Data as of Nov 4, 2026.
VOO vs XNOV: Differences, Returns & Fees
Over the year to Nov 4, 2026, VOO returned +14.8% to XNOV's +10.3%, and VOO charges 0.03% to XNOV's 0.85%.
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Net assets: $1.0tn on Oct 31, 2026 for Vanguard S&P 500 ETF, and $25m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - November.
Pair scorecard
VOO costs 0.82 points a year less; their one-year returns differ by 4.5 points.
| Measure | VOO | XNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.8% | +10.3% |
| Drawdown | ||
| Index fall to the buffer | 14.0% | |
| Fund price fall to the buffer | 9.9% | |
| Benchmark | ||
| What it tracks | S&P 500 Index | SPY |
| The outcome period | ||
| Buffer left, in index points | 15.0% of 15.0% | |
| Days left in the period | 16 | |
| Period ends | Nov 20, 2026 | |
| Cost and size | ||
| Expense ratio | 0.03% | 0.85% |
| Net assets, VOO as of Oct 31, 2026 and XNOV as of Nov 3, 2026 | $1.0tn | $25m |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Holdings dated | Sep 30, 2026 | |
| Top ten holdings, share of the fund | 39.1% | |
Risk and return
Dec 1, 2023 to Oct 30, 2026 · 152 weekly returnsEach against its own benchmark: VOO against IVV, Sep 17, 2010 to Oct 30, 2026; XNOV against SPY, Dec 1, 2023 to Oct 30, 2026.
From Dec 2023 to Oct 2026, VOO returned more: +71.1% to +31.2%. XNOV swung less: 5.6% to 13.9%. XNOV fell less at its worst: −8.5% to −16.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | VOO | XNOV | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +71.1% | +31.2% | VOO | Price change plus distributions, reinvested. |
| Annualized | +20.2% | +9.7% | VOO | Total return as a yearly rate. |
| Price return | +64.7% | +31.2% | VOO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 13.9% | 5.6% | XNOV | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 9.0% | 3.9% | XNOV | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −16.7% | −8.5% | XNOV | Deepest fall from a high to the low after it. |
| Upside capture | 99.8% | 25.6% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.9% | 30.7% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 0.35 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.76 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.08 | 0.90 | VOO | Return above Treasury bills per unit of volatility. |
| Sortino | 1.66 | 1.28 | VOO | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.133 | 0.145 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.21 | 1.14 | VOO (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IVV | SPY | The ETF each fund is measured against. | |
| Alpha | 0.0% a year | −0.1% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.50 | −0.09 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.1% to +0.2% | −3.4% to +3.1% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.02 | −1.03 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.4% | 9.5% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 152 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
VOO and XNOV on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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VOO
VOO 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 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 39.1%.
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 VOO and XNOV in the same category?
- VOO 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, VOO or XNOV?
- In the year to Nov 4, 2026, with distributions reinvested, VOO returned +14.8% and XNOV +10.3%.
- Which is cheaper, VOO or XNOV?
- VOO is cheaper, by 0.82 percentage points a year. That is about $82 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, VOO against XNOV, data as of Nov 4, 2026. https://etfiq.com/compare/any/voo-vs-xnov
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