{"schemaVersion":1,"ticker":"NOVZ","asOf":"2026-10-26","desk":"buffer","cite":{"publisher":"ETFIQ","page":"https://etfiq.com/funds/novz/","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, NOVZ against its benchmark, data as of 2026-10-26, https://etfiq.com/funds/novz/"},"benchmark":{"ticker":"SPY","name":"S&P 500 Price Index","tier":1,"kind":"reference asset","basisOnPage":"price","basisHere":"total"},"kind":"benchmark","a":"NOVZ","b":"SPY","window":{"from":"2020-11-13","to":"2026-10-23","firstReturn":"2020-11-20","weeklyReturns":310,"years":5.94,"short":false,"weekEnding":"2026-10-25"},"riskFree":{"rate":0.03310707,"perWeek":0.0006366743,"days":1486,"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":0.95223963,"b":1.30159512,"edge":"SPY","lead":"SPY"},"annualised":{"a":0.11875397,"b":0.15007836,"edge":"SPY","lead":"SPY"},"price":{"a":0.77788378,"b":1.12222843,"edge":"SPY","lead":"SPY"},"volatility":{"a":0.11789254,"b":0.15560907,"edge":"NOVZ","lead":"NOVZ"},"downsideDeviation":{"a":0.07774052,"b":0.10276757,"edge":"NOVZ","lead":"NOVZ"},"maxDrawdown":{"a":-0.16116074,"b":-0.23927987,"edge":"NOVZ","lead":"NOVZ","aPeak":"2021-12-31","aTrough":"2022-10-14","bPeak":"2021-12-31","bTrough":"2022-09-30"},"excess":{"a":0.08615273,"b":0.11897604,"edge":"SPY","lead":"SPY"},"sharpe":{"a":0.73077336,"b":0.76458293,"edge":"SPY (slight)","lead":"SPY"},"sortino":{"a":1.10820874,"b":1.15771965,"edge":"SPY (slight)","lead":"SPY"},"calmar":{"a":0.73686659,"b":0.62720848,"edge":"NOVZ","lead":"NOVZ"}},"relative":{"NOVZ":{"on":"SPY","beta":0.75186224,"r2":0.9848582,"alpha":-0.00330086,"alphaT":-0.55155934,"alphaLow":-0.01507674,"alphaHigh":0.00847501,"upsideCapture":0.68417482,"downsideCapture":0.82656948,"treynor":0.11458579,"trackingError":0.04124772,"informationRatio":-0.79576052,"upWeeks":174,"downWeeks":136,"treynorReference":0.11897604,"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":"NOVZ","lead":"NOVZ"},"treynor":{"edge":"SPY (slight)","lead":"SPY"},"informationRatio":{"edge":null,"lead":"SPY","note":"one number for the pair: its sign says which side it favours"},"trackingError":{"edge":null,"neutral":true}}}},"sources":{"NOVZ":{"kept":"2026-10-26","distributions":5,"addedFromRecord":[],"notInVendorSeries":[],"vendorAmountDiffers":[],"vendorStepsWithoutDistribution":[],"vendor":{"weeks":310,"beyond":0,"tolerance":0.0005,"worst":0.0,"vendorTotal":0.95223963}},"SPY":{"kept":"2026-10-26","distributions":24,"addedFromRecord":[],"notInVendorSeries":[],"vendorAmountDiffers":[],"vendorStepsWithoutDistribution":[],"issuerCloses":{"compared":9,"agree":9},"vendor":{"weeks":310,"beyond":0,"tolerance":0.0005,"worst":0.0,"vendorTotal":1.30159512}}}}