Which has more room to gain, DHDG or ZNOV?

From their prices on Nov 4, 2026, DHDG can gain about 3.9% before its cap and ZNOV about 8.3%, so ZNOV has more room left this period.

Which resets first, DHDG or ZNOV?

DHDG ends its outcome period on Jan 15, 2027 and ZNOV on Oct 31, 2027. A new cap is set the day after each.

Which is cheaper, DHDG or ZNOV?

DHDG charges 0.85% a year and ZNOV charges 0.79%, so ZNOV is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

DHDG vs ZNOV: Cap, Buffer & Days Left

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As of Nov 4, 2026 DHDG can fall 3.1% before its buffer engages and ZNOV 0.4%, and DHDG resets 289 days sooner.

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Net assets: $81m on Nov 3, 2026 for FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF, and $152m on Nov 4, 2026 for Innovator Equity Defined Protection ETF - 1 Yr November.

DHDG on its own →ZNOV on its own →

At a glance

3.1%

DHDG can fall this far before its buffer

0.4%

ZNOV can fall this far before its buffer

3.9%

DHDG can still gain

8.3%

ZNOV can still gain

DHDG Between buffer and cap

DHDG: reference +0.5% since period start, fund +0.4%; buffer −2 to −15; cap +4.5%; Between buffer and cap. Data to Nov 4, 2026.

ZNOV Full floor

ZNOV: reference +1.4% since period start, fund +0.4%; buffer Floor; cap +8.7%; Full floor. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

ZNOV costs 0.06 points a year less; their one-year returns differ by 6.6 points; ZNOV is 1.8 times larger.

Points (pts) are percentage points.

DHDG vs ZNOV: Cap, Buffer & Days Left
Measure	DHDG	ZNOV
Return
Measure	DHDG	ZNOV
Total return, 1 year	+13.1%	+6.5%
Drawdown
Measure	DHDG	ZNOV
Index fall to the buffer	2.9%	1.4%
Benchmark
Measure	DHDG	ZNOV
What it tracks	SPY	SPY
Cost and size
Measure	DHDG	ZNOV
Expense ratio	0.85%	0.79%
Net assets, as of Nov 3, 2026	$81m	$145m
Holdings
Measure	DHDG	ZNOV
Holdings in common	not published

Method

Window by window

Window by window: DHDG vs ZNOV: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	DHDG	ZNOV	DHDG	ZNOV
3 months	+1.3%	+1.9%	+1.6 pts	+2.3 pts
6 months	+5.6%	+3.6%	+1.1 pts	−0.9 pts
1 year	+13.1%	+6.5%	−0.5 pts	−7.0 pts
Since launchNot the same days: DHDG Oct 2024 · ZNOV Nov 2024	+24.9%	+13.4%	−6.5 pts	−20.9 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

DHDG FT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETF · Absorbs losses from 2.5% to 15.0% on SPY and caps the gain at 4.5%, over a period ending Jan 15, 2027 ZNOV Innovator Equity Defined Protection ETF - 1 Yr November · Absorbs the whole loss on SPY and caps the gain at 8.7%, over a period ending Oct 31, 2027

Issuer First Trust Innovator

Reference index SPY SPY

Buffer 2% to 15% 100%

Outcome period Oct 19, 2026 to Jan 15, 2027 Oct 31, 2026 to Oct 31, 2027

Days left 72 361

Starting cap +4.5% +8.7%

Can still gain 3.9% 8.3%

Fall before buffer 3.1% 0.4%

Protection left, index points 12.5% of 12.5% 100.0% of 100.0%

Index return this period +0.5% +1.4%

Fund return this period +0.4% +0.4%

State today Open Open

Expense ratio 0.85% 0.79%

Net assets, DHDG as of Nov 3, 2026 and ZNOV as of Nov 4, 2026 $81m $152m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. ZNOV is a floor fund, which caps how far a holder can fall. DHDG is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

They do not reset together. DHDG has 72 days of its period left and ZNOV has 361, so the two are not the same bet on the same months.

Where each one stands today

DHDG resets first, on Jan 15, 2027, 72 days from now; ZNOV runs to Oct 31, 2027, 361 days. DHDG can still gain 3.9% before its cap, ZNOV 8.3%. A fall from here reaches DHDG’s buffer after 3.1% and ZNOV’s after 0.4%. Both track SPY, so what separates them is where each is in its own period.

Client brief:

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About each fund

DHDG

From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 3.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 2.9% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 72 days remained on Nov 4, 2026. On Jan 15, 2027 the period ends and a new cap is set.

ZNOV

From its price on Nov 4, 2026, the fund can gain about 8.3% more before it reaches its cap. The fund's price can fall 0.4% 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: 100.0% of the 100.0% 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.

Questions people ask

Which has more room to gain, DHDG or ZNOV?: From their prices on Nov 4, 2026, DHDG can gain about 3.9% before its cap and ZNOV about 8.3%, so ZNOV has more room left this period.
Which resets first, DHDG or ZNOV?: DHDG ends its outcome period on Jan 15, 2027 and ZNOV on Oct 31, 2027. A new cap is set the day after each.
Which is cheaper, DHDG or ZNOV?: DHDG charges 0.85% a year and ZNOV charges 0.79%, so ZNOV is cheaper. Fees come from each fund's prospectus.

Other comparisons

DHDG vs ZFEB DHDG vs UFEB DHDG vs BNOV DHDG vs FEBW ZNOV vs DDFN ZNOV vs BNOV ZNOV vs DOCT ZNOV vs GOCT

Where to next

State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DHDG on its own →ZNOV on its own →Method →Standards and sources →

Sources and dates

DHDG filings on SEC EDGAR ↗

First Trust page for DHDG ↗

ZNOV filings on SEC EDGAR ↗

Innovator page for ZNOV ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

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, DHDG against ZNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dhdg-vs-znov

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