PNOV vs. DNOV

Last updated Aug 2, 2026

PNOV (Innovator U.S. Equity Power Buffer ETF - November) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) are both Defined Outcome funds - PNOV tracks the Cboe S&P 500 15% Buffer Protect November Series Index while DNOV tracks the S&P 500. Both are passively managed. Over the past 5 years, PNOV returned 8.06%/yr vs 8.27%/yr for DNOV. Their correlation of 0.85 means they have usually moved in the same direction. PNOV charges 0.79%/yr vs 0.85%/yr for DNOV.

Performance

PNOV vs. DNOV - 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 FT Vest U.S. Equity Deep Buffer ETF - November (DNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNOV achieves a 6.87% return, which is significantly higher than DNOV's 5.93% return.

PNOV

• 1D: 0.50%
• 1M: 0.77%
• 6M: 5.98%
• YTD: 6.87%
• 1Y: 12.33%
• 3Y*: 8.93%
• 5Y*: 8.06%
• 10Y*: —
• ALL TIME*: 8.58%

DNOV

• 1D: 0.40%
• 1M: 0.77%
• 6M: 5.15%
• YTD: 5.93%
• 1Y: 15.16%
• 3Y*: 11.86%
• 5Y*: 8.27%
• 10Y*: —
• ALL TIME*: 8.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	$331.77K	$264.08K	$439.06K
PNOV Innovator U.S. Equity Power Buffer ETF - November	$723.66K	$1.81M	$2.27M

PNOV vs. DNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PNOV Innovator U.S. Equity Power Buffer ETF - November	6.87%	10.31%	9.97%	14.08%	-2.64%	7.12%	10.41%	1.36%
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	5.93%	13.93%	10.71%	18.52%	-7.50%	6.03%	7.49%	1.37%

Correlation

The correlation between PNOV and DNOV is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019	0.85

The correlation between PNOV and DNOV has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

PNOV vs. DNOV - Sectors Allocation Comparison

Sectors	PNOV	DNOV
Technology	37.9%	37.9%
Financial Services	11.7%	11.7%
Communication Services	10.0%	10.0%
Consumer Cyclical	9.6%	9.6%
Healthcare	9.1%	9.1%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.0%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

PNOV vs. DNOV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PNOV

PNOV Risk / Return Rank: 78
PNOV Sharpe Ratio Rank: 77
PNOV Sortino Ratio Rank: 79
PNOV Omega Ratio Rank: 82
PNOV Calmar Ratio Rank: 67
PNOV Martin Ratio Rank: 84

DNOV

DNOV Risk / Return Rank: 92
DNOV Sharpe Ratio Rank: 93
DNOV Sortino Ratio Rank: 94
DNOV Omega Ratio Rank: 94
DNOV Calmar Ratio Rank: 86
DNOV Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PNOV vs. DNOV - 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 FT Vest U.S. Equity Deep Buffer ETF - November (DNOV). 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	DNOV	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.49	-0.73
Sortino ratio: Return per unit of downside risk	2.55	3.75	-1.19
Omega ratio: Gain probability vs. loss probability	1.35	1.51	-0.16
Calmar ratio: Return relative to maximum drawdown	2.38	3.40	-1.02
Martin ratio: Return relative to average drawdown	11.79	18.03	-6.24

PNOV vs. DNOV - Sharpe Ratio Comparison

The current PNOV Sharpe Ratio is 1.76, which is comparable to the DNOV Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of PNOV and DNOV, 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. DNOV - Drawdown Comparison

The maximum PNOV drawdown since its inception was -18.51%, which is greater than DNOV's maximum drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for PNOV and DNOV.

Drawdown Indicators

	PNOV	DNOV	Difference
Max Drawdown Largest peak-to-trough decline	-18.51%	-15.03%	-3.48%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-4.18%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-9.98%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-10.63%	-9.98%	-0.65%
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.62%	-1.97%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.79%	+0.19%

Volatility

PNOV vs. DNOV - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - November (PNOV) has a higher volatility of 1.97% compared to FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) at 1.35%. This indicates that PNOV's price experiences larger fluctuations and is considered to be riskier than DNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNOV	DNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	1.35%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	5.44%	4.31%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	6.57%	5.71%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.98%	7.64%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.49%	8.96%	+1.53%

PNOV vs. DNOV - Expense Ratio Comparison

PNOV has a 0.79% expense ratio, which is lower than DNOV's 0.85% expense ratio.

Dividends

PNOV vs. DNOV - Dividend Comparison

Neither PNOV nor DNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PNOV and DNOV in my portfolio?

With a correlation of 0.92, PNOV and DNOV 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, PNOV or DNOV?

PNOV has higher volatility (1.97%) compared to DNOV (1.35%). In terms of maximum drawdown, PNOV dropped -18.51% vs DNOV's -15.03%.

Which ETF is better, PNOV or DNOV?

On 5-year performance, DNOV leads with 8.27% vs 8.06% for PNOV. On fees, PNOV is cheaper at 0.79% per year. On volatility, DNOV has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PNOV or DNOV?

Over the 5-year period, DNOV has performed better with a 8.27% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PNOV or DNOV?

PNOV is cheaper with a 0.79% expense ratio, compared with 0.85% for DNOV.

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

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

What is the main difference between PNOV and DNOV?

PNOV tracks Cboe S&P 500 15% Buffer Protect November Series Index, while DNOV tracks S&P 500. They also come from different issuers: Innovator and FT Vest. Their fees differ too: 0.79% for PNOV and 0.85% for DNOV.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (2.49 vs 1.76), 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.