NOVP vs. FBUF

Last updated Jun 6, 2026

NOVP (PGIM S&P 500 Buffer 12 ETF - November) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, NOVP returned 16.09% vs 17.52% for FBUF. Their correlation of 0.89 suggests significant overlap in exposure. NOVP charges 0.50%/yr vs 0.48%/yr for FBUF.

Performance

NOVP vs. FBUF - 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 Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOVP achieves a 5.76% return, which is significantly higher than FBUF's 3.46% return.

NOVP

• 1D: -1.29%
• 1M: 0.49%
• YTD: 5.76%
• 6M: 6.14%
• 1Y: 16.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -1.97%
• 1M: 0.41%
• YTD: 3.46%
• 6M: 4.08%
• 1Y: 17.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOVP vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NOVP PGIM S&P 500 Buffer 12 ETF - November	5.76%	12.14%	8.67%
FBUF Fidelity Dynamic Buffered Equity ETF	3.46%	14.01%	9.88%

Correlation

The correlation between NOVP and FBUF is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since May 23, 2024	0.89

The correlation between NOVP and FBUF has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

NOVP vs. FBUF — Risk / Return Rank

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

NOVP

NOVP Risk / Return Rank: 74
NOVP Sharpe Ratio Rank: 74
NOVP Sortino Ratio Rank: 76
NOVP Omega Ratio Rank: 81
NOVP Calmar Ratio Rank: 61
NOVP Martin Ratio Rank: 78

FBUF

FBUF Risk / Return Rank: 73
FBUF Sharpe Ratio Rank: 74
FBUF Sortino Ratio Rank: 69
FBUF Omega Ratio Rank: 80
FBUF Calmar Ratio Rank: 66
FBUF Martin Ratio Rank: 76

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. FBUF - 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 Fidelity Dynamic Buffered Equity ETF (FBUF). 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.

	NOVP	FBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.27	-0.05
Sortino ratio: Return per unit of downside risk	3.14	3.00	+0.14
Omega ratio: Gain probability vs. loss probability	1.45	1.45	0.00
Calmar ratio: Return relative to maximum drawdown	2.82	3.13	-0.32
Martin ratio: Return relative to average drawdown	13.94	13.94	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOVP vs. FBUF - Sharpe Ratio Comparison

The current NOVP Sharpe Ratio is 2.22, which is comparable to the FBUF Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of NOVP and FBUF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NOVP	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.27	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	1.35	+0.03

Drawdowns

NOVP vs. FBUF - Drawdown Comparison

The maximum NOVP drawdown since its inception was -11.79%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for NOVP and FBUF.

Drawdown Indicators

	NOVP	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-11.79%	-11.09%	-0.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-5.61%	-0.13%
Current Drawdown Current decline from peak	-1.34%	-1.98%	+0.64%
Average Drawdown Average peak-to-trough decline	-1.02%	-1.37%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.26%	-0.10%

Volatility

NOVP vs. FBUF - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 12 ETF - November (NOVP) is 2.01%, while Fidelity Dynamic Buffered Equity ETF (FBUF) has a volatility of 2.37%. This indicates that NOVP experiences smaller price fluctuations and is considered to be less risky than FBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVP	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	2.37%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	6.19%	5.74%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	7.76%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.66%	9.63%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.66%	9.63%	+0.03%

NOVP vs. FBUF - Expense Ratio Comparison

NOVP has a 0.50% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

NOVP vs. FBUF - Dividend Comparison

NOVP has not paid dividends to shareholders, while FBUF's dividend yield for the trailing twelve months is around 0.64%.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.64%	0.64%	0.54%
NOVP PGIM S&P 500 Buffer 12 ETF - November	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOVP and FBUF in my portfolio?

NOVP and FBUF have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOVP or FBUF?

FBUF has higher volatility (2.37%) compared to NOVP (2.01%). In terms of maximum drawdown, NOVP dropped -11.79% vs FBUF's -11.09%.

Which ETF is better, NOVP or FBUF?

On 1-year performance, FBUF leads with 17.52% vs 16.09% for NOVP. On fees, FBUF is cheaper at 0.48% per year. On volatility, NOVP has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOVP or FBUF?

Over the 1-year period, FBUF has performed better with a 17.52% return vs 16.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVP or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.50% for NOVP.

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

FBUF has the higher dividend yield at 0.64%, compared with 0.00% for NOVP.

What is the main difference between NOVP and FBUF?

They also come from different issuers: PGIM and Fidelity. Their fees differ too: 0.50% for NOVP and 0.48% for FBUF.

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (2.27 vs 2.22), 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.