NOVM vs. KNG

Last updated Jul 11, 2026

NOVM (FT Vest U.S. Equity Max Buffer ETF - November) and KNG (FT Vest S&P 500 Dividend Aristocrats Target Income ETF) are both exchange-traded funds - NOVM is a Defined Outcome fund actively managed by First Trust, while KNG is a Dividend fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. NOVM is actively managed, while KNG is passively managed. Over the past year, NOVM returned 7.30% vs 11.03% for KNG. At a 0.44 correlation, their price movements are largely independent. NOVM charges 0.85%/yr vs 0.75%/yr for KNG.

Performance

NOVM vs. KNG - 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 FT Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOVM achieves a 2.95% return, which is significantly lower than KNG's 8.22% return.

NOVM

• 1D: 0.12%
• 1M: 0.59%
• 6M: 2.64%
• YTD: 2.95%
• 1Y: 7.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KNG

• 1D: 0.73%
• 1M: 2.38%
• 6M: 5.60%
• YTD: 8.22%
• 1Y: 11.03%
• 3Y*: 7.51%
• 5Y*: 5.73%
• 10Y*: —

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

NOVM vs. KNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NOVM FT Vest U.S. Equity Max Buffer ETF - November	2.95%	7.58%	0.23%
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF	8.22%	6.63%	-4.32%

Correlation

The correlation between NOVM and KNG is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.44

Return for Risk

NOVM vs. KNG — Risk / Return Rank

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

NOVM

NOVM Risk / Return Rank: 96
NOVM Sharpe Ratio Rank: 96
NOVM Sortino Ratio Rank: 97
NOVM Omega Ratio Rank: 97
NOVM Calmar Ratio Rank: 93
NOVM Martin Ratio Rank: 96

KNG

KNG Risk / Return Rank: 30
KNG Sharpe Ratio Rank: 32
KNG Sortino Ratio Rank: 33
KNG Omega Ratio Rank: 30
KNG Calmar Ratio Rank: 29
KNG Martin Ratio Rank: 27

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. KNG - 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 FT Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). 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	KNG	Difference
Sharpe ratio: Return per unit of total volatility	3.47	0.97	+2.50
Sortino ratio: Return per unit of downside risk	5.52	1.50	+4.02
Omega ratio: Gain probability vs. loss probability	1.78	1.17	+0.61
Calmar ratio: Return relative to maximum drawdown	4.93	1.19	+3.74
Martin ratio: Return relative to average drawdown	27.08	2.99	+24.09

NOVM vs. KNG - Sharpe Ratio Comparison

The current NOVM Sharpe Ratio is 3.47, which is higher than the KNG Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of NOVM and KNG, 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. KNG - Drawdown Comparison

The maximum NOVM drawdown since its inception was -3.26%, smaller than the maximum KNG drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for NOVM and KNG.

Drawdown Indicators

	NOVM	KNG	Difference
Max Drawdown Largest peak-to-trough decline	-3.26%	-35.12%	+31.86%
Max Drawdown (1Y) Largest decline over 1 year	-1.48%	-8.61%	+7.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.20%	—
Current Drawdown Current decline from peak	0.00%	-1.24%	+1.24%
Average Drawdown Average peak-to-trough decline	-0.34%	-4.11%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	3.43%	-3.16%

Volatility

NOVM vs. KNG - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - November (NOVM) is 0.53%, while FT Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) has a volatility of 3.47%. This indicates that NOVM experiences smaller price fluctuations and is considered to be less risky than KNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVM	KNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	3.47%	-2.94%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	7.91%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.10%	10.55%	-8.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.94%	13.60%	-10.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.94%	17.13%	-14.19%

NOVM vs. KNG - Expense Ratio Comparison

NOVM has a 0.85% expense ratio, which is higher than KNG's 0.75% expense ratio.

Dividends

NOVM vs. KNG - Dividend Comparison

NOVM has not paid dividends to shareholders, while KNG's dividend yield for the trailing twelve months is around 8.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF	8.24%	8.61%	9.08%	5.91%	4.00%	3.45%	3.62%	4.09%	3.46%
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%

Frequently Asked Questions

Can I hold both NOVM and KNG in my portfolio?

NOVM and KNG have a correlation of 0.36, 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 KNG?

KNG has higher volatility (3.47%) compared to NOVM (0.53%). In terms of maximum drawdown, NOVM dropped -3.26% vs KNG's -35.12%.

Which ETF is better, NOVM or KNG?

On 1-year performance, KNG leads with 11.03% vs 7.30% for NOVM. On fees, KNG is cheaper at 0.75% 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.

Which ETF has performed better, NOVM or KNG?

Over the 1-year period, KNG has performed better with a 11.03% return vs 7.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVM or KNG?

KNG is cheaper with a 0.75% expense ratio, compared with 0.85% for NOVM.

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

KNG has the higher dividend yield at 8.24%, compared with 0.00% for NOVM.

What is the main difference between NOVM and KNG?

NOVM is categorized as Defined Outcome, while KNG is Dividend. Their fees differ too: 0.85% for NOVM and 0.75% for KNG.

Which has better risk-adjusted returns?

NOVM currently has the higher Sharpe Ratio (3.47 vs 0.97), 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.