{"schemaVersion":1,"ticker":"NOVM","asOf":"2026-10-26","desk":"buffer","cite":{"publisher":"ETFIQ","page":"https://etfiq.com/funds/novm/","methodology":"https://etfiq.com/methodology/","as_of":"2026-10-26","credit":"Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent","class":"mixed","license":"https://etfiq.com/license/","license_text":"Only the numbers in etfiq_fields are ETFIQ's, free to use with attribution: ETFIQ (etfiq.com). Every other number stays under its owner's terms: issuer_fields as the issuer published them, vendor_fields from an end-of-day data vendor.","fields_note":"Not yet classed field by field: only data ETFIQ computes is covered by its licence.","cite_as":"ETFIQ, Risk and return scorecard, NOVM against its benchmark, data as of 2026-10-26, https://etfiq.com/funds/novm/"},"benchmark":{"ticker":"SPY","name":"State Street® SPDR® S&P 500® ETF Trust","tier":1,"kind":"reference asset","basisOnPage":"price","basisHere":"total"},"kind":"benchmark","a":"NOVM","b":"SPY","window":{"from":"2024-11-29","to":"2026-10-23","firstReturn":"2024-12-06","weeklyReturns":99,"years":1.9,"short":true,"weekEnding":"2026-10-25"},"riskFree":{"rate":0.040128,"perWeek":0.0007716923,"days":475,"series":"13-week Treasury bill, coupon equivalent, average of daily yields","source":"U.S. Department of the Treasury, Daily Treasury Bill Rates","url":"https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates"},"measures":{"total":{"a":0.1209454,"b":0.29027823,"edge":"SPY","lead":"SPY"},"annualised":{"a":0.06180401,"b":0.14323818,"edge":"SPY","lead":"SPY"},"price":{"a":0.1209454,"b":0.26125633,"edge":"SPY","lead":"SPY"},"volatility":{"a":0.02735097,"b":0.14885731,"edge":"NOVM","lead":"NOVM"},"downsideDeviation":{"a":0.01785078,"b":0.09917932,"edge":"NOVM","lead":"NOVM"},"maxDrawdown":{"a":-0.03159917,"b":-0.16877308,"edge":"NOVM","lead":"NOVM","aPeak":"2025-02-14","aTrough":"2025-04-04","bPeak":"2025-02-14","bTrough":"2025-04-04"},"excess":{"a":0.0202459,"b":0.10492845,"edge":"SPY","lead":"SPY"},"sharpe":{"a":0.7402262,"b":0.70489286,"edge":"NOVM (slight)","lead":"NOVM"},"sortino":{"a":1.13417461,"b":1.05796701,"edge":"NOVM (slight)","lead":"NOVM"},"calmar":{"a":1.95587429,"b":0.84870277,"edge":"NOVM","lead":"NOVM"}},"relative":{"NOVM":{"on":"SPY","beta":0.17462759,"r2":0.90327646,"alpha":0.0019225,"alphaT":0.30876644,"alphaLow":-0.01043515,"alphaHigh":0.01428015,"upsideCapture":0.14948688,"downsideCapture":0.16248696,"treynor":0.11593759,"trackingError":0.12315682,"informationRatio":-0.68759934,"upWeeks":54,"downWeeks":45,"treynorReference":0.10492845,"edges":{"beta":{"edge":"Lower beta","neutral":true},"r2":{"edge":"Good fit","neutral":true},"alpha":{"edge":"Not significant"},"alphaRange":{"edge":"Includes zero"},"upsideCapture":{"edge":"SPY","lead":"SPY"},"downsideCapture":{"edge":"NOVM","lead":"NOVM"},"treynor":{"edge":"NOVM (slight)","lead":"NOVM"},"informationRatio":{"edge":null,"lead":"SPY","note":"one number for the pair: its sign says which side it favours"},"trackingError":{"edge":null,"neutral":true}}}},"sources":{"NOVM":{"kept":"2026-10-26","distributions":0,"addedFromRecord":[],"notInVendorSeries":[],"vendorAmountDiffers":[],"vendorStepsWithoutDistribution":[],"issuerCloses":{"compared":8,"agree":8},"vendor":{"weeks":99,"beyond":0,"tolerance":0.0005,"worst":0.0,"vendorTotal":0.1209454}},"SPY":{"kept":"2026-10-26","distributions":8,"addedFromRecord":[],"notInVendorSeries":[],"vendorAmountDiffers":[],"vendorStepsWithoutDistribution":[],"issuerCloses":{"compared":9,"agree":9},"vendor":{"weeks":99,"beyond":0,"tolerance":0.0005,"worst":0.0,"vendorTotal":0.29027823}}}}