GJUL vs. DNOV

Last updated Jul 14, 2026

GJUL (FT Cboe Vest U.S. Equity Moderate Buffer ETF - July) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) are both exchange-traded funds - GJUL is a Options Trading fund actively managed by FT Vest, while DNOV is a Defined Outcome fund tracking the S&P 500. GJUL is actively managed, while DNOV is passively managed. Over the past year, GJUL returned 11.71% vs 14.66% for DNOV. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

GJUL 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 - July (GJUL) 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

The year-to-date returns for both stocks are quite close, with GJUL having a 5.49% return and DNOV slightly lower at 5.46%.

GJUL

• 1D: -0.08%
• 1M: 0.79%
• 6M: 4.75%
• YTD: 5.49%
• 1Y: 11.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DNOV

• 1D: -0.23%
• 1M: 0.98%
• 6M: 4.57%
• YTD: 5.46%
• 1Y: 14.66%
• 3Y*: 12.03%
• 5Y*: 8.17%
• 10Y*: —

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

GJUL vs. DNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GJUL FT Cboe Vest U.S. Equity Moderate Buffer ETF - July	5.49%	12.72%	14.29%	4.05%
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	5.46%	13.93%	10.71%	5.36%

Correlation

The correlation between GJUL and DNOV is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jul 24, 2023	0.91

The correlation between GJUL and DNOV has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

GJUL vs. DNOV — Risk / Return Rank

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

GJUL

GJUL Risk / Return Rank: 87
GJUL Sharpe Ratio Rank: 88
GJUL Sortino Ratio Rank: 90
GJUL Omega Ratio Rank: 92
GJUL Calmar Ratio Rank: 76
GJUL Martin Ratio Rank: 91

DNOV

DNOV Risk / Return Rank: 91
DNOV Sharpe Ratio Rank: 93
DNOV Sortino Ratio Rank: 94
DNOV Omega Ratio Rank: 94
DNOV Calmar Ratio Rank: 82
DNOV Martin Ratio Rank: 93

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.

GJUL 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 - July (GJUL) 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.

	GJUL	DNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.62	-0.35
Sortino ratio: Return per unit of downside risk	3.36	3.96	-0.60
Omega ratio: Gain probability vs. loss probability	1.48	1.55	-0.06
Calmar ratio: Return relative to maximum drawdown	3.09	3.52	-0.43
Martin ratio: Return relative to average drawdown	16.73	18.69	-1.96

GJUL vs. DNOV - Sharpe Ratio Comparison

The current GJUL Sharpe Ratio is 2.27, which is comparable to the DNOV Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of GJUL 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

GJUL vs. DNOV - Drawdown Comparison

The maximum GJUL drawdown since its inception was -10.68%, smaller than the maximum DNOV drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for GJUL and DNOV.

Drawdown Indicators

	GJUL	DNOV	Difference
Max Drawdown Largest peak-to-trough decline	-10.68%	-15.03%	+4.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-4.18%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.98%	—
Current Drawdown Current decline from peak	-0.08%	-0.23%	+0.15%
Average Drawdown Average peak-to-trough decline	-0.86%	-1.98%	+1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.79%	-0.09%

Volatility

GJUL vs. DNOV - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - July (GJUL) is 0.67%, while FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) has a volatility of 1.34%. This indicates that GJUL experiences smaller price fluctuations and is considered to be less risky than DNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GJUL	DNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	1.34%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	4.01%	4.35%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	5.19%	5.62%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	7.63%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.83%	8.98%	-1.15%

GJUL vs. DNOV - Expense Ratio Comparison

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

Dividends

GJUL vs. DNOV - Dividend Comparison

Neither GJUL nor DNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GJUL and DNOV in my portfolio?

With a correlation of 0.90, GJUL 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, GJUL or DNOV?

DNOV has higher volatility (1.34%) compared to GJUL (0.67%). In terms of maximum drawdown, GJUL dropped -10.68% vs DNOV's -15.03%.

Which ETF is better, GJUL or DNOV?

On 1-year performance, DNOV leads with 14.66% vs 11.71% for GJUL. Both ETFs have the same 0.85% expense ratio. On volatility, GJUL has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GJUL or DNOV?

Over the 1-year period, DNOV has performed better with a 14.66% return vs 11.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GJUL or DNOV?

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

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

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

What is the main difference between GJUL and DNOV?

GJUL is categorized as Options Trading, while DNOV is Defined Outcome.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (2.62 vs 2.27), 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.