Data as of Nov 4, 2026.
DECT vs FNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 FNOV can fall 13.3% before its buffer engages and DECT 11.0%, and FNOV resets 10 days sooner.
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Net assets on Nov 3, 2026: $37m for AllianzIM U.S. Equity Buffer10 ETF - Dec and $1.3bn for FT Vest U.S. Equity Buffer ETF - November.
DECT: reference +12.2% since period start, fund +11.4%; buffer 0 to −10; cap +16.6%; Between buffer and cap. Data to Nov 4, 2026.
DECT: reference +12.2% since period start, fund +11.4%; 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.
Data to Nov 4, 2026.Pair scorecard
DECT costs 0.11 points a year less; their one-year returns differ by 0.4 points; FNOV is far larger, $1.3bn against $37m.
Points (pts) are percentage points.
| Measure | DECT | FNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.2% | +13.6% |
| Drawdown | ||
| Index fall to the buffer | 10.9% | 14.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.74% | 0.85% |
| Net assets, as of Nov 3, 2026 | $37m | $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
Dec 9, 2022 to Oct 23, 2026 · 202 weekly returns · each against SPYFrom Dec 2022 to Oct 2026, DECT and FNOV returned about the same: +66.1% and +67.2%. FNOV swung slightly less: 9.1% to 9.4%. DECT and FNOV fell about the same at their worst: −11.8% and −11.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | DECT | FNOV | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +66.1% | +67.2% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +14.0% | +14.1% | Tie | Total return as a yearly rate. | |
| Price return | +65.3% | +67.2% | FNOV (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 9.4% | 9.1% | FNOV (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 6.2% | 6.0% | FNOV (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −11.8% | −11.6% | Tie | Deepest fall from a high to the low after it. | |
| Upside capture | 56.8% | 53.6% | 100.0% | DECT (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 71.0% | 66.2% | 100.0% | FNOV (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.65 | 0.62 | 1.00 | FNOV lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.92 | 0.89 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.95 | 0.99 | FNOV (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.44 | 1.50 | FNOV (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.138 | 0.146 | 0.147 | FNOV (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.18 | 1.22 | FNOV (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.6% a year | −0.1% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.44 | −0.04 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.3% to +2.1% | −3.1% to +3.0% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.04 | −0.93 | FNOV | Return against its benchmark per unit of tracking error. | |
| Tracking error | 5.6% | 6.0% | 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, 202 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DECT | FNOV | DECT | FNOV |
| 3 months | +1.1% | +2.2% | +1.4 pts | +2.6 pts |
| 6 months | +5.1% | +5.8% | +0.6 pts | +1.3 pts |
| 1 year | +13.2% | +13.6% | −0.4 pts | +0.1 pts |
| 3 years | +53.8% | +54.4% | −22.6 pts | −22.0 pts |
| Since launchNot the same days: DECT Dec 2022 · FNOV Nov 2019 | +62.7% | +98.7% | −25.6 pts | −47.1 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
FNOV resets first, on Nov 20, 2026, 16 days from now; DECT runs to Nov 30, 2026, 26 days. DECT can still gain 4.0% before its cap, FNOV 1.2%. A fall from here reaches DECT’s buffer after 11.0% 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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DECT
From its price on Nov 4, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 11.0% 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: 10.0% of the 10.0% 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. 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, DECT against FNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dect-vs-fnov
ETFIQ. (Nov 4, 2026). DECT against FNOV. Retrieved from https://etfiq.com/compare/buffer/dect-vs-fnov
[DECT against FNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/dect-vs-fnov)
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