XNOV vs. JANP

Last updated Aug 2, 2026

XNOV (FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November) and JANP (PGIM US Large-Cap Buffer 12 ETF - January) are both Options Trading funds. Both are actively managed. Over the past year, XNOV returned 11.63% vs 15.16% for JANP. Their correlation of 0.90 means they have usually moved in the same direction. XNOV charges 0.85%/yr vs 0.50%/yr for JANP.

Performance

XNOV vs. JANP - 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 PGIM US Large-Cap Buffer 12 ETF - January (JANP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XNOV achieves a 5.36% return, which is significantly lower than JANP's 6.98% return.

XNOV

• 1D: 0.28%
• 1M: 0.72%
• 6M: 4.70%
• YTD: 5.36%
• 1Y: 11.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.18%

JANP

• 1D: 0.47%
• 1M: 0.73%
• 6M: 5.96%
• YTD: 6.98%
• 1Y: 15.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.05%

*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)
JANP PGIM US Large-Cap Buffer 12 ETF - January	$150.92K	$191.93K	$259.07K
XNOV FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November	$34.74K	$60.46K	$588.27K

XNOV vs. JANP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XNOV FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November	5.36%	11.32%	8.26%
JANP PGIM US Large-Cap Buffer 12 ETF - January	6.98%	13.33%	15.74%

Correlation

The correlation between XNOV and JANP 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 (All Time) Calculated using the full available price history since Jan 2, 2024	0.90

The correlation between XNOV and JANP has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

XNOV vs. JANP — Risk / Return Rank

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

XNOV

XNOV Risk / Return Rank: 92
XNOV Sharpe Ratio Rank: 93
XNOV Sortino Ratio Rank: 94
XNOV Omega Ratio Rank: 95
XNOV Calmar Ratio Rank: 83
XNOV Martin Ratio Rank: 94

JANP

JANP Risk / Return Rank: 81
JANP Sharpe Ratio Rank: 78
JANP Sortino Ratio Rank: 80
JANP Omega Ratio Rank: 85
JANP Calmar Ratio Rank: 75
JANP Martin Ratio Rank: 88

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.

XNOV vs. JANP - 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 PGIM US Large-Cap Buffer 12 ETF - January (JANP). 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	JANP	Difference
Sharpe ratio: Return per unit of total volatility	2.55	1.80	+0.75
Sortino ratio: Return per unit of downside risk	3.85	2.62	+1.24
Omega ratio: Gain probability vs. loss probability	1.57	1.38	+0.20
Calmar ratio: Return relative to maximum drawdown	3.09	2.66	+0.43
Martin ratio: Return relative to average drawdown	17.85	13.31	+4.53

XNOV vs. JANP - Sharpe Ratio Comparison

The current XNOV Sharpe Ratio is 2.55, which is higher than the JANP Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of XNOV and JANP, 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. JANP - Drawdown Comparison

The maximum XNOV drawdown since its inception was -10.00%, smaller than the maximum JANP drawdown of -12.18%. Use the drawdown chart below to compare losses from any high point for XNOV and JANP.

Drawdown Indicators

	XNOV	JANP	Difference
Max Drawdown Largest peak-to-trough decline	-10.00%	-12.18%	+2.18%
Max Drawdown (1Y) Largest decline over 1 year	-3.60%	-5.32%	+1.72%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.87%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.06%	-0.44%

Volatility

XNOV vs. JANP - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - November (XNOV) is 0.77%, while PGIM US Large-Cap Buffer 12 ETF - January (JANP) has a volatility of 1.78%. This indicates that XNOV experiences smaller price fluctuations and is considered to be less risky than JANP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XNOV	JANP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	1.78%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	3.86%	6.88%	-3.02%
Volatility (1Y) Calculated over the trailing 1-year period	4.37%	7.88%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.78%	9.22%	-2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.78%	9.22%	-2.44%

XNOV vs. JANP - Expense Ratio Comparison

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

Dividends

XNOV vs. JANP - Dividend Comparison

Neither XNOV nor JANP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XNOV and JANP in my portfolio?

With a correlation of 0.92, XNOV and JANP 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, XNOV or JANP?

JANP has higher volatility (1.78%) compared to XNOV (0.77%). In terms of maximum drawdown, XNOV dropped -10.00% vs JANP's -12.18%.

Which ETF is better, XNOV or JANP?

On 1-year performance, JANP leads with 15.16% vs 11.63% for XNOV. On fees, JANP is cheaper at 0.50% per year. On volatility, XNOV has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XNOV or JANP?

Over the 1-year period, JANP has performed better with a 15.16% return vs 11.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XNOV or JANP?

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

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

XNOV and JANP have nearly identical dividend yields, around 0.00%.

What is the main difference between XNOV and JANP?

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

Which has better risk-adjusted returns?

XNOV currently has the higher Sharpe Ratio (2.55 vs 1.80), 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.