CZAR vs. UNOV
Compare and contrast key facts about Themes Natural Monopoly ETF (CZAR) and Innovator U.S. Equity Ultra Buffer ETF - November (UNOV).
CZAR and UNOV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CZAR is a passively managed fund by Themes that tracks the performance of the Solactive Natural Monopoly Index - Benchmark TR Gross. It was launched on Dec 12, 2023. UNOV is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. It was launched on Nov 1, 2019. Both CZAR and UNOV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CZAR vs. UNOV - Performance Comparison
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CZAR vs. UNOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CZAR Themes Natural Monopoly ETF | -4.66% | 13.32% | 10.92% | 2.34% |
UNOV Innovator U.S. Equity Ultra Buffer ETF - November | -2.07% | 9.92% | 9.42% | 0.64% |
Returns By Period
In the year-to-date period, CZAR achieves a -4.66% return, which is significantly lower than UNOV's -2.07% return.
CZAR
- 1D
- 1.90%
- 1M
- -4.94%
- YTD
- -4.66%
- 6M
- -4.96%
- 1Y
- 5.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UNOV
- 1D
- 1.34%
- 1M
- -2.51%
- YTD
- -2.07%
- 6M
- -0.53%
- 1Y
- 9.78%
- 3Y*
- 8.77%
- 5Y*
- 5.34%
- 10Y*
- —
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CZAR vs. UNOV - Expense Ratio Comparison
CZAR has a 0.35% expense ratio, which is lower than UNOV's 0.79% expense ratio.
Return for Risk
CZAR vs. UNOV — Risk / Return Rank
CZAR
UNOV
CZAR vs. UNOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Themes Natural Monopoly ETF (CZAR) and Innovator U.S. Equity Ultra Buffer ETF - November (UNOV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CZAR | UNOV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.35 | 1.16 | -0.80 |
Sortino ratioReturn per unit of downside risk | 0.60 | 1.71 | -1.10 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.27 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 0.54 | 1.73 | -1.19 |
Martin ratioReturn relative to average drawdown | 1.93 | 8.24 | -6.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CZAR | UNOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.35 | 1.16 | -0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.78 | -0.16 |
Correlation
The correlation between CZAR and UNOV is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
CZAR vs. UNOV - Dividend Comparison
CZAR's dividend yield for the trailing twelve months is around 1.54%, while UNOV has not paid dividends to shareholders.
| TTM | 2025 | 2024 | |
|---|---|---|---|
CZAR Themes Natural Monopoly ETF | 1.54% | 1.47% | 0.94% |
UNOV Innovator U.S. Equity Ultra Buffer ETF - November | 0.00% | 0.00% | 0.00% |
Drawdowns
CZAR vs. UNOV - Drawdown Comparison
The maximum CZAR drawdown since its inception was -13.38%, roughly equal to the maximum UNOV drawdown of -13.84%. Use the drawdown chart below to compare losses from any high point for CZAR and UNOV.
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Drawdown Indicators
| CZAR | UNOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.38% | -13.84% | +0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -10.29% | -5.78% | -4.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.10% | — |
Current DrawdownCurrent decline from peak | -7.30% | -3.25% | -4.05% |
Average DrawdownAverage peak-to-trough decline | -2.06% | -1.69% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 1.21% | +1.66% |
Volatility
CZAR vs. UNOV - Volatility Comparison
Themes Natural Monopoly ETF (CZAR) has a higher volatility of 4.80% compared to Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) at 2.74%. This indicates that CZAR's price experiences larger fluctuations and is considered to be riskier than UNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CZAR | UNOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.80% | 2.74% | +2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 9.72% | 4.55% | +5.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 8.50% | +7.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.26% | 6.77% | +8.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.26% | 7.77% | +7.49% |