XNOV vs. BGLD

Last updated Jun 23, 2026

XNOV (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November) and BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) are both exchange-traded funds - XNOV is a Options Trading fund actively managed by FT Vest, while BGLD is a Defined Outcome fund actively managed by FT Vest. Both are actively managed. Over the past year, XNOV returned 13.00% vs 9.22% for BGLD. At a 0.16 correlation, their price movements are largely independent. XNOV charges 0.85%/yr vs 0.91%/yr for BGLD.

Performance

XNOV vs. BGLD - 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 - November (XNOV) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XNOV achieves a 4.30% return, which is significantly higher than BGLD's -3.16% return.

XNOV

• 1D: -0.03%
• 1M: 0.50%
• YTD: 4.30%
• 6M: 4.21%
• 1Y: 13.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BGLD

• 1D: -0.51%
• 1M: -4.22%
• YTD: -3.16%
• 6M: -5.79%
• 1Y: 9.22%
• 3Y*: 18.53%
• 5Y*: 11.11%
• 10Y*: —

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

XNOV vs. BGLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XNOV FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November	4.30%	11.32%	8.26%	2.26%
BGLD FT Vest Gold Strategy Quarterly Buffer ETF	-3.16%	33.03%	21.80%	3.55%

Correlation

The correlation between XNOV and BGLD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.16

Return for Risk

XNOV vs. BGLD — Risk / Return Rank

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

XNOV

XNOV Risk / Return Rank: 89
XNOV Sharpe Ratio Rank: 91
XNOV Sortino Ratio Rank: 94
XNOV Omega Ratio Rank: 95
XNOV Calmar Ratio Rank: 74
XNOV Martin Ratio Rank: 91

BGLD

BGLD Risk / Return Rank: 20
BGLD Sharpe Ratio Rank: 22
BGLD Sortino Ratio Rank: 19
BGLD Omega Ratio Rank: 22
BGLD Calmar Ratio Rank: 19
BGLD Martin Ratio Rank: 20

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.

XNOV vs. BGLD - 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 - November (XNOV) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). 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.

	XNOV	BGLD	Difference
Sharpe ratio: Return per unit of total volatility	3.02	0.74	+2.28
Sortino ratio: Return per unit of downside risk	4.58	1.05	+3.52
Omega ratio: Gain probability vs. loss probability	1.71	1.15	+0.56
Calmar ratio: Return relative to maximum drawdown	3.63	0.81	+2.82
Martin ratio: Return relative to average drawdown	21.01	2.30	+18.71

XNOV vs. BGLD - Sharpe Ratio Comparison

The current XNOV Sharpe Ratio is 3.02, which is higher than the BGLD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of XNOV and BGLD, 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

XNOV vs. BGLD - Drawdown Comparison

The maximum XNOV drawdown since its inception was -10.00%, smaller than the maximum BGLD drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for XNOV and BGLD.

Drawdown Indicators

	XNOV	BGLD	Difference
Max Drawdown Largest peak-to-trough decline	-10.00%	-16.19%	+6.19%
Max Drawdown (1Y) Largest decline over 1 year	-3.60%	-11.42%	+7.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.42%	—
Current Drawdown Current decline from peak	-0.16%	-10.43%	+10.27%
Average Drawdown Average peak-to-trough decline	-0.51%	-3.69%	+3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	4.01%	-3.39%

Volatility

XNOV vs. BGLD - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November (XNOV) is 1.00%, while FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) has a volatility of 4.55%. This indicates that XNOV experiences smaller price fluctuations and is considered to be less risky than BGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XNOV	BGLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	4.55%	-3.55%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	10.78%	-6.89%
Volatility (1Y) Calculated over the trailing 1-year period	4.33%	12.56%	-8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	10.13%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.89%	10.02%	-3.13%

XNOV vs. BGLD - Expense Ratio Comparison

XNOV has a 0.85% expense ratio, which is lower than BGLD's 0.91% expense ratio.

Dividends

XNOV vs. BGLD - Dividend Comparison

XNOV has not paid dividends to shareholders, while BGLD's dividend yield for the trailing twelve months is around 45.77%.

Position	TTM	2025	2024	2023	2022
BGLD FT Vest Gold Strategy Quarterly Buffer ETF	45.77%	44.32%	25.04%	10.49%	0.40%
XNOV FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XNOV and BGLD in my portfolio?

XNOV and BGLD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XNOV or BGLD?

BGLD has higher volatility (4.55%) compared to XNOV (1.00%). In terms of maximum drawdown, XNOV dropped -10.00% vs BGLD's -16.19%.

Which ETF is better, XNOV or BGLD?

On 1-year performance, XNOV leads with 13.00% vs 9.22% for BGLD. On fees, XNOV is cheaper at 0.85% per year. On volatility, XNOV has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XNOV or BGLD?

Over the 1-year period, XNOV has performed better with a 13.00% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XNOV or BGLD?

XNOV is cheaper with a 0.85% expense ratio, compared with 0.91% for BGLD.

Which ETF pays a higher dividend yield, XNOV or BGLD?

BGLD has the higher dividend yield at 45.77%, compared with 0.00% for XNOV.

What is the main difference between XNOV and BGLD?

XNOV is categorized as Options Trading, while BGLD is Defined Outcome. Their fees differ too: 0.85% for XNOV and 0.91% for BGLD.

Which has better risk-adjusted returns?

XNOV currently has the higher Sharpe Ratio (3.02 vs 0.74), 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.