Are SPY and XNOV in the same category?

SPY is a stock ETF and XNOV 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, SPY or XNOV?

In the year to Nov 4, 2026, with distributions reinvested, SPY returned +14.8% and XNOV +10.3%.

Which is cheaper, SPY or XNOV?

SPY 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.

Data as of Nov 4, 2026.

Across categories

SPY vs XNOV: Differences, Returns & Fees

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Over the year to Nov 4, 2026, SPY returned +14.8% to XNOV's +10.3%, and SPY charges 0.09% to XNOV's 0.85%.

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Net assets on Nov 3, 2026: $804.8bn for SPDR S&P 500 ETF Trust and $25m for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - November.

SPY on its own →XNOV on its own →

At a glance

+14.8%

SPY total return, 1 year

+10.3%

XNOV total return, 1 year

0.09%

SPY expense ratio

0.85%

XNOV expense ratio

Pair scorecard

SPY costs 0.76 points a year less; their one-year returns differ by 4.5 points; SPY is far larger, $804.8bn against $25m.

SPY vs XNOV: Differences, Returns & Fees
Measure	SPY	XNOV
Return
Measure	SPY	XNOV
Total return, 1 year	+14.8%	+10.3%
Drawdown
Measure	SPY	XNOV
Index fall to the buffer		14.0%
Fund price fall to the buffer		9.9%
Benchmark
Measure	SPY	XNOV
What it tracks	S&P 500 Index	SPY
The outcome period
Measure	SPY	XNOV
Buffer left, in index points		15.0% of 15.0%
Days left in the period		16
Period ends		Nov 20, 2026
Cost and size
Measure	SPY	XNOV
Expense ratio	0.09%	0.85%
Net assets, as of Nov 3, 2026	$804.8bn	$25m
Holdings
Measure	SPY	XNOV
Holdings in common	not published
In the S&P 500, by weight	100%
Top ten holdings, share of the fund	37.3%

Method

Side by side

SPY SPDR S&P 500 ETF Trust XNOV FT Vest U.S. Equity Enhance & Moderate Buffer ETF - November

Where it sits Stock ETF Buffer ETF

Issuer State Street First Trust

What it is Tracks the S&P 500 Defined outcome, 15% on SPY

Total return, 1 year +14.8% +10.3%

Its benchmark over the same days +14.8% (VOO) +13.6% (SPY)

Gap to its benchmark 0.0 pts vs VOO −3.3 pts vs SPY

Expense ratio 0.09% 0.85%

Holdings 504 not read by ETFIQ

Net assets, as of Nov 3, 2026 $804.8bn $25m

SPY and XNOV on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

Alert

About each fund

SPY

SPY tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.3%.

XNOV

SPY had already risen past this fund's cap of +11.1% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.2% as the period runs out.

The fund's price can fall 9.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 16 days remained on Nov 4, 2026. On Nov 20, 2026 the period ends and a new cap is set.

Questions people ask

Are SPY and XNOV in the same category?: SPY is a stock ETF and XNOV 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, SPY or XNOV?: In the year to Nov 4, 2026, with distributions reinvested, SPY returned +14.8% and XNOV +10.3%.
Which is cheaper, SPY or XNOV?: SPY 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

SPY vs XAUG CPSP vs SPY NOVM vs SPY NVBT vs SPY IVV vs XNOV VOO vs XNOV SPYM vs XNOV MART vs SPY

Where to next

SPY on its own →XNOV on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

SPY filings on SEC EDGAR ↗

State Street website ↗

XNOV filings on SEC EDGAR ↗

First Trust page for XNOV ↗

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

Cite this pageCitation, APA and Markdown

ETFIQ, SPY against XNOV, data as of Nov 4, 2026. https://etfiq.com/compare/any/spy-vs-xnov

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