Which has more room to gain, BNOV or NVBW?

From their prices on Oct 13, 2026, BNOV can gain about 3.1% before its cap and NVBW about 0.6%, so BNOV has more room left this period.

Which resets first, BNOV or NVBW?

BNOV ends its outcome period on Oct 31, 2026 and NVBW on Oct 31, 2026. A new cap is set the day after each.

Which is cheaper, BNOV or NVBW?

BNOV charges 0.79% a year and NVBW charges 0.74%, so NVBW is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF

Open in the app Compare their flows Ask IQ about these two funds

BNOV vs NVBW: Cap, Buffer & Days Left

As of Oct 13, 2026 BNOV can fall 12.4% before its buffer engages and NVBW 9.8%. Net assets on Oct 12, 2026: $201m for Innovator U.S. Equity Buffer ETF - Nov and $97m for AllianzIM U.S. Equity Buffer20 ETF - Nov.

NVBW costs 0.05 points a year less; their one-year returns differ by 4.7 points; BNOV is 2.1 times larger.

Points (pts) are percentage points.

BNOV vs NVBW: Cap, Buffer & Days Left
	BNOV	NVBW
Expense ratio	0.79%	0.74%
Net assets, as of Oct 12, 2026	$201m	$97m
Total return, 1 year	+15.7%	+11.0%
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	12.3%

12.4%

BNOV can fall this far before its buffer

9.8%

NVBW can fall this far before its buffer

3.1%

BNOV can still gain

0.6%

NVBW can still gain

BNOVBetween buffer and cap

BNOV: reference +14.0% since period start, fund +13.2%; buffer 0 to −9; cap +17.6%; Between buffer and cap. Figures to Oct 13, 2026.

NVBWAt its cap

NVBW: reference +14.0% since period start, fund +10.0%; buffer 0 to −20; cap +11.4%; At its cap. Figures to Oct 13, 2026.

ETFIQ Downside Cover Score · NVBW scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BNOV 10.4

NVBW 47.1

0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. 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 → How it is computed →

NVBW is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

BNOV resets first, on Oct 31, 2026, 18 days from now; NVBW runs to Oct 31, 2026, 18 days. BNOV can still gain 3.1% before its cap, NVBW 0.6%. A fall from here reaches BNOV’s buffer after 12.4% and NVBW’s after 9.8%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BNOV vs NVBW: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	BNOV	NVBW	BNOV	NVBW
3 months	+4.0%	+3.3%	+0.2 pts	−0.6 pts
6 months	+11.5%	+8.0%	−1.9 pts	−5.4 pts
1 year	+15.7%	+11.0%	−3.5 pts	−8.2 pts
3 years	+51.2%	+33.0%	−29.1 pts	−47.3 pts
Since launch Not the same days: BNOV Nov 2019 · NVBW Nov 2022	+94.4%	+47.2%	−59.8 pts	−55.2 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

On the same fields

BNOV

Innovator U.S. Equity Buffer ETF - Nov · Absorbs the first 9% of loss on SPY and caps the gain at 17.6%, over a period ending Oct 31, 2026

NVBW

AllianzIM U.S. Equity Buffer20 ETF - Nov · Absorbs the first 20% of loss on SPY and caps the gain at 11.4%, over a period ending Oct 31, 2026

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 9% 20%

Outcome period Oct 31, 2025 to Oct 31, 2026 Nov 1, 2025 to Oct 31, 2026

Days left 18 18

Starting cap +17.6% +11.4%

Can still gain 3.1% 0.6%

Fall before buffer 12.4% 9.8%

Protection left, index points 9.0% of 9.0% 20.0% of 20.0%

Index return this period +14.0% +14.0%

Fund return this period +13.2% +10.0%

State today Open At cap

Expense ratio 0.79% 0.74%

Net assets, as of Oct 12, 2026 $201m $97m

As of Oct 13, 2026. Source: ETFIQ.

About BNOV

From its price on Oct 13, 2026, the fund can gain about 3.1% more before it reaches its cap. The fund's price can fall 12.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.3% 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. 18 days remained on Oct 13, 2026. On Oct 31, 2026 the period ends and a new cap is set.

About NVBW

SPY had already risen past this fund's cap of +11.4% for the period on Oct 13, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.6% as the period runs out. The fund's price can fall 9.8% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BNOV or NVBW?: From their prices on Oct 13, 2026, BNOV can gain about 3.1% before its cap and NVBW about 0.6%, so BNOV has more room left this period.
Which resets first, BNOV or NVBW?: BNOV ends its outcome period on Oct 31, 2026 and NVBW on Oct 31, 2026. A new cap is set the day after each.
Which is cheaper, BNOV or NVBW?: BNOV charges 0.79% a year and NVBW charges 0.74%, so NVBW is cheaper. Fees come from each fund's prospectus.

Other comparisons

BNOV vs ZNOV BNOV vs UNOV BNOV vs DHDG BNOV vs SIXZ NVBW vs UNOV NVBW vs ZNOV NVBW vs SIXZ NVBW vs XOCT

SPY →BNOV on its own →NVBW on its own →How every figure is computed →Standards and sources →

Where these figures came from

BNOV filings on SEC EDGAR ↗Innovator page for BNOV ↗NVBW filings on SEC EDGAR ↗AllianzIM page for NVBW ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BNOV against NVBW, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/bnov-vs-nvbw

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.