NOVP vs. PJFV

Last updated Jul 17, 2026

NOVP (PGIM S&P 500 Buffer 12 ETF - November) and PJFV (PGIM Jennison Focused Value ETF) are both exchange-traded funds - NOVP is a Defined Outcome fund actively managed by PGIM, while PJFV is a Large Cap Value Equities fund actively managed by PGIM. Both are actively managed. Over the past year, NOVP returned 14.04% vs 33.62% for PJFV. Their correlation of 0.81 suggests significant overlap in exposure. NOVP charges 0.50%/yr vs 0.75%/yr for PJFV.

Performance

NOVP vs. PJFV - 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 Jennison Focused Value ETF (PJFV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOVP achieves a 7.56% return, which is significantly lower than PJFV's 19.83% return.

NOVP

• 1D: -0.31%
• 1M: 0.60%
• 6M: 6.65%
• YTD: 7.56%
• 1Y: 14.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PJFV

• 1D: -0.32%
• 1M: 2.13%
• 6M: 16.38%
• YTD: 19.83%
• 1Y: 33.62%
• 3Y*: 24.23%
• 5Y*: —
• 10Y*: —

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

NOVP vs. PJFV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NOVP PGIM S&P 500 Buffer 12 ETF - November	7.56%	12.14%	8.67%
PJFV PGIM Jennison Focused Value ETF	19.83%	18.65%	7.64%

Correlation

The correlation between NOVP and PJFV is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since May 22, 2024	0.81

The correlation between NOVP and PJFV has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

Return for Risk

NOVP vs. PJFV — Risk / Return Rank

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

NOVP

NOVP Risk / Return Rank: 72
NOVP Sharpe Ratio Rank: 70
NOVP Sortino Ratio Rank: 73
NOVP Omega Ratio Rank: 77
NOVP Calmar Ratio Rank: 62
NOVP Martin Ratio Rank: 79

PJFV

PJFV Risk / Return Rank: 92
PJFV Sharpe Ratio Rank: 93
PJFV Sortino Ratio Rank: 92
PJFV Omega Ratio Rank: 91
PJFV Calmar Ratio Rank: 91
PJFV Martin Ratio Rank: 94

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. PJFV - 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 Jennison Focused Value ETF (PJFV). 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	PJFV	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.64	-0.83
Sortino ratio: Return per unit of downside risk	2.63	3.64	-1.01
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.11
Calmar ratio: Return relative to maximum drawdown	2.46	4.62	-2.16
Martin ratio: Return relative to average drawdown	11.74	19.58	-7.85

NOVP vs. PJFV - Sharpe Ratio Comparison

The current NOVP Sharpe Ratio is 1.82, which is lower than the PJFV Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of NOVP and PJFV, 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. PJFV - Drawdown Comparison

The maximum NOVP drawdown since its inception was -11.79%, smaller than the maximum PJFV drawdown of -18.15%. Use the drawdown chart below to compare losses from any high point for NOVP and PJFV.

Drawdown Indicators

	NOVP	PJFV	Difference
Max Drawdown Largest peak-to-trough decline	-11.79%	-18.15%	+6.36%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-7.31%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.15%	—
Current Drawdown Current decline from peak	-0.31%	-0.32%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.00%	-2.08%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.72%	-0.52%

Volatility

NOVP vs. PJFV - Volatility Comparison

PGIM S&P 500 Buffer 12 ETF - November (NOVP) and PGIM Jennison Focused Value ETF (PJFV) have volatilities of 2.93% and 3.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOVP	PJFV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	3.04%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	6.79%	10.54%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	7.76%	12.78%	-5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.66%	14.12%	-4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.66%	14.12%	-4.46%

NOVP vs. PJFV - Expense Ratio Comparison

NOVP has a 0.50% expense ratio, which is lower than PJFV's 0.75% expense ratio.

Dividends

NOVP vs. PJFV - Dividend Comparison

NOVP has not paid dividends to shareholders, while PJFV's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025	2024	2023	2022
NOVP PGIM S&P 500 Buffer 12 ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%
PJFV PGIM Jennison Focused Value ETF	0.57%	0.68%	1.31%	1.20%	0.12%

Frequently Asked Questions

Can I hold both NOVP and PJFV in my portfolio?

NOVP and PJFV have a correlation of 0.80, 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 PJFV?

PJFV has higher volatility (3.04%) compared to NOVP (2.93%). In terms of maximum drawdown, NOVP dropped -11.79% vs PJFV's -18.15%.

Which ETF is better, NOVP or PJFV?

On 1-year performance, PJFV leads with 33.62% vs 14.04% for NOVP. On fees, NOVP is cheaper at 0.50% per year. On volatility, NOVP has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOVP or PJFV?

Over the 1-year period, PJFV has performed better with a 33.62% return vs 14.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOVP or PJFV?

NOVP is cheaper with a 0.50% expense ratio, compared with 0.75% for PJFV.

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

PJFV has the higher dividend yield at 0.57%, compared with 0.00% for NOVP.

What is the main difference between NOVP and PJFV?

NOVP is categorized as Defined Outcome, while PJFV is Large Cap Value Equities. Their fees differ too: 0.50% for NOVP and 0.75% for PJFV.

Which has better risk-adjusted returns?

PJFV currently has the higher Sharpe Ratio (2.64 vs 1.82), 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.