Data as of Nov 4, 2026.
BDEC vs DNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 DNOV can fall 15.6% before its buffer engages and BDEC 11.0%, and DNOV resets 10 days sooner.
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Net assets: $214m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - Dec, and $410m on Nov 3, 2026 for FT Vest U.S. Equity Deep Buffer ETF - November.
BDEC: reference +12.2% since period start, fund +11.4%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Data to Nov 4, 2026.
BDEC: reference +12.2% since period start, fund +11.4%; buffer 0 to −9; cap +17.4%; Between buffer and cap. Data to Nov 4, 2026.DNOV: reference +16.3% since period start, fund +11.6%; buffer −5 to −30; cap +12.9%; At its cap. Data to Nov 4, 2026.
DNOV: reference +16.3% since period start, fund +11.6%; buffer −5 to −30; cap +12.9%; At its cap. Data to Nov 4, 2026.Pair scorecard
BDEC costs 0.06 points a year less; their one-year returns differ by 1.0 point; DNOV is 1.9 times larger.
Points (pts) are percentage points.
| Measure | BDEC | DNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.2% | +12.2% |
| Drawdown | ||
| Index fall to the buffer | 10.8% | 18.3% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $211m | $410m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
Dec 13, 2019 to Oct 30, 2026 · 359 weekly returns · each against SPYFrom Dec 2019 to Oct 2026, BDEC returned more: +103.9% to +71.9%. DNOV swung less: 8.3% to 13.2%. DNOV fell less at its worst: −14.5% to −23.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | BDEC | DNOV | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +103.9% | +71.9% | BDEC | Price change plus distributions, reinvested. | |
| Annualized | +10.9% | +8.2% | BDEC | Total return as a yearly rate. | |
| Price return | +103.9% | +71.9% | BDEC | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 13.2% | 8.3% | DNOV | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 9.2% | 5.8% | DNOV | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −23.8% | −14.5% | DNOV | Deepest fall from a high to the low after it. | |
| Upside capture | 55.8% | 29.8% | 100.0% | BDEC | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 75.0% | 47.2% | 100.0% | DNOV | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.69 | 0.40 | 1.00 | DNOV lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.95 | 0.83 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.63 | 0.64 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.90 | 0.91 | Tie | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.120 | 0.131 | 0.129 | DNOV (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 0.46 | 0.56 | DNOV | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.6% a year | +0.1% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.55 | 0.06 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.7% to +1.5% | −2.5% to +2.7% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.71 | −0.65 | DNOV (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.5% | 11.7% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 359 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BDEC | DNOV | BDEC | DNOV |
| 3 months | +0.9% | +2.1% | +1.3 pts | +2.5 pts |
| 6 months | +5.0% | +5.0% | +0.5 pts | +0.5 pts |
| 1 year | +13.2% | +12.2% | −0.4 pts | −1.4 pts |
| 3 years | +55.1% | +47.4% | −21.3 pts | −29.0 pts |
| Since launchNot the same days: BDEC Dec 2019 · DNOV Nov 2019 | +109.1% | +74.1% | −37.0 pts | −71.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
DNOV is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
DNOV resets first, on Nov 20, 2026, 16 days from now; BDEC runs to Nov 30, 2026, 26 days. BDEC can still gain 4.7% before its cap, DNOV 0.5%. A fall from here reaches BDEC’s buffer after 11.0% and DNOV’s after 15.6%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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BDEC
From its price on Nov 4, 2026, the fund can gain about 4.7% more before it reaches its cap. The fund's price can fall 11.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.8% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 26 days remained on Nov 4, 2026. On Nov 30, 2026 the period ends and a new cap is set.
DNOV
SPY had already risen past this fund's cap of +12.9% 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 0.5% as the period runs out. The fund's price can fall 15.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 18.3% from today's level to the point where the buffer begins. Protection left, in index points: 25.0% of the 25.0% 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
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How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, BDEC against DNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bdec-vs-dnov
ETFIQ. (Nov 4, 2026). BDEC against DNOV. Retrieved from https://etfiq.com/compare/buffer/bdec-vs-dnov
[BDEC against DNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bdec-vs-dnov)
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