XDEC vs. DNOV

Last updated Jun 23, 2026

XDEC (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December) and DNOV (FT Vest U.S. Equity Deep Buffer ETF - November) are both Defined Outcome funds from FT Vest - XDEC tracks the SPDR S&P 500 ETF Trust - Benchmark TR Gross while DNOV tracks the S&P 500. Both are passively managed. Over the past 3 years, XDEC returned 9.67%/yr vs 12.67%/yr for DNOV. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.85% expense ratio.

Performance

XDEC vs. DNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December (XDEC) 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, XDEC achieves a 4.37% return, which is significantly lower than DNOV's 4.80% return.

XDEC

• 1D: -0.15%
• 1M: 0.42%
• YTD: 4.37%
• 6M: 4.26%
• 1Y: 11.89%
• 3Y*: 9.67%
• 5Y*: —
• 10Y*: —

DNOV

• 1D: -0.13%
• 1M: 0.45%
• YTD: 4.80%
• 6M: 4.66%
• 1Y: 17.36%
• 3Y*: 12.67%
• 5Y*: 8.05%
• 10Y*: —

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

XDEC vs. DNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XDEC FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December	4.37%	9.71%	9.61%	14.37%	-3.38%	1.94%
DNOV FT Vest U.S. Equity Deep Buffer ETF - November	4.80%	13.93%	10.71%	18.52%	-7.50%	1.55%

Correlation

The correlation between XDEC and DNOV 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 (All Time) Calculated using the full available price history since Dec 20, 2021	0.86

The correlation between XDEC and DNOV has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

XDEC vs. DNOV - Sectors Allocation Comparison

Sectors	XDEC	DNOV
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

XDEC vs. DNOV — Risk / Return Rank

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

XDEC

XDEC Risk / Return Rank: 82
XDEC Sharpe Ratio Rank: 82
XDEC Sortino Ratio Rank: 87
XDEC Omega Ratio Rank: 90
XDEC Calmar Ratio Rank: 63
XDEC Martin Ratio Rank: 86

DNOV

DNOV Risk / Return Rank: 91
DNOV Sharpe Ratio Rank: 92
DNOV Sortino Ratio Rank: 94
DNOV Omega Ratio Rank: 94
DNOV Calmar Ratio Rank: 82
DNOV 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.

XDEC vs. DNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December (XDEC) 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.

	XDEC	DNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.51	3.06	-0.54
Sortino ratio: Return per unit of downside risk	3.78	4.62	-0.84
Omega ratio: Gain probability vs. loss probability	1.55	1.64	-0.09
Calmar ratio: Return relative to maximum drawdown	3.06	4.17	-1.11
Martin ratio: Return relative to average drawdown	17.53	22.24	-4.71

XDEC vs. DNOV - Sharpe Ratio Comparison

The current XDEC Sharpe Ratio is 2.51, which is comparable to the DNOV Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of XDEC 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

XDEC vs. DNOV - Drawdown Comparison

The maximum XDEC drawdown since its inception was -11.75%, smaller than the maximum DNOV drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for XDEC and DNOV.

Drawdown Indicators

	XDEC	DNOV	Difference
Max Drawdown Largest peak-to-trough decline	-11.75%	-15.03%	+3.28%
Max Drawdown (1Y) Largest decline over 1 year	-3.91%	-4.18%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-10.08%	-9.98%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.98%	—
Current Drawdown Current decline from peak	-0.26%	-0.26%	0.00%
Average Drawdown Average peak-to-trough decline	-1.64%	-2.00%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.78%	-0.10%

Volatility

XDEC vs. DNOV - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - December (XDEC) is 1.24%, while FT Vest U.S. Equity Deep Buffer ETF - November (DNOV) has a volatility of 1.44%. This indicates that XDEC experiences smaller price fluctuations and is considered to be less risky than DNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XDEC	DNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	1.44%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	4.26%	4.34%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	5.72%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	7.63%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.44%	9.02%	-0.58%

XDEC vs. DNOV - Expense Ratio Comparison

Both XDEC and DNOV have an expense ratio of 0.85%.

Dividends

XDEC vs. DNOV - Dividend Comparison

Neither XDEC nor DNOV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XDEC and DNOV in my portfolio?

XDEC and DNOV 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, XDEC or DNOV?

DNOV has higher volatility (1.44%) compared to XDEC (1.24%). In terms of maximum drawdown, XDEC dropped -11.75% vs DNOV's -15.03%.

Which ETF is better, XDEC or DNOV?

On 3-year performance, DNOV leads with 12.67% vs 9.67% for XDEC. Both ETFs have the same 0.85% expense ratio. On volatility, XDEC has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XDEC or DNOV?

Over the 3-year period, DNOV has performed better with a 12.67% return vs 9.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XDEC or DNOV?

XDEC and DNOV have the same expense ratio: 0.85% per year.

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

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

What is the main difference between XDEC and DNOV?

XDEC tracks SPDR S&P 500 ETF Trust - Benchmark TR Gross, while DNOV tracks S&P 500.

Which has better risk-adjusted returns?

DNOV currently has the higher Sharpe Ratio (3.06 vs 2.51), 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.