Data as of Nov 4, 2026.
BNOV vs FOCT: Cap, Buffer & Days Left
As of Nov 4, 2026 FOCT can fall 1.3% before its buffer engages and BNOV 1.1%, and FOCT resets 16 days sooner.
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Net assets: $198m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - Nov, and $1.3bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - October.
BNOV: reference +1.4% since period start, fund +1.1%; buffer 0 to −9; cap +20.3%; Between buffer and cap. Data to Nov 4, 2026.
BNOV: reference +1.4% since period start, fund +1.1%; buffer 0 to −9; cap +20.3%; Between buffer and cap. Data to Nov 4, 2026.FOCT: reference +0.5% since period start, fund +0.5%; buffer 0 to −10; cap +17.2%; Between buffer and cap. Data to Nov 4, 2026.
FOCT: reference +0.5% since period start, fund +0.5%; buffer 0 to −10; cap +17.2%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
BNOV costs 0.06 points a year less; their one-year returns differ by 1.7 points; FOCT is 6.7 times larger.
Points (pts) are percentage points.
| Measure | BNOV | FOCT |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.0% | +13.7% |
| Drawdown | ||
| Index fall to the buffer | 1.4% | 0.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.85% |
| Net assets, as of Nov 3, 2026 | $193m | $1.3bn |
| 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
Oct 30, 2020 to Oct 30, 2026 · 313 weekly returns · each against SPYFrom Oct 2020 to Oct 2026, FOCT returned more: +89.9% to +77.5%. FOCT swung slightly less: 10.0% to 10.9%. FOCT fell less at its worst: −13.7% to −15.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | BNOV | FOCT | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +77.5% | +89.9% | FOCT | Price change plus distributions, reinvested. | |
| Annualized | +10.0% | +11.2% | FOCT | Total return as a yearly rate. | |
| Price return | +77.5% | +89.9% | FOCT | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 10.9% | 10.0% | FOCT (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 7.2% | 6.4% | FOCT | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −15.9% | −13.7% | FOCT | Deepest fall from a high to the low after it. | |
| Upside capture | 51.8% | 49.1% | 100.0% | BNOV (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 72.0% | 66.0% | 100.0% | FOCT (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.66 | 0.61 | 1.00 | FOCT lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.91 | 0.92 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.63 | 0.79 | FOCT | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.95 | 1.22 | FOCT | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.104 | 0.130 | 0.133 | FOCT | Return above Treasury bills per unit of beta. |
| Calmar | 0.63 | 0.82 | FOCT | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −1.9% a year | −0.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.42 | −0.15 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −4.5% to +0.7% | −2.5% to +2.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.02 | −0.79 | FOCT | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.3% | 6.8% | 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, 313 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BNOV | FOCT | BNOV | FOCT |
| 3 months | +0.2% | +2.9% | +0.6 pts | +3.3 pts |
| 6 months | +4.5% | +6.7% | 0.0 pts | +2.2 pts |
| 1 year | +12.0% | +13.7% | −1.6 pts | +0.1 pts |
| 3 years | +49.2% | +49.2% | −27.2 pts | −27.2 pts |
| Since launchNot the same days: BNOV Nov 2019 · FOCT Oct 2020 | +91.2% | +85.0% | −59.3 pts | −39.2 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.
Where each one stands today
FOCT resets first, on Oct 15, 2027, 345 days from now; BNOV runs to Oct 31, 2027, 361 days. BNOV can still gain 18.9% before its cap, FOCT 15.8%. A fall from here reaches BNOV’s buffer after 1.1% and FOCT’s after 1.3%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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BNOV
From its price on Nov 4, 2026, the fund can gain about 18.9% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% 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. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.
FOCT
From its price on Nov 4, 2026, the fund can gain about 15.8% more before it reaches its cap. The fund's price can fall 1.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% 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 SPY level. 345 days remained on Nov 4, 2026. On Oct 15, 2027 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, BNOV against FOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bnov-vs-foct
ETFIQ. (Nov 4, 2026). BNOV against FOCT. Retrieved from https://etfiq.com/compare/buffer/bnov-vs-foct
[BNOV against FOCT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bnov-vs-foct)
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