ZNOV vs. BUFP

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP).

ZNOV and BUFP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZNOV is an actively managed fund by Innovator. It was launched on Oct 31, 2024. BUFP is a passively managed fund by PGIM that tracks the performance of the S&P 500. It was launched on Jun 11, 2024.

Performance

ZNOV vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

ZNOV vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November	-0.47%	6.27%	0.76%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	-1.34%	12.92%	1.80%

Returns By Period

In the year-to-date period, ZNOV achieves a -0.47% return, which is significantly higher than BUFP's -1.34% return.

ZNOV

• 1D: 0.46%
• 1M: -1.01%
• YTD: -0.47%
• 6M: 0.58%
• 1Y: 5.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: 1.96%
• 1M: -2.04%
• YTD: -1.34%
• 6M: 1.19%
• 1Y: 13.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZNOV vs. BUFP - Expense Ratio Comparison

ZNOV has a 0.79% expense ratio, which is higher than BUFP's 0.50% expense ratio.

ZNOV

Innovator Equity Defined Protection ETF - 1 Yr November

BUFP

PGIM Laddered S&P 500 Buffer 12 ETF

Return for Risk

ZNOV vs. BUFP — Risk / Return Rank

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

ZNOV

ZNOV Risk / Return Rank: 88
ZNOV Sharpe Ratio Rank: 83
ZNOV Sortino Ratio Rank: 89
ZNOV Omega Ratio Rank: 88
ZNOV Calmar Ratio Rank: 88
ZNOV Martin Ratio Rank: 91

BUFP

BUFP Risk / Return Rank: 75
BUFP Sharpe Ratio Rank: 69
BUFP Sortino Ratio Rank: 73
BUFP Omega Ratio Rank: 81
BUFP Calmar Ratio Rank: 67
BUFP Martin Ratio Rank: 85

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.

ZNOV vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	ZNOV	BUFP	Difference
Sharpe ratio Return per unit of total volatility	1.67	1.23	+0.45
Sortino ratio Return per unit of downside risk	2.54	1.86	+0.68
Omega ratio Gain probability vs. loss probability	1.37	1.31	+0.06
Calmar ratio Return relative to maximum drawdown	2.90	1.71	+1.19
Martin ratio Return relative to average drawdown	12.70	9.81	+2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZNOV vs. BUFP - Sharpe Ratio Comparison

The current ZNOV Sharpe Ratio is 1.67, which is higher than the BUFP Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of ZNOV and BUFP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZNOV	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.23	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	1.02	+0.34

Correlation

The correlation between ZNOV and BUFP is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZNOV vs. BUFP - Dividend Comparison

ZNOV has not paid dividends to shareholders, while BUFP's dividend yield for the trailing twelve months is around 0.01%.

	TTM	2025	2024
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November	0.00%	0.00%	0.00%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%

Drawdowns

ZNOV vs. BUFP - Drawdown Comparison

The maximum ZNOV drawdown since its inception was -3.31%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for ZNOV and BUFP.

Drawdown Indicators

	ZNOV	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-3.31%	-11.98%	+8.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	-8.16%	+6.05%
Current Drawdown Current decline from peak	-1.15%	-2.54%	+1.39%
Average Drawdown Average peak-to-trough decline	-0.40%	-1.08%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.42%	-0.94%

Volatility

ZNOV vs. BUFP - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) is 1.02%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 3.41%. This indicates that ZNOV experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZNOV	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	3.41%	-2.39%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	4.99%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	11.11%	-7.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	9.79%	-6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.45%	9.79%	-6.34%