Data as of Nov 4, 2026.
NOVM vs UDEC: Cap, Buffer & Days Left
As of Nov 4, 2026 UDEC can fall 14.1% before its buffer engages and NOVM 6.5%, and NOVM resets 10 days sooner.
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Net assets: $28m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - November, and $235m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Dec.
NOVM: reference +16.3% since period start, fund +6.0%; buffer 0 to −58; cap +7.0%; At its cap. Data to Nov 4, 2026.
NOVM: reference +16.3% since period start, fund +6.0%; buffer 0 to −58; cap +7.0%; At its cap. Data to Nov 4, 2026.UDEC: reference +12.2% since period start, fund +9.7%; buffer −5 to −35; cap +12.0%; At its cap. Data to Nov 4, 2026.
UDEC: reference +12.2% since period start, fund +9.7%; buffer −5 to −35; cap +12.0%; At its cap. Data to Nov 4, 2026.Pair scorecard
UDEC costs 0.06 points a year less; their one-year returns differ by 5.1 points; UDEC is 8.3 times larger.
Points (pts) are percentage points.
| Measure | NOVM | UDEC |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.5% | +11.6% |
| Drawdown | ||
| Index fall to the buffer | 14.0% | 15.3% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $28m | $232m |
| 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 →
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | NOVM | UDEC | NOVM | UDEC |
| 3 months | +1.3% | +2.1% | +1.7 pts | +2.5 pts |
| 6 months | +2.9% | +5.1% | −1.6 pts | +0.6 pts |
| 1 year | +6.5% | +11.6% | −7.1 pts | −2.0 pts |
| 3 years | – | +45.2% | – | −31.2 pts |
| Since launchNot the same days: NOVM Nov 2024 · UDEC Dec 2019 | +13.1% | +64.1% | −17.3 pts | −81.9 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.
Both are already at their cap, so neither gains from more rise in the index before the period ends.
Where each one stands today
NOVM resets first, on Nov 20, 2026, 16 days from now; UDEC runs to Nov 30, 2026, 26 days. NOVM can still gain 0.1% before its cap, UDEC 1.4%. A fall from here reaches NOVM’s buffer after 6.5% and UDEC’s after 14.1%. Both track SPY, so what separates them is where each is in its own period.
NOVM
SPY had already risen past this fund's cap of +7.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.1% as the period runs out. The fund's price can fall 6.5% 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: 58.0% of the 58.0% 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.
UDEC
SPY had already risen past this fund's cap of +12.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.4% as the period runs out. The fund's price can fall 14.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.3% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% 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
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.
Cite this pageCitation, APA and Markdown
ETFIQ, NOVM against UDEC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/novm-vs-udec
ETFIQ. (Nov 4, 2026). NOVM against UDEC. Retrieved from https://etfiq.com/compare/buffer/novm-vs-udec
[NOVM against UDEC (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/novm-vs-udec)
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