{"schemaVersion":1,"ticker":"NOVP","asOf":"2026-10-26","desk":"buffer","cite":{"publisher":"ETFIQ","page":"https://etfiq.com/funds/novp/","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, NOVP against its benchmark, data as of 2026-10-26, https://etfiq.com/funds/novp/"},"benchmark":{"ticker":"SPY","name":"SPDR S&P 500 ETF Trust","tier":1,"kind":"reference asset","basisOnPage":"price","basisHere":"total"},"kind":"benchmark","a":"NOVP","b":"SPY","window":{"from":"2024-05-31","to":"2026-10-23","firstReturn":"2024-06-07","weeklyReturns":125,"years":2.4,"short":true,"weekEnding":"2026-10-25"},"riskFree":{"rate":0.04216093,"perWeek":0.0008107872,"days":599,"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":0.33930389,"b":0.48352121,"edge":"SPY","lead":"SPY"},"annualised":{"a":0.12922821,"b":0.17830631,"edge":"SPY","lead":"SPY"},"price":{"a":0.33930389,"b":0.44105656,"edge":"SPY","lead":"SPY"},"volatility":{"a":0.08659887,"b":0.14754057,"edge":"NOVP","lead":"NOVP"},"downsideDeviation":{"a":0.05708558,"b":0.09638633,"edge":"NOVP","lead":"NOVP"},"maxDrawdown":{"a":-0.10146644,"b":-0.16877308,"edge":"NOVP","lead":"NOVP","aPeak":"2025-02-14","aTrough":"2025-04-04","bPeak":"2025-02-14","bTrough":"2025-04-04"},"excess":{"a":0.08324411,"b":0.13300542,"edge":"SPY","lead":"SPY"},"sharpe":{"a":0.96126093,"b":0.90148368,"edge":"NOVP (slight)","lead":"NOVP"},"sortino":{"a":1.45823366,"b":1.37991987,"edge":"NOVP (slight)","lead":"NOVP"},"calmar":{"a":1.27360535,"b":1.05648552,"edge":"NOVP","lead":"NOVP"}},"relative":{"NOVP":{"on":"SPY","beta":0.5704757,"r2":0.94465391,"alpha":0.00736776,"alphaT":0.55408991,"alphaLow":-0.01895292,"alphaHigh":0.03368843,"upsideCapture":0.48390579,"downsideCapture":0.59997238,"treynor":0.14592053,"trackingError":0.06656654,"informationRatio":-0.7475423,"upWeeks":72,"downWeeks":53,"treynorReference":0.13300542,"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":"NOVP","lead":"NOVP"},"treynor":{"edge":"NOVP (slight)","lead":"NOVP"},"informationRatio":{"edge":null,"lead":"SPY","note":"one number for the pair: its sign says which side it favours"},"trackingError":{"edge":null,"neutral":true}}}},"sources":{"NOVP":{"kept":"2026-10-26","distributions":0,"addedFromRecord":[],"notInVendorSeries":[],"vendorAmountDiffers":[],"vendorStepsWithoutDistribution":[],"issuerCloses":{"compared":7,"agree":7},"vendor":{"weeks":125,"beyond":0,"tolerance":0.0005,"worst":0.0,"vendorTotal":0.33930389}},"SPY":{"kept":"2026-10-26","distributions":10,"addedFromRecord":[],"notInVendorSeries":[],"vendorAmountDiffers":[],"vendorStepsWithoutDistribution":[],"issuerCloses":{"compared":9,"agree":9},"vendor":{"weeks":125,"beyond":0,"tolerance":0.0005,"worst":0.0,"vendorTotal":0.48352121}}}}