NOVM vs. ENFR
NOVM (FT Vest U.S. Equity Max Buffer ETF - November) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - NOVM is a Defined Outcome fund actively managed by First Trust, while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. NOVM is actively managed, while ENFR is passively managed. Over the past year, NOVM returned 8.30% vs 24.84% for ENFR. At a 0.17 correlation, their price movements are largely independent. NOVM charges 0.85%/yr vs 0.35%/yr for ENFR.
Performance
NOVM vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, NOVM achieves a 2.54% return, which is significantly lower than ENFR's 23.07% return.
NOVM
- 1D
- -0.03%
- 1M
- 0.28%
- YTD
- 2.54%
- 6M
- 2.54%
- 1Y
- 8.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ENFR
- 1D
- 1.01%
- 1M
- -5.94%
- YTD
- 23.07%
- 6M
- 24.76%
- 1Y
- 24.84%
- 3Y*
- 28.26%
- 5Y*
- 19.69%
- 10Y*
- 11.81%
NOVM vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NOVM FT Vest U.S. Equity Max Buffer ETF - November | 2.54% | 7.58% | 0.23% |
ENFR Alerian Energy Infrastructure ETF | 23.07% | 5.88% | -0.67% |
Correlation
The correlation between NOVM and ENFR is -0.07, 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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024 | 0.17 |
The correlation between NOVM and ENFR shifts across timeframes, from -0.07 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NOVM vs. ENFR — Risk / Return Rank
NOVM
ENFR
NOVM vs. ENFR - 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 Alerian Energy Infrastructure ETF (ENFR). 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 | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.20 | ||
| Sortino ratioReturn per unit of downside risk | +3.94 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.29 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 5.63 | 2.89 | +2.75 |
| Martin ratioReturn relative to average drawdown | 31.10 | 7.40 | +23.70 |
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Drawdowns
NOVM vs. ENFR - Drawdown Comparison
The maximum NOVM drawdown since its inception was -3.26%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for NOVM and ENFR.
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Drawdown Indicators
| NOVM | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.26% | -68.28% | +65.02% |
Max Drawdown (1Y)Largest decline over 1 year | -1.48% | -8.64% | +7.16% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.64% | — |
Current DrawdownCurrent decline from peak | -0.06% | -6.12% | +6.06% |
Average DrawdownAverage peak-to-trough decline | -0.35% | -15.94% | +15.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 3.36% | -3.09% |
Volatility
NOVM vs. ENFR - Volatility Comparison
The current volatility for FT Vest U.S. Equity Max Buffer ETF - November (NOVM) is 0.53%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.42%. This indicates that NOVM experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOVM | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 5.42% | -4.89% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 11.57% | -9.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.15% | 14.82% | -12.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.97% | 19.24% | -16.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.97% | 24.68% | -21.71% |
NOVM vs. ENFR - Expense Ratio Comparison
NOVM has a 0.85% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
NOVM vs. ENFR - Dividend Comparison
NOVM has not paid dividends to shareholders, while ENFR's dividend yield for the trailing twelve months is around 4.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 4.08% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
NOVM FT Vest U.S. Equity Max 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% |
Frequently Asked Questions
NOVM and ENFR have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.42%) compared to NOVM (0.53%). In terms of maximum drawdown, NOVM dropped -3.26% vs ENFR's -68.28%.
On 1-year performance, ENFR leads with 24.84% vs 8.30% for NOVM. On fees, ENFR is cheaper at 0.35% per year. On volatility, NOVM has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ENFR has performed better with a 24.84% return vs 8.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.85% for NOVM.
ENFR has the higher dividend yield at 4.08%, compared with 0.00% for NOVM.
NOVM is categorized as Defined Outcome, while ENFR is Energy Equities. They also come from different issuers: First Trust and SS&C. Their fees differ too: 0.85% for NOVM and 0.35% for ENFR.
NOVM currently has the higher Sharpe Ratio (3.88 vs 1.69), 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.
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