PNOV vs. BUFF

Last updated Jun 26, 2026

PNOV (Innovator U.S. Equity Power Buffer ETF - November) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - PNOV tracks the Cboe S&P 500 15% Buffer Protect November Series Index while BUFF tracks the Refinitiv Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, PNOV returned 7.79%/yr vs 8.47%/yr for BUFF. Their correlation of 0.84 suggests significant overlap in exposure. PNOV charges 0.79%/yr vs 0.89%/yr for BUFF.

Performance

PNOV vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - November (PNOV) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNOV achieves a 5.27% return, which is significantly higher than BUFF's 4.93% return.

PNOV

• 1D: 0.02%
• 1M: -0.47%
• YTD: 5.27%
• 6M: 4.54%
• 1Y: 12.15%
• 3Y*: 9.77%
• 5Y*: 7.79%
• 10Y*: —

BUFF

• 1D: -0.08%
• 1M: -0.13%
• YTD: 4.93%
• 6M: 4.51%
• 1Y: 12.35%
• 3Y*: 11.98%
• 5Y*: 8.47%
• 10Y*: —

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

PNOV vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PNOV Innovator U.S. Equity Power Buffer ETF - November	5.27%	10.31%	9.97%	14.08%	-2.64%	7.12%	10.41%	2.35%
BUFF Innovator Laddered Allocation Power Buffer ETF	4.93%	11.02%	12.05%	16.51%	-4.44%	8.37%	-12.08%	5.80%

Correlation

The correlation between PNOV and BUFF 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 (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.84

The correlation between PNOV and BUFF has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

PNOV vs. BUFF — Risk / Return Rank

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

PNOV

PNOV Risk / Return Rank: 70
PNOV Sharpe Ratio Rank: 68
PNOV Sortino Ratio Rank: 71
PNOV Omega Ratio Rank: 77
PNOV Calmar Ratio Rank: 58
PNOV Martin Ratio Rank: 76

BUFF

BUFF Risk / Return Rank: 86
BUFF Sharpe Ratio Rank: 85
BUFF Sortino Ratio Rank: 89
BUFF Omega Ratio Rank: 89
BUFF Calmar Ratio Rank: 77
BUFF Martin Ratio Rank: 90

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.

PNOV vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - November (PNOV) and Innovator Laddered Allocation Power Buffer ETF (BUFF). 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.

	PNOV	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.38	-0.45
Sortino ratio: Return per unit of downside risk	2.81	3.56	-0.74
Omega ratio: Gain probability vs. loss probability	1.40	1.48	-0.09
Calmar ratio: Return relative to maximum drawdown	2.51	3.46	-0.95
Martin ratio: Return relative to average drawdown	12.63	17.96	-5.33

PNOV vs. BUFF - Sharpe Ratio Comparison

The current PNOV Sharpe Ratio is 1.94, which is comparable to the BUFF Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of PNOV and BUFF, 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

PNOV vs. BUFF - Drawdown Comparison

The maximum PNOV drawdown since its inception was -18.51%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for PNOV and BUFF.

Drawdown Indicators

	PNOV	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-18.51%	-46.23%	+27.72%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-3.58%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-10.24%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-10.63%	-10.24%	-0.39%
Current Drawdown Current decline from peak	-0.99%	-0.72%	-0.27%
Average Drawdown Average peak-to-trough decline	-1.64%	-6.15%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.69%	+0.27%

Volatility

PNOV vs. BUFF - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - November (PNOV) has a higher volatility of 2.04% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.73%. This indicates that PNOV's price experiences larger fluctuations and is considered to be riskier than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNOV	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	1.73%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	5.26%	4.10%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	6.29%	5.20%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.94%	8.44%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.53%	17.62%	-7.09%

PNOV vs. BUFF - Expense Ratio Comparison

PNOV has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

PNOV vs. BUFF - Dividend Comparison

Neither PNOV nor BUFF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%
PNOV Innovator U.S. Equity Power 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%

Frequently Asked Questions

Can I hold both PNOV and BUFF in my portfolio?

PNOV and BUFF 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, PNOV or BUFF?

PNOV has higher volatility (2.04%) compared to BUFF (1.73%). In terms of maximum drawdown, PNOV dropped -18.51% vs BUFF's -46.23%.

Which ETF is better, PNOV or BUFF?

On 5-year performance, BUFF leads with 8.47% vs 7.79% for PNOV. On fees, PNOV is cheaper at 0.79% per year. On volatility, BUFF has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PNOV or BUFF?

Over the 5-year period, BUFF has performed better with a 8.47% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PNOV or BUFF?

PNOV is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.

Which ETF pays a higher dividend yield, PNOV or BUFF?

PNOV and BUFF have nearly identical dividend yields, around 0.00%.

What is the main difference between PNOV and BUFF?

PNOV tracks Cboe S&P 500 15% Buffer Protect November Series Index, while BUFF tracks Refinitiv Laddered Power Buffer Strategy Index. Their fees differ too: 0.79% for PNOV and 0.89% for BUFF.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.38 vs 1.94), 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.