Data as of Nov 4, 2026.
BNOV vs PBNV: Cap, Buffer & Days Left
As of Nov 4, 2026 PBNV can fall 1.2% before its buffer engages and BNOV 1.1%.
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Net assets on Nov 4, 2026: $198m for Innovator U.S. Equity Buffer ETF - Nov and $42m for PGIM S&P 500 Buffer 20 ETF - November .
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.PBNV: 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.
PBNV: 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
PBNV costs 0.29 points a year less; their one-year returns differ by 0.8 points; BNOV is 4.7 times larger.
Points (pts) are percentage points.
| Measure | BNOV | PBNV |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.0% | +11.2% |
| Drawdown | ||
| Index fall to the buffer | 1.4% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.50% |
| Net assets | $198m | $42m |
| 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
May 31, 2024 to Oct 30, 2026 · 126 weekly returns · each against SPYFrom May 2024 to Oct 2026, BNOV returned slightly more: +31.3% to +28.4%. PBNV swung less: 6.0% to 9.6%. PBNV fell less at its worst: −7.2% to −12.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | BNOV | PBNV | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +31.3% | +28.4% | BNOV (slight) | Price change plus distributions, reinvested. | |
| Annualized | +11.9% | +10.9% | BNOV (slight) | Total return as a yearly rate. | |
| Price return | +31.3% | +28.4% | BNOV (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 9.6% | 6.0% | PBNV | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 6.4% | 3.9% | PBNV | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −12.0% | −7.2% | PBNV | Deepest fall from a high to the low after it. | |
| Upside capture | 52.0% | 32.1% | 100.0% | BNOV | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 66.7% | 38.8% | 100.0% | PBNV | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.62 | 0.40 | 1.00 | PBNV lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.90 | 0.94 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.78 | 1.05 | PBNV | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.17 | 1.61 | PBNV | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.121 | 0.159 | 0.129 | PBNV | Return above Treasury bills per unit of beta. |
| Calmar | 0.99 | 1.51 | PBNV | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.5% a year | +1.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.25 | 1.27 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −4.5% to +3.5% | −0.7% to +3.0% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.85 | −0.74 | PBNV | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.4% | 9.0% | 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, 126 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BNOV | PBNV | BNOV | PBNV |
| 3 months | +0.2% | +2.6% | +0.6 pts | +3.0 pts |
| 6 months | +4.5% | +5.7% | 0.0 pts | +1.2 pts |
| 1 year | +12.0% | +11.2% | −1.6 pts | −2.4 pts |
| 3 years | +49.2% | – | −27.2 pts | – |
| Since launchNot the same days: BNOV Nov 2019 · PBNV May 2024 | +91.2% | +29.2% | −59.3 pts | −15.5 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
BNOV resets first, on Oct 31, 2027, 361 days from now; PBNV runs to Oct 31, 2027, 361 days. BNOV can still gain 18.9% before its cap, PBNV 11.5%. A fall from here reaches BNOV’s buffer after 1.1% and PBNV’s after 1.2%. 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.
PBNV
From its price on Nov 4, 2026, the fund can gain about 11.5% more before it reaches its cap. The fund's price can fall 1.2% 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
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.
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ETFIQ, BNOV against PBNV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/bnov-vs-pbnv
ETFIQ. (Nov 4, 2026). BNOV against PBNV. Retrieved from https://etfiq.com/compare/buffer/bnov-vs-pbnv
[BNOV against PBNV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/bnov-vs-pbnv)
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