEB Risk / Return Rank: 84
GFEB Sharpe Ratio Rank: 86
GFEB Sortino Ratio Rank: 89
GFEB Omega Ratio Rank: 89
GFEB Calmar Ratio Rank: 68
GFEB Martin Ratio Rank: 86

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

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.

GFEB vs. DNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) 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.

	GFEB	DNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.85	-0.32
Sortino ratio: Return per unit of downside risk	3.73	4.30	-0.57
Omega ratio: Gain probability vs. loss probability	1.50	1.59	-0.09
Calmar ratio: Return relative to maximum drawdown	3.15	3.88	-0.73
Martin ratio: Return relative to average drawdown	16.75	20.65	-3.90

GFEB vs. DNOV - Sharpe Ratio Comparison

The current GFEB Sharpe Ratio is 2.53, which is comparable to the DNOV Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of GFEB 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

GFEB vs. DNOV - Drawdown Comparison

The maximum GFEB drawdown since its inception was -9.63%, smaller than the maximum DNOV drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for GFEB and DNOV.

Drawdown Indicators

	GFEB	DNOV	Difference
Max Drawdown Largest peak-to-trough decline	-9.63%	-15.03%	+5.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	-4.18%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-9.63%	-9.98%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.98%	—
Current Drawdown Current decline from peak	-0.77%	-0.63%	-0.14%
Average Drawdown Average peak-to-trough decline	-0.70%	-2.00%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.78%	+0.06%

Volatility

GFEB vs. DNOV - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - February (GFEB) has a higher volatility of 1.72% compared to FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) at 1.50%. This indicates that GFEB'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

	GFEB	DNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	1.50%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	4.45%	4.34%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	5.72%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.57%	7.63%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.57%	9.01%	-1.44%

GFEB vs. DNOV - Expense Ratio Comparison

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

Dividends

GFEB vs. DNOV - Dividend Comparison

Neither GFEB nor DNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GFEB and DNOV in my portfolio?

With a correlation of 0.93, GFEB 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, GFEB or DNOV?

GFEB has higher volatility (1.72%) compared to DNOV (1.50%). In terms of maximum drawdown, GFEB dropped -9.63% vs DNOV's -15.03%.

Which ETF is better, GFEB or DNOV?

On 3-year performance, DNOV leads with 12.53% vs 12.38% for GFEB. Both ETFs have the same 0.85% expense ratio. 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, GFEB or DNOV?

Over the 3-year period, DNOV has performed better with a 12.53% return vs 12.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GFEB or DNOV?

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

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

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

What is the main difference between GFEB and DNOV?

GFEB is categorized as Options Trading, while DNOV is Defined Outcome. GFEB tracks NONE, while DNOV tracks S&P 500.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (2.85 vs 2.53), 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.