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Data as of Oct 28, 2026.

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IVV vs NOVZ: Differences, Returns & Fees

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Over the year to Oct 28, 2026, IVV returned +13.7% to NOVZ's +8.5%, and IVV charges 0.03% to NOVZ's 0.79%.

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Net assets on Oct 27, 2026: $885.1bn for iShares Core S&P 500 ETF and $37m for TrueShares Structured Outcome (November) ETF.

IVV on its own →NOVZ on its own →
At a glance
+13.7%
IVV total return, 1 year
+8.5%
NOVZ total return, 1 year
0.03%
IVV expense ratio
0.79%
NOVZ expense ratio

Pair scorecard

IVV costs 0.76 points a year less; their one-year returns differ by 5.2 points; IVV is far larger, $885.1bn against $37m.

IVV vs NOVZ: Differences, Returns & Fees
MeasureIVVNOVZ
Return
Total return, 1 year+13.7%+8.5%
Drawdown
Index fall to the buffer11.1%
Fund price fall to the buffer4.5%
Benchmark
What it tracksS&P 500SPX
The outcome period
Buffer left, in index points10.0% of 10.0%
Days left in the period4
Period endsOct 30, 2026
Cost and size
Expense ratio0.03%0.79%
Net assets, as of Oct 27, 2026$885.1bn$37m
Holdings
Holdings in commonnot published
In the S&P 500, by weight100%
Top ten holdings, share of the fund38.1%

Method

Side by side

IVV iShares Core S&P 500 ETF NOVZ TrueShares Structured Outcome (November) ETF
Where it sits Stock ETF Buffer ETF
Issuer iShares TrueShares
What it is Tracks the S&P 500 Defined outcome, 10% on SPX
Total return, 1 year +13.7% +8.5%
Its benchmark over the same days +13.6% (SPY) +12.4% (SPX)
Gap to its benchmark +0.1 pts vs SPY −3.9 pts vs SPX
Expense ratio 0.03% 0.79%
Holdings 505 not read by ETFIQ
Net assets, as of Oct 27, 2026 $885.1bn $37m

IVV and NOVZ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
IVV

IVV tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.6% for its benchmark, the S&P 500. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 38.1%.

NOVZ

4 days remained on Oct 26, 2026.

This fund has no cap. It takes a share of any further rise in SPX. The fund's price can fall 4.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPX can fall 11.1% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPX level. On Oct 30, 2026 the period ends and new terms are set.

Questions people ask

Are IVV and NOVZ in the same category?
IVV is a stock ETF and NOVZ is a buffer ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, IVV or NOVZ?
In the year to Oct 28, 2026, with distributions reinvested, IVV returned +13.7% and NOVZ +8.5%.
Which is cheaper, IVV or NOVZ?
IVV is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
IVV vs OCTZAUGZ vs IVVIVV vs SEPZDECZ vs IVVNOVZ vs SPYNOVZ vs VOONOVZ vs SPYMIVV vs JULZ
Where to next
IVV on its own →NOVZ on its own →Hold both: look the portfolio through →Rankings →IVV dividend history →IVV holdings →NOVZ dividend history →Standards and sources →
Sources and dates
IVV filings on SEC EDGAR ↗
IVV prospectus with the expense ratio (SEC) ↗
iShares page for IVV ↗
NOVZ filings on SEC EDGAR ↗
TrueShares website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, IVV against NOVZ, data as of Oct 28, 2026. https://etfiq.com/compare/any/ivv-vs-novz

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