Which has more room to gain, BNOV or NVBW?

From their prices on Nov 4, 2026, BNOV can gain about 18.9% before its cap and NVBW about 11.2%, so BNOV has more room left this period.

Which resets first, BNOV or NVBW?

BNOV ends its outcome period on Oct 31, 2027 and NVBW on Oct 31, 2027. 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.

Data as of Nov 4, 2026.

Buffer ETFs

BNOV vs NVBW: Cap, Buffer & Days Left

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As of Nov 4, 2026 NVBW can fall 1.4% before its buffer engages and BNOV 1.1%.

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Net assets: $198m on Nov 4, 2026 for Innovator U.S. Equity Buffer ETF - Nov, and $101m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Nov.

BNOV on its own →NVBW on its own →

At a glance

1.1%

BNOV can fall this far before its buffer

1.4%

NVBW can fall this far before its buffer

18.9%

BNOV can still gain

11.2%

NVBW can still gain

BNOV Between buffer and cap

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.

NVBW Between buffer and cap

NVBW: reference +1.5% since period start, fund +0.7%; buffer 0 to −20; cap +12.7%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

NVBW costs 0.05 points a year less; their one-year returns differ by 0.8 points; BNOV is 1.9 times larger.

Points (pts) are percentage points.

BNOV vs NVBW: Cap, Buffer & Days Left
Measure	BNOV	NVBW
Return
Measure	BNOV	NVBW
Total return, 1 year	+12.0%	+11.2%
Benchmark
Measure	BNOV	NVBW
What it tracks	SPY	SPY
Cost and size
Measure	BNOV	NVBW
Expense ratio	0.79%	0.74%
Net assets, as of Nov 3, 2026	$193m	$101m
Holdings
Measure	BNOV	NVBW
Holdings in common	not published

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

IQ Buffer Score20.5BNOV96.4NVBW

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

BNOV 20.5

NVBW 96.4

0.3, the lowest in this set 99.7, the highest

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 →

Method

Risk and return

Nov 11, 2022 to Oct 30, 2026 · 207 weekly returns · each against SPY

BNOV NVBW

Return

Total return edge BNOV +59.4% +45.4%

Annualized edge BNOV +12.4% +9.9%

Price return edge BNOV +59.4% +45.4%

Risk

Volatility edge NVBW 9.8% 6.1%

Max drawdown edge NVBW −12.0% −7.3%

Downside capture 72.8% 41.5%

Beta 0.67 0.40

Risk-adjusted

Sharpe edge NVBW (slight) 0.78 0.82

Sortino edge NVBW (slight) 1.16 1.20

Treynor 0.114 0.124

Calmar edge NVBW 1.04 1.35

Against the benchmark

Alpha −1.6% a year −0.5% a year

Alpha t-stat −1.03 −0.42

Information ratio −1.12 −1.01

Tracking error 5.5% 8.7%

Reading

From Nov 2022 to Oct 2026, BNOV returned more: +59.4% to +45.4%. NVBW swung less: 6.1% to 9.8%. NVBW fell less at its worst: −7.3% to −12.0%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: BNOV vs NVBW: Cap, Buffer & Days Left
Measure	BNOV	NVBW	SPY	Edge	How it is measured
Return
Total return	+59.4%	+45.4%		BNOV	Price change plus distributions, reinvested.
Annualized	+12.4%	+9.9%		BNOV	Total return as a yearly rate.
Price return	+59.4%	+45.4%		BNOV	Price change alone, distributions left out.
Risk
Volatility	9.8%	6.1%		NVBW	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	6.6%	4.2%		NVBW	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−12.0%	−7.3%		NVBW	Deepest fall from a high to the low after it.
Upside capture	56.5%	31.5%	100.0%	BNOV	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	72.8%	41.5%	100.0%	NVBW	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.67	0.40	1.00	NVBW lower	How far it moves for each 1% its benchmark moves.
R squared	0.90	0.83	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.78	0.82		NVBW (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.16	1.20		NVBW (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.114	0.124	0.138	NVBW (slight)	Return above Treasury bills per unit of beta.
Calmar	1.04	1.35		NVBW	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	−1.6% a year	−0.5% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−1.03	−0.42		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−4.7% to +1.5%	−3.1% to +2.0%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−1.12	−1.01		NVBW (slight)	Return against its benchmark per unit of tracking error.
Tracking error	5.5%	8.7%	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, 207 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

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	+0.2%	+2.7%	+0.6 pts	+3.1 pts
6 months	+4.5%	+5.8%	0.0 pts	+1.3 pts
1 year	+12.0%	+11.2%	−1.6 pts	−2.4 pts
3 years	+49.2%	+35.7%	−27.2 pts	−40.7 pts
Since launchNot the same days: BNOV Nov 2019 · NVBW Nov 2022	+91.2%	+48.2%	−59.3 pts	−51.2 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

BNOV Innovator U.S. Equity Buffer ETF - Nov · Absorbs the first 9% of loss on SPY and caps the gain at 20.3%, over a period ending Oct 31, 2027 NVBW AllianzIM U.S. Equity Buffer20 ETF - Nov · Absorbs the first 20% of loss on SPY and caps the gain at 12.7%, over a period ending Oct 31, 2027

Issuer Innovator AllianzIM

Reference index SPY SPY

Buffer 9% 20%

Outcome period Oct 31, 2026 to Oct 31, 2027 Nov 1, 2026 to Oct 31, 2027

Days left 361 361

Starting cap +20.3% +12.7%

Can still gain 18.9% 11.2%

Fall before buffer 1.1% 1.4%

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

Index return this period +1.4% +1.5%

Fund return this period +1.1% +0.7%

State today Open Open

Expense ratio 0.79% 0.74%

Net assets, BNOV as of Nov 4, 2026 and NVBW as of Nov 3, 2026 $198m $101m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

BNOV resets first, on Oct 31, 2027, 361 days from now; NVBW runs to Oct 31, 2027, 361 days. BNOV can still gain 18.9% before its cap, NVBW 11.2%. A fall from here reaches BNOV’s buffer after 1.1% and NVBW’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

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.

NVBW

From its price on Nov 4, 2026, the fund can gain about 11.2% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's number. 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 Nov 4, 2026, BNOV can gain about 18.9% before its cap and NVBW about 11.2%, so BNOV has more room left this period.
Which resets first, BNOV or NVBW?: BNOV ends its outcome period on Oct 31, 2027 and NVBW on Oct 31, 2027. 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 GOCT BNOV vs PNOV BNOV vs FOCT BNOV vs UNOV NVBW vs ZNOV NVBW vs UNOV NVBW vs OCTM NVBW vs PBNV

Where to next

SPY →BNOV on its own →NVBW on its own →Method →Standards and sources →

Sources and dates

BNOV filings on SEC EDGAR ↗

Innovator page for BNOV ↗

NVBW filings on SEC EDGAR ↗

AllianzIM page for NVBW ↗

Links are sources, not endorsements. 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 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.

Cite this pageCitation, APA and Markdown

ETFIQ, BNOV against NVBW, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bnov-vs-nvbw

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