Innovator S&P 500 Power Buffer ETF - November (PNOV) Performance
PNOV total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.4% since Dec 31, 2025
- 1 year
- +10.5% total return
- 5 years
- +8.4% a year
- Since first price
- +8.6% a year since 2019
PNOV trailing returns vs SPY, QQQ, AGG
| Period | PNOV total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +0.0% | +0.0% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.2% | +3.2% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.2% | +6.2% | +7.8% | +8.4% | −1.5% |
| YTD | +9.4% | +9.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +10.5% | +10.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +40.9%+12.1%/yr | +40.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +49.6%+8.4%/yr | +49.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionNov 1, 2019 | +78.2%+8.6%/yr | +78.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PNOV vs SPY
From Nov 1, 2019: PNOV grew to $17,824, SPY to $27,436.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PNOV returns by calendar year
5 of 6 full years positive. Best 2023 (+14.1%), worst 2022 (−2.6%). 2026 is year to date.
PNOV annual returns table
| Year | PNOV | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.4% | −4.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +10.3% | −10.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.0% | −1.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +14.1% | −8.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −2.6% | −10.5% | −18.2% | −32.6% | −13.0% |
| 2021 | +7.1% | −2.2% | +28.7% | +27.4% | −1.8% |
| 2020 | +10.4% | −18.5% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PNOV largest drawdowns
Now 1.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2020 | −18.5% | Mar 23, 2020 | Jul 31, 2020 | 33 days | 5 months |
| Dec 29, 2021 | −10.6% | Jun 16, 2022 | Nov 30, 2022 | 6 months | 11 months |
| Feb 19, 2025 | −10.3% | Apr 8, 2025 | Jun 6, 2025 | 48 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PNOV risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +11.3% | +8.4% | +8.6% |
| Volatility (annualized) | 6.1% | 8.4% | 8.7% |
| Sharpe ratio | 1.08 | 0.58 | 0.69 |
| Sortino ratio | 2.08 | 0.96 | 1.11 |
| Best month | +6.0% | +7.2% | +7.4% |
| Worst month | −2.8% | −4.6% | −6.5% |
| Best 12 months | +16.6% | +19.8% | +26.7% |
| Worst 12 months | +4.6% | −8.0% | −8.0% |
| Positive months | 75% | 67% | 70% |
| Beta vs S&P 500 | 0.46 | 0.50 | — |
| Correlation with S&P 500 | 0.94 | 0.93 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PNOV rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 72 | −8.0% | +10.2% | +26.7% | 89% |
| 3-year (a year) | 48 | +4.8% | +8.4% | +13.6% | 100% |
| 5-year (a year) | 24 | +6.6% | +8.1% | +9.7% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
PNOV performance overview
Innovator S&P 500 Power Buffer ETF - November (PNOV) returned +10.5% over the past year and +8.4% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +8.6% a year, turning $10,000 into about $17,824. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −18.5%, from Feb 19, 2020 to Mar 23, 2020, and it took 4 months to get back to the old high. PNOV finished 5 of its 6 full calendar years with a gain; the best year was 2023 (+14.1%) and the worst 2022 (−2.6%). Volatility has been 8.7% a year.
Related: PNOV chart. See the PNOV overview for the latest quote and fund facts.
PNOV performance FAQ
What is the PNOV return over the past year?
PNOV returned +10.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 10.5%.
What is the average annual return of PNOV?
PNOV has returned +8.4% a year over 5 years, +8.6% a year since November 1, 2019 (total return, distributions reinvested).
How much would $10,000 invested in PNOV be worth?
$10,000 invested in PNOV at its first recorded close on November 1, 2019 would be worth about $17,824 on October 23, 2026 with distributions reinvested.
What was the worst year for PNOV?
The worst calendar year was 2022, with a total return of −2.6%. The best was 2023 at +14.1%.
What is the biggest drawdown of PNOV?
The largest peak-to-trough decline was −18.5% between February 19, 2020 and March 23, 2020. It recovered to the old high on July 31, 2020, 4 months after the bottom.
How volatile is PNOV?
Over the past 3 years PNOV had an annualized volatility of 6.1% and a Sharpe ratio of 1.08 (excess return over 1–3 month T-bills per unit of risk).