NOVM vs. BAMU

Last updated Jun 23, 2026

NOVM (FT Vest U.S. Equity Max Buffer ETF - November) and BAMU (Brookstone Ultra-Short Bond ETF) are both exchange-traded funds - NOVM is a Defined Outcome fund actively managed by First Trust, while BAMU is a Ultrashort Bond fund actively managed by Brookstone. Both are actively managed. Over the past year, NOVM returned 8.30% vs 2.91% for BAMU. At a 0.02 correlation, their price movements are largely independent. NOVM charges 0.85%/yr vs 1.09%/yr for BAMU.

Performance

NOVM vs. BAMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - November (NOVM) and Brookstone Ultra-Short Bond ETF (BAMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOVM achieves a 2.54% return, which is significantly higher than BAMU's 1.18% return.

NOVM

• 1D: -0.03%
• 1M: 0.28%
• YTD: 2.54%
• 6M: 2.54%
• 1Y: 8.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAMU

• 1D: 0.02%
• 1M: 0.16%
• YTD: 1.18%
• 6M: 1.23%
• 1Y: 2.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOVM vs. BAMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NOVM FT Vest U.S. Equity Max Buffer ETF - November	2.54%	7.58%	0.23%
BAMU Brookstone Ultra-Short Bond ETF	1.18%	3.21%	0.46%

Correlation

The correlation between NOVM and BAMU is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.02

The correlation between NOVM and BAMU shifts across timeframes, from -0.09 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NOVM vs. BAMU — Risk / Return Rank

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

NOVM

NOVM Risk / Return Rank: 95
NOVM Sharpe Ratio Rank: 96
NOVM Sortino Ratio Rank: 97
NOVM Omega Ratio Rank: 97
NOVM Calmar Ratio Rank: 91
NOVM Martin Ratio Rank: 96

BAMU

BAMU Risk / Return Rank: 98
BAMU Sharpe Ratio Rank: 98
BAMU Sortino Ratio Rank: 98
BAMU Omega Ratio Rank: 98
BAMU Calmar Ratio Rank: 99
BAMU Martin Ratio Rank: 99

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.

NOVM vs. BAMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - November (NOVM) and Brookstone Ultra-Short Bond ETF (BAMU). 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.

	NOVM	BAMU	Difference
Sharpe ratio: Return per unit of total volatility	3.88	5.01	-1.12
Sortino ratio: Return per unit of downside risk	6.28	8.84	-2.55
Omega ratio: Gain probability vs. loss probability	1.89	2.43	-0.53
Calmar ratio: Return relative to maximum drawdown	5.63	24.72	-19.08
Martin ratio: Return relative to average drawdown	31.10	97.90	-66.80

NOVM vs. BAMU - Sharpe Ratio Comparison

The current NOVM Sharpe Ratio is 3.88, which is comparable to the BAMU Sharpe Ratio of 5.01. The chart below compares the historical Sharpe Ratios of NOVM and BAMU, 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

NOVM vs. BAMU - Drawdown Comparison

The maximum NOVM drawdown since its inception was -3.26%, which is greater than BAMU's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for NOVM and BAMU.

Drawdown Indicators

	NOVM	BAMU	Difference
Max Drawdown Largest peak-to-trough decline	-3.26%	-0.36%	-2.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-0.12%	-1.36%
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.02%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	0.03%	+0.24%

Volatility

NOVM vs. BAMU - Volatility Comparison

FT Vest U.S. Equity Max Buffer ETF - November (NOVM) has a higher volatility of 0.53% compared to Brookstone Ultra-Short Bond ETF (BAMU) at 0.09%. This indicates that NOVM's price experiences larger fluctuations and is considered to be riskier than BAMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVM	BAMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	0.09%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	0.40%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	2.15%	0.58%	+1.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	0.87%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	0.87%	+2.10%

NOVM vs. BAMU - Expense Ratio Comparison

NOVM has a 0.85% expense ratio, which is lower than BAMU's 1.09% expense ratio.

Dividends

NOVM vs. BAMU - Dividend Comparison

NOVM has not paid dividends to shareholders, while BAMU's dividend yield for the trailing twelve months is around 3.05%.

Position	TTM	2025	2024	2023
BAMU Brookstone Ultra-Short Bond ETF	3.05%	3.20%	3.97%	0.84%
NOVM FT Vest U.S. Equity Max Buffer ETF - November	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOVM and BAMU in my portfolio?

NOVM and BAMU have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOVM or BAMU?

NOVM has higher volatility (0.53%) compared to BAMU (0.09%). In terms of maximum drawdown, NOVM dropped -3.26% vs BAMU's -0.36%.

Which ETF is better, NOVM or BAMU?

On 1-year performance, NOVM leads with 8.30% vs 2.91% for BAMU. On fees, NOVM is cheaper at 0.85% per year. On volatility, BAMU has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOVM or BAMU?

Over the 1-year period, NOVM has performed better with a 8.30% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVM or BAMU?

NOVM is cheaper with a 0.85% expense ratio, compared with 1.09% for BAMU.

Which ETF pays a higher dividend yield, NOVM or BAMU?

BAMU has the higher dividend yield at 3.05%, compared with 0.00% for NOVM.

What is the main difference between NOVM and BAMU?

NOVM is categorized as Defined Outcome, while BAMU is Ultrashort Bond. They also come from different issuers: First Trust and Brookstone. Their fees differ too: 0.85% for NOVM and 1.09% for BAMU.

Which has better risk-adjusted returns?

BAMU currently has the higher Sharpe Ratio (5.01 vs 3.88), 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.