XNOV vs. IVVB

Last updated Jun 6, 2026

XNOV (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November) and IVVB (iShares Large Cap Deep Buffer ETF) are both Options Trading funds. Both are actively managed. Over the past year, XNOV returned 13.05% vs 13.77% for IVVB. Their correlation of 0.83 suggests significant overlap in exposure. XNOV charges 0.85%/yr vs 0.50%/yr for IVVB.

Performance

XNOV vs. IVVB - 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 iShares Large Cap Deep Buffer ETF (IVVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with XNOV having a 3.81% return and IVVB slightly lower at 3.73%.

XNOV

• 1D: -0.46%
• 1M: 0.53%
• YTD: 3.81%
• 6M: 4.28%
• 1Y: 13.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVB

• 1D: -0.88%
• 1M: 0.42%
• YTD: 3.73%
• 6M: 3.31%
• 1Y: 13.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XNOV vs. IVVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XNOV FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November	3.81%	11.32%	8.26%	2.14%
IVVB iShares Large Cap Deep Buffer ETF	3.73%	9.60%	18.66%	1.67%

Correlation

The correlation between XNOV and IVVB is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.83

The correlation between XNOV and IVVB has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

XNOV vs. IVVB - Sectors Allocation Comparison

Sectors	XNOV	IVVB
Technology	36.2%	35.6%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.5%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

XNOV vs. IVVB — Risk / Return Rank

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

XNOV

XNOV Risk / Return Rank: 90
XNOV Sharpe Ratio Rank: 91
XNOV Sortino Ratio Rank: 94
XNOV Omega Ratio Rank: 95
XNOV Calmar Ratio Rank: 76
XNOV Martin Ratio Rank: 92

IVVB

IVVB Risk / Return Rank: 57
IVVB Sharpe Ratio Rank: 58
IVVB Sortino Ratio Rank: 57
IVVB Omega Ratio Rank: 61
IVVB Calmar Ratio Rank: 51
IVVB Martin Ratio Rank: 60

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. IVVB - 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 iShares Large Cap Deep Buffer ETF (IVVB). 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.

	XNOV	IVVB	Difference
Sharpe ratio: Return per unit of total volatility	2.99	1.89	+1.10
Sortino ratio: Return per unit of downside risk	4.51	2.63	+1.88
Omega ratio: Gain probability vs. loss probability	1.70	1.36	+0.35
Calmar ratio: Return relative to maximum drawdown	3.64	2.41	+1.23
Martin ratio: Return relative to average drawdown	21.18	10.33	+10.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XNOV vs. IVVB - Sharpe Ratio Comparison

The current XNOV Sharpe Ratio is 2.99, which is higher than the IVVB Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of XNOV and IVVB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XNOV	IVVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	1.89	+1.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	1.27	+0.20

Drawdowns

XNOV vs. IVVB - Drawdown Comparison

The maximum XNOV drawdown since its inception was -10.00%, smaller than the maximum IVVB drawdown of -13.08%. Use the drawdown chart below to compare losses from any high point for XNOV and IVVB.

Drawdown Indicators

	XNOV	IVVB	Difference
Max Drawdown Largest peak-to-trough decline	-10.00%	-13.08%	+3.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.60%	-5.75%	+2.15%
Current Drawdown Current decline from peak	-0.46%	-0.95%	+0.49%
Average Drawdown Average peak-to-trough decline	-0.51%	-1.60%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.34%	-0.72%

Volatility

XNOV vs. IVVB - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November (XNOV) is 0.69%, while iShares Large Cap Deep Buffer ETF (IVVB) has a volatility of 1.15%. This indicates that XNOV experiences smaller price fluctuations and is considered to be less risky than IVVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XNOV	IVVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	1.15%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	3.86%	5.56%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.40%	7.32%	-2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	9.28%	-2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	9.28%	-2.35%

XNOV vs. IVVB - Expense Ratio Comparison

XNOV has a 0.85% expense ratio, which is higher than IVVB's 0.50% expense ratio.

Dividends

XNOV vs. IVVB - Dividend Comparison

XNOV has not paid dividends to shareholders, while IVVB's dividend yield for the trailing twelve months is around 1.18%.

Position	TTM	2025	2024
IVVB iShares Large Cap Deep Buffer ETF	1.18%	1.22%	0.87%
XNOV FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XNOV and IVVB in my portfolio?

XNOV and IVVB have a correlation of 0.86, 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 IVVB?

IVVB has higher volatility (1.15%) compared to XNOV (0.69%). In terms of maximum drawdown, XNOV dropped -10.00% vs IVVB's -13.08%.

Which ETF is better, XNOV or IVVB?

On 1-year performance, IVVB leads with 13.77% vs 13.05% for XNOV. On fees, IVVB is cheaper at 0.50% per year. On volatility, XNOV has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XNOV or IVVB?

Over the 1-year period, IVVB has performed better with a 13.77% return vs 13.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XNOV or IVVB?

IVVB is cheaper with a 0.50% expense ratio, compared with 0.85% for XNOV.

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

IVVB has the higher dividend yield at 1.18%, compared with 0.00% for XNOV.

What is the main difference between XNOV and IVVB?

They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for XNOV and 0.50% for IVVB.

Which has better risk-adjusted returns?

XNOV currently has the higher Sharpe Ratio (2.99 vs 1.89), 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.