GNOV vs. FEBP

Last updated Aug 2, 2026

GNOV (FT Cboe Vest U.S. Equity Moderate Buffer ETF - November) and FEBP (PGIM US Large-Cap Buffer 12 ETF - February) are both Options Trading funds. Both are actively managed. Over the past year, GNOV returned 14.92% vs 15.67% for FEBP. Their correlation of 0.90 means they have usually moved in the same direction. GNOV charges 0.85%/yr vs 0.50%/yr for FEBP.

Performance

GNOV vs. FEBP - 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 PGIM US Large-Cap Buffer 12 ETF - February (FEBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNOV achieves a 6.02% return, which is significantly lower than FEBP's 7.56% return.

GNOV

• 1D: 0.34%
• 1M: 0.76%
• 6M: 5.46%
• YTD: 6.02%
• 1Y: 14.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.42%

FEBP

• 1D: 0.49%
• 1M: 0.71%
• 6M: 5.93%
• YTD: 7.56%
• 1Y: 15.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.54%

*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)
FEBP PGIM US Large-Cap Buffer 12 ETF - February	$145.65K	$129.36K	$130.98K
GNOV FT Cboe Vest U.S. Equity Moderate Buffer ETF - November	$212.61K	$196.69K	$422.58K

GNOV vs. FEBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GNOV FT Cboe Vest U.S. Equity Moderate Buffer ETF - November	6.02%	13.55%	9.43%
FEBP PGIM US Large-Cap Buffer 12 ETF - February	7.56%	12.06%	11.40%

Correlation

The correlation between GNOV and FEBP is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.90

The correlation between GNOV and FEBP has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

GNOV vs. FEBP — Risk / Return Rank

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

GNOV

GNOV Risk / Return Rank: 91
GNOV Sharpe Ratio Rank: 92
GNOV Sortino Ratio Rank: 93
GNOV Omega Ratio Rank: 93
GNOV Calmar Ratio Rank: 83
GNOV Martin Ratio Rank: 93

FEBP

FEBP Risk / Return Rank: 71
FEBP Sharpe Ratio Rank: 58
FEBP Sortino Ratio Rank: 60
FEBP Omega Ratio Rank: 82
FEBP Calmar Ratio Rank: 68
FEBP Martin Ratio Rank: 87

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.

GNOV vs. FEBP - 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 PGIM US Large-Cap Buffer 12 ETF - February (FEBP). 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	FEBP	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.38	+1.02
Sortino ratio: Return per unit of downside risk	3.60	2.03	+1.57
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.13
Calmar ratio: Return relative to maximum drawdown	3.08	2.38	+0.70
Martin ratio: Return relative to average drawdown	17.02	12.67	+4.35

GNOV vs. FEBP - Sharpe Ratio Comparison

The current GNOV Sharpe Ratio is 2.39, which is higher than the FEBP Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of GNOV and FEBP, 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. FEBP - Drawdown Comparison

The maximum GNOV drawdown since its inception was -10.70%, smaller than the maximum FEBP drawdown of -12.11%. Use the drawdown chart below to compare losses from any high point for GNOV and FEBP.

Drawdown Indicators

	GNOV	FEBP	Difference
Max Drawdown Largest peak-to-trough decline	-10.70%	-12.11%	+1.41%
Max Drawdown (1Y) Largest decline over 1 year	-4.56%	-6.16%	+1.60%
Current Drawdown Current decline from peak	0.00%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.69%	-0.91%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	1.16%	-0.33%

Volatility

GNOV vs. FEBP - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - November (GNOV) is 1.32%, while PGIM US Large-Cap Buffer 12 ETF - February (FEBP) has a volatility of 1.87%. This indicates that GNOV experiences smaller price fluctuations and is considered to be less risky than FEBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNOV	FEBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	1.87%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	4.78%	9.78%	-5.00%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	10.65%	-4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.51%	10.20%	-2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.51%	10.20%	-2.69%

GNOV vs. FEBP - Expense Ratio Comparison

GNOV has a 0.85% expense ratio, which is higher than FEBP's 0.50% expense ratio.

Dividends

GNOV vs. FEBP - Dividend Comparison

Neither GNOV nor FEBP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GNOV and FEBP in my portfolio?

With a correlation of 0.94, GNOV and FEBP 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 FEBP?

FEBP has higher volatility (1.87%) compared to GNOV (1.32%). In terms of maximum drawdown, GNOV dropped -10.70% vs FEBP's -12.11%.

Which ETF is better, GNOV or FEBP?

On 1-year performance, FEBP leads with 15.67% vs 14.92% for GNOV. On fees, FEBP is cheaper at 0.50% per year. On volatility, GNOV has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNOV or FEBP?

Over the 1-year period, FEBP has performed better with a 15.67% return vs 14.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNOV or FEBP?

FEBP is cheaper with a 0.50% expense ratio, compared with 0.85% for GNOV.

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

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

What is the main difference between GNOV and FEBP?

They also come from different issuers: FT Vest and PGIM. Their fees differ too: 0.85% for GNOV and 0.50% for FEBP.

Which has better risk-adjusted returns?

GNOV currently has the higher Sharpe Ratio (2.39 vs 1.38), 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.