Data as of Nov 4, 2026.
FNOV vs PDEC: Cap, Buffer & Days Left
As of Nov 4, 2026 FNOV can fall 13.3% before its buffer engages and PDEC 10.1%, and FNOV resets 10 days sooner.
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Net assets: $1.3bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - November, and $987m on Nov 4, 2026 for Innovator U.S. Equity Power Buffer ETF - Dec.
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.PDEC: reference +12.2% since period start, fund +10.3%; buffer 0 to −15; cap +13.1%; Between buffer and cap. Data to Nov 4, 2026.
PDEC: reference +12.2% since period start, fund +10.3%; buffer 0 to −15; cap +13.1%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
PDEC costs 0.06 points a year less; their one-year returns differ by 1.4 points; FNOV is 1.3 times larger.
Points (pts) are percentage points.
| Measure | FNOV | PDEC |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | +12.2% |
| Drawdown | ||
| Index fall to the buffer | 14.0% | 10.8% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $1.3bn | $975m |
| 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 13, 2019 to Oct 30, 2026 · 359 weekly returns · each against SPYFrom Dec 2019 to Oct 2026, FNOV returned more: +94.4% to +77.3%. PDEC swung less: 9.8% to 12.5%. PDEC fell less at its worst: −18.8% to −22.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FNOV | PDEC | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +94.4% | +77.3% | FNOV | Price change plus distributions, reinvested. | |
| Annualized | +10.1% | +8.6% | FNOV | Total return as a yearly rate. | |
| Price return | +94.4% | +77.3% | FNOV | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 12.5% | 9.8% | PDEC | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 8.7% | 6.8% | PDEC | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −22.6% | −18.8% | PDEC | Deepest fall from a high to the low after it. | |
| Upside capture | 50.5% | 36.2% | 100.0% | FNOV | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 70.9% | 56.0% | 100.0% | PDEC | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.65 | 0.50 | 1.00 | PDEC lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.94 | 0.92 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.60 | 0.60 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.86 | 0.85 | Tie | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.116 | 0.117 | 0.129 | Tie | Return above Treasury bills per unit of beta. |
| Calmar | 0.45 | 0.46 | PDEC (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.8% a year | −0.6% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.71 | −0.55 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.2% to +1.5% | −2.7% to +1.5% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.74 | −0.72 | PDEC (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.3% | 9.8% | 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, 359 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FNOV | PDEC | FNOV | PDEC |
| 3 months | +2.2% | +1.8% | +2.6 pts | +2.2 pts |
| 6 months | +5.8% | +5.1% | +1.3 pts | +0.6 pts |
| 1 year | +13.6% | +12.2% | +0.1 pts | −1.4 pts |
| 3 years | +54.4% | +45.8% | −22.0 pts | −30.6 pts |
| Since launchNot the same days: FNOV Nov 2019 · PDEC Dec 2019 | +98.7% | +80.7% | −47.1 pts | −65.4 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; PDEC runs to Nov 30, 2026, 26 days. FNOV can still gain 1.2% before its cap, PDEC 1.8%. A fall from here reaches FNOV’s buffer after 13.3% and PDEC’s after 10.1%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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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.
PDEC
From its price on Nov 4, 2026, the fund can gain about 1.8% more before it reaches its cap. The fund's price can fall 10.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.8% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% 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.
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, FNOV against PDEC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/fnov-vs-pdec
ETFIQ. (Nov 4, 2026). FNOV against PDEC. Retrieved from https://etfiq.com/compare/buffer/fnov-vs-pdec
[FNOV against PDEC (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/fnov-vs-pdec)
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