Data as of Nov 4, 2026.
DECP vs FNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 FNOV can fall 13.3% before its buffer engages and DECP 10.6%, and FNOV resets 10 days sooner.
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Net assets: $39m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - December, and $1.3bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - November.
DECP: reference +12.2% since period start, fund +11.3%; buffer 0 to −12; cap +14.8%; Between buffer and cap. Data to Nov 4, 2026.
DECP: reference +12.2% since period start, fund +11.3%; buffer 0 to −12; cap +14.8%; Between buffer and cap. Data to Nov 4, 2026.FNOV: reference +16.3% since period start, fund +14.4%; buffer 0 to −10; cap +16.6%; Between buffer and cap. Data to Nov 4, 2026.
FNOV: reference +16.3% since period start, fund +14.4%; buffer 0 to −10; cap +16.6%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
DECP costs 0.35 points a year less; their one-year returns differ by 0.1 points; FNOV is far larger, $1.3bn against $38m.
Points (pts) are percentage points.
| Measure | DECP | FNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.5% | +13.6% |
| Drawdown | ||
| Index fall to the buffer | 10.9% | 14.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.85% |
| Net assets, as of Nov 3, 2026 | $38m | $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
May 31, 2024 to Oct 30, 2026 · 126 weekly returns · each against SPYFrom May 2024 to Oct 2026, DECP and FNOV returned about the same: +32.9% and +32.7%. FNOV swung less: 8.6% to 9.9%. DECP fell slightly less at its worst: −10.5% to −11.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | DECP | FNOV | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +32.9% | +32.7% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +12.5% | +12.4% | Tie | Total return as a yearly rate. | |
| Price return | +32.9% | +32.7% | Tie | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 9.9% | 8.6% | FNOV | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 6.6% | 5.8% | FNOV | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −10.5% | −11.6% | DECP (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 53.1% | 46.4% | 100.0% | DECP | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 66.8% | 57.8% | 100.0% | FNOV | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.60 | 0.55 | 1.00 | FNOV lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.80 | 0.89 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.81 | 0.91 | FNOV | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.23 | 1.35 | FNOV (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.133 | 0.142 | 0.129 | FNOV (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.19 | 1.07 | DECP | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.2% a year | +0.7% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.09 | 0.39 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −5.4% to +5.9% | −3.0% to +4.4% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.67 | −0.71 | DECP (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.3% | 7.2% | 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 | DECP | FNOV | DECP | FNOV |
| 3 months | +1.7% | +2.2% | +2.0 pts | +2.6 pts |
| 6 months | +5.3% | +5.8% | +0.8 pts | +1.3 pts |
| 1 year | +13.5% | +13.6% | −0.1 pts | +0.1 pts |
| 3 years | – | +54.4% | – | −22.0 pts |
| Since launchNot the same days: DECP May 2024 · FNOV Nov 2019 | +34.3% | +98.7% | −10.5 pts | −47.1 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
FNOV resets first, on Nov 20, 2026, 16 days from now; DECP runs to Nov 30, 2026, 26 days. DECP can still gain 2.8% before its cap, FNOV 1.2%. A fall from here reaches DECP’s buffer after 10.6% and FNOV’s after 13.3%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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DECP
From its price on Nov 4, 2026, the fund can gain about 2.8% more before it reaches its cap. The fund's price can fall 10.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.9% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% 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.
FNOV
From its price on Nov 4, 2026, the fund can gain about 1.2% more before it reaches its cap. The fund's price can fall 13.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.0% 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. 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, DECP against FNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/decp-vs-fnov
ETFIQ. (Nov 4, 2026). DECP against FNOV. Retrieved from https://etfiq.com/compare/buffer/decp-vs-fnov
[DECP against FNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/decp-vs-fnov)
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