GNOV vs. SPY

Last updated Jun 23, 2026

GNOV (FT Cboe Vest U.S. Equity Moderate Buffer ETF - November) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GNOV is a Options Trading fund actively managed by FT Vest, while SPY is a S&P 500 fund tracking the S&P 500 Index. GNOV is actively managed, while SPY is passively managed. Over the past year, GNOV returned 16.96% vs 26.65% for SPY. Their correlation of 0.91 suggests significant overlap in exposure. GNOV charges 0.85%/yr vs 0.09%/yr for SPY.

Performance

GNOV vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNOV achieves a 5.00% return, which is significantly lower than SPY's 9.74% return.

GNOV

• 1D: -0.06%
• 1M: 0.46%
• YTD: 5.00%
• 6M: 4.92%
• 1Y: 16.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

GNOV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GNOV FT Cboe Vest U.S. Equity Moderate Buffer ETF - November	5.00%	13.55%	10.35%	3.19%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	5.87%

Correlation

The correlation between GNOV and SPY 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	0.91

The correlation between GNOV and SPY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

GNOV vs. SPY — Risk / Return Rank

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

GNOV

GNOV Risk / Return Rank: 89
GNOV Sharpe Ratio Rank: 90
GNOV Sortino Ratio Rank: 93
GNOV Omega Ratio Rank: 93
GNOV Calmar Ratio Rank: 76
GNOV Martin Ratio Rank: 91

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.16	+0.78
Sortino ratio: Return per unit of downside risk	4.43	2.91	+1.51
Omega ratio: Gain probability vs. loss probability	1.62	1.39	+0.22
Calmar ratio: Return relative to maximum drawdown	3.73	3.01	+0.72
Martin ratio: Return relative to average drawdown	20.77	13.54	+7.24

GNOV vs. SPY - Sharpe Ratio Comparison

The current GNOV Sharpe Ratio is 2.94, which is higher than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GNOV and SPY, 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. SPY - Drawdown Comparison

The maximum GNOV drawdown since its inception was -10.70%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GNOV and SPY.

Drawdown Indicators

	GNOV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-10.70%	-55.19%	+44.49%
Max Drawdown (1Y) Largest decline over 1 year	-4.56%	-8.88%	+4.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.20%	-1.75%	+1.55%
Average Drawdown Average peak-to-trough decline	-0.70%	-9.04%	+8.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.97%	-1.15%

Volatility

GNOV vs. SPY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - November (GNOV) is 1.49%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that GNOV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNOV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.49%	4.64%	-3.15%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	9.75%	-4.99%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	12.43%	-6.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.60%	17.14%	-9.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	17.99%	-10.39%

GNOV vs. SPY - Expense Ratio Comparison

GNOV has a 0.85% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GNOV vs. SPY - Dividend Comparison

GNOV has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GNOV FT Cboe Vest U.S. Equity Moderate Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GNOV and SPY in my portfolio?

With a correlation of 0.94, GNOV and SPY 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 SPY?

SPY has higher volatility (4.64%) compared to GNOV (1.49%). In terms of maximum drawdown, GNOV dropped -10.70% vs SPY's -55.19%.

Which ETF is better, GNOV or SPY?

On 1-year performance, SPY leads with 26.65% vs 16.96% for GNOV. On fees, SPY is cheaper at 0.09% per year. On volatility, GNOV has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNOV or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 16.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNOV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.85% for GNOV.

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

SPY has the higher dividend yield at 1.01%, compared with 0.00% for GNOV.

What is the main difference between GNOV and SPY?

GNOV is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: FT Vest and State Street. Their fees differ too: 0.85% for GNOV and 0.09% for SPY.

Which has better risk-adjusted returns?

GNOV currently has the higher Sharpe Ratio (2.94 vs 2.16), 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.