NOVP vs. BUFP

Last updated Jun 23, 2026

NOVP (PGIM S&P 500 Buffer 12 ETF - November) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds from PGIM. NOVP is actively managed, while BUFP is passively managed. Over the past year, NOVP returned 16.66% vs 17.31% for BUFP. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

NOVP vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - November (NOVP) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NOVP having a 6.63% return and BUFP slightly lower at 6.33%.

NOVP

• 1D: -0.21%
• 1M: 0.96%
• YTD: 6.63%
• 6M: 6.56%
• 1Y: 16.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: 0.28%
• 1M: 0.57%
• YTD: 6.33%
• 6M: 6.42%
• 1Y: 17.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOVP vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NOVP PGIM S&P 500 Buffer 12 ETF - November	6.63%	12.14%	7.44%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.33%	12.92%	6.30%

Correlation

The correlation between NOVP and BUFP is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024	0.91

The correlation between NOVP and BUFP has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

NOVP vs. BUFP — Risk / Return Rank

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

NOVP

NOVP Risk / Return Rank: 73
NOVP Sharpe Ratio Rank: 73
NOVP Sortino Ratio Rank: 75
NOVP Omega Ratio Rank: 80
NOVP Calmar Ratio Rank: 60
NOVP Martin Ratio Rank: 77

BUFP

BUFP Risk / Return Rank: 88
BUFP Sharpe Ratio Rank: 87
BUFP Sortino Ratio Rank: 90
BUFP Omega Ratio Rank: 91
BUFP Calmar Ratio Rank: 79
BUFP Martin Ratio Rank: 92

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.

NOVP vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - November (NOVP) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	NOVP	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.72	-0.46
Sortino ratio: Return per unit of downside risk	3.21	4.02	-0.82
Omega ratio: Gain probability vs. loss probability	1.46	1.57	-0.11
Calmar ratio: Return relative to maximum drawdown	2.92	3.94	-1.02
Martin ratio: Return relative to average drawdown	14.20	21.61	-7.41

NOVP vs. BUFP - Sharpe Ratio Comparison

The current NOVP Sharpe Ratio is 2.26, which is comparable to the BUFP Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of NOVP and BUFP, 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

NOVP vs. BUFP - Drawdown Comparison

The maximum NOVP drawdown since its inception was -11.79%, roughly equal to the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for NOVP and BUFP.

Drawdown Indicators

	NOVP	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-11.79%	-11.98%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-4.41%	-1.33%
Current Drawdown Current decline from peak	-0.54%	-0.19%	-0.35%
Average Drawdown Average peak-to-trough decline	-1.02%	-0.99%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	0.80%	+0.38%

Volatility

NOVP vs. BUFP - Volatility Comparison

PGIM S&P 500 Buffer 12 ETF - November (NOVP) has a higher volatility of 2.56% compared to PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) at 1.99%. This indicates that NOVP's price experiences larger fluctuations and is considered to be riskier than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVP	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	1.99%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	6.36%	5.11%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	7.41%	6.40%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.64%	9.46%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.64%	9.46%	+0.18%

NOVP vs. BUFP - Expense Ratio Comparison

Both NOVP and BUFP have an expense ratio of 0.50%.

Dividends

NOVP vs. BUFP - Dividend Comparison

NOVP has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
NOVP PGIM S&P 500 Buffer 12 ETF - November	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOVP and BUFP in my portfolio?

With a correlation of 0.90, NOVP and BUFP 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, NOVP or BUFP?

NOVP has higher volatility (2.56%) compared to BUFP (1.99%). In terms of maximum drawdown, NOVP dropped -11.79% vs BUFP's -11.98%.

Which ETF is better, NOVP or BUFP?

On 1-year performance, BUFP leads with 17.31% vs 16.66% for NOVP. Both ETFs have the same 0.50% expense ratio. On volatility, BUFP has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOVP or BUFP?

Over the 1-year period, BUFP has performed better with a 17.31% return vs 16.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVP or BUFP?

NOVP and BUFP have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, NOVP or BUFP?

BUFP has the higher dividend yield at 0.01%, compared with 0.00% for NOVP.

Which has better risk-adjusted returns?

BUFP currently has the higher Sharpe Ratio (2.72 vs 2.26), 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.