Data as of .
NVBW vs PNOV: which one stands where?
As of Sep 21, 2026 PNOV can fall 10.2% before its buffer engages and NVBW 9.2%.
ETFIQ Downside Cover Score: NVBW scores higher
If the market falls into a bear market from here, how much does the buffer absorb?
A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it · How it is computed
Where each one stands today
NVBW resets first, on Oct 31, 2026, 40 days from now; PNOV runs to Oct 31, 2026, 40 days. NVBW can still gain 1.3% before its cap, PNOV 1.8%. A fall from here reaches NVBW’s buffer after 9.2% and PNOV’s after 10.2%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| NVBW | PNOV | NVBW | PNOV | |
| 3 months | +2.5% | +2.7% | +0.3 pts | +0.5 pts |
| 6 months | +9.8% | +11.7% | −8.2 pts | −6.3 pts |
| 1 year | +9.8% | +11.1% | −6.7 pts | −5.5 pts |
| 3 years | +29.1% | +33.1% | −49.3 pts | −45.3 pts |
| NVBW AllianzIM U.S. Equity Buffer20 ETF - Nov Absorbs the first 20% of loss on SPY and caps the gain at 11.4%, over a period ending Oct 31, 2026 | PNOV Innovator U.S. Equity Power Buffer ETF - Nov Absorbs the first 15% of loss on SPY and caps the gain at 13.3%, over a period ending Oct 31, 2026 | |
|---|---|---|
| Issuer | AllianzIM | Innovator |
| Reference index | SPY | SPY |
| Buffer | 20% | 15% |
| Outcome period | Nov 1, 2025 to Oct 31, 2026 | Oct 31, 2025 to Oct 31, 2026 |
| Days left | 40 | 40 |
| Starting cap | +11.4% | +13.3% |
| Can still gain | 1.3% | 1.8% |
| Fall before buffer | 9.2% | 10.2% |
| Protection left, index points | 20.0% of 20.0% | 15.0% of 15.0% |
| Index return this period | +13.5% | +13.5% |
| Fund return this period | +9.2% | +10.5% |
| State today | At cap | At cap |
| Expense ratio | 0.74% | 0.79% |
| Net assets | $97m | $886m |
NVBW in plain words
SPY had already risen past this fund's cap of +11.4% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.3% as the period runs out. The fund's price can fall 9.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 40 days remained on Sep 21, 2026. On Oct 31, 2026 the period ends and a new cap is set.
PNOV in plain words
SPY had already risen past this fund's cap of +13.3% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.8% as the period runs out. The fund's price can fall 10.2% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, NVBW or PNOV?
- From their prices on Sep 21, 2026, NVBW can gain about 1.3% before its cap and PNOV about 1.8%, so PNOV has more room left this period.
- Which resets first, NVBW or PNOV?
- NVBW ends its outcome period on Oct 31, 2026 and PNOV on Oct 31, 2026. A new cap is set the day after each.
- Which is cheaper, NVBW or PNOV?
- NVBW charges 0.74% a year and PNOV charges 0.79%, so NVBW is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, NVBW against PNOV, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/nvbw-vs-pnov Free to use with attribution; the underlying files are at Open data.