NOVP vs ZMAR
PGIM S&P 500 Buffer 12 ETF - November vs Innovator Equity Defined Protection ETF - 1 Yr March
Which is better, NOVP or ZMAR?
NOVP has been ahead.
NOVP has a lower expense ratio. NOVP led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | NOVP | ZMAR |
|---|---|---|
| Expense Ratio | 0.50%Best | 0.79% |
| AUM | $36M | $112M |
| Dividend Yield | 0.00% | 0.00% |
| Holdings | 8 | 21 |
| YTD Return | +10.87%Best | +4.32% |
| 1Y Return | +13.08%Best | +6.04% |
| Volatility (annualized) | 7.1% | 1.8%Best |
| Max Drawdown | -9.5% | -2.3%Best |
| $10,000 over 1.6 years | $12,381Best | $11,053 |
| Fund Family | PGIM Investments | Innovator ETFs Trust |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | May 22, 2024 | Mar 3, 2025 |
Not shown on this pair: 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Mar 3, 2025 to Oct 14, 2026 (1.6 years).
NOVP vs ZMAR growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.6 years both funds cover.
NOVP vs ZMAR Performance
PGIM S&P 500 Buffer 12 ETF - November (NOVP) is an ETF from PGIM Investments and Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) is an ETF from Innovator ETFs Trust. Over the past year NOVP returned +13.08% while ZMAR returned +6.04%. Year to date, NOVP is up 10.87% versus a gain of 4.32% for ZMAR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NOVP has been the more volatile fund, with annualized monthly volatility of 7.1% compared with 1.8% for ZMAR. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -9.5% for NOVP and -2.3% for ZMAR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
NOVP charges 0.50% per year while ZMAR charges 0.79%. On a $10,000 position that is $50 vs $79 annually, a gap of $29 per year that compounds over a long holding period. On income, NOVP currently yields 0.00% against 0.00% for ZMAR.
You are not choosing between two funds in isolation.
Whichever of NOVP and ZMAR you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, NOVP or ZMAR?
NOVP has an expense ratio of 0.50% while ZMAR charges 0.79%. NOVP is the cheaper option, by $29 a year on a $10,000 investment.
Which performed better, NOVP or ZMAR?
Over the past year NOVP returned +13.08% vs +6.04% for ZMAR, so NOVP leads on 1-year performance. Over the longest common window we track (2 years), NOVP annualized +14.28% vs +6.46% for ZMAR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NOVP or ZMAR?
NOVP has been the more volatile fund at 7.1% annualized versus 1.8% for ZMAR. Worst drawdown: NOVP -9.5% vs ZMAR -2.3%.
Should I hold both NOVP and ZMAR?
NOVP and ZMAR have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, NOVP or ZMAR?
NOVP yields 0.00% while ZMAR yields 0.00%, so ZMAR currently pays the higher dividend yield.
Is ZMAR better than NOVP?
NOVP has a lower expense ratio. NOVP led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. Which one suits a particular account depends on what it is for. This is information, not a recommendation.