GNOV vs. DNOV

Last updated Jun 25, 2026

GNOV (FT Cboe Vest U.S. Equity Moderate Buffer ETF - November) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) are both exchange-traded funds - GNOV is a Options Trading fund actively managed by FT Vest, while DNOV is a Defined Outcome fund tracking the S&P 500. GNOV is actively managed, while DNOV is passively managed. Over the past year, GNOV returned 14.93% vs 15.29% for DNOV. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

GNOV 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 - November (GNOV) 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 GNOV having a 4.41% return and DNOV slightly lower at 4.30%.

GNOV

• 1D: -0.14%
• 1M: -0.11%
• YTD: 4.41%
• 6M: 4.14%
• 1Y: 14.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DNOV

• 1D: -0.10%
• 1M: -0.02%
• YTD: 4.30%
• 6M: 3.94%
• 1Y: 15.29%
• 3Y*: 12.50%
• 5Y*: 7.95%
• 10Y*: —

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

GNOV vs. DNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GNOV FT Cboe Vest U.S. Equity Moderate Buffer ETF - November	4.41%	13.55%	10.35%	3.19%
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	4.30%	13.93%	10.71%	3.70%

Correlation

The correlation between GNOV and DNOV is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.92

The correlation between GNOV and DNOV has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

GNOV vs. DNOV — Risk / Return Rank

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

GNOV

GNOV Risk / Return Rank: 88
GNOV Sharpe Ratio Rank: 90
GNOV Sortino Ratio Rank: 92
GNOV Omega Ratio Rank: 92
GNOV Calmar Ratio Rank: 74
GNOV Martin Ratio Rank: 90

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: 79
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.

GNOV 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 - November (GNOV) 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.

	GNOV	DNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.71	-0.11
Sortino ratio: Return per unit of downside risk	3.91	4.09	-0.18
Omega ratio: Gain probability vs. loss probability	1.54	1.56	-0.03
Calmar ratio: Return relative to maximum drawdown	3.29	3.67	-0.39
Martin ratio: Return relative to average drawdown	18.23	19.53	-1.30

GNOV vs. DNOV - Sharpe Ratio Comparison

The current GNOV Sharpe Ratio is 2.60, which is comparable to the DNOV Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of GNOV 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

GNOV vs. DNOV - Drawdown Comparison

The maximum GNOV drawdown since its inception was -10.70%, smaller than the maximum DNOV drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for GNOV and DNOV.

Drawdown Indicators

	GNOV	DNOV	Difference
Max Drawdown Largest peak-to-trough decline	-10.70%	-15.03%	+4.33%
Max Drawdown (1Y) Largest decline over 1 year	-4.56%	-4.18%	-0.38%
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	-0.77%	-0.73%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.70%	-2.00%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.78%	+0.04%

Volatility

GNOV vs. DNOV - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - November (GNOV) and FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) have volatilities of 1.55% and 1.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNOV	DNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.50%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	4.75%	4.33%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	5.80%	5.69%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	7.63%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.59%	9.01%	-1.42%

GNOV vs. DNOV - Expense Ratio Comparison

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

Dividends

GNOV vs. DNOV - Dividend Comparison

Neither GNOV nor DNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GNOV and DNOV in my portfolio?

With a correlation of 0.94, GNOV 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, GNOV or DNOV?

GNOV has higher volatility (1.55%) compared to DNOV (1.50%). In terms of maximum drawdown, GNOV dropped -10.70% vs DNOV's -15.03%.

Which ETF is better, GNOV or DNOV?

On 1-year performance, DNOV leads with 15.29% vs 14.93% for GNOV. Both ETFs have the same 0.85% expense ratio. 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, GNOV or DNOV?

Over the 1-year period, DNOV has performed better with a 15.29% return vs 14.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNOV or DNOV?

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

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

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

What is the main difference between GNOV and DNOV?

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

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (2.71 vs 2.60), 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.