INOV vs. DIVN

Last updated Aug 4, 2026

INOV (Innovator International Developed Power Buffer ETF - November) and DIVN (Horizon Dividend Income ETF) are both exchange-traded funds - INOV is a Options Trading fund actively managed by Innovator, while DIVN is a Large Cap Value Equities fund actively managed by Horizon. Both are actively managed. Over the past year, INOV returned 16.90% vs 22.46% for DIVN. Their 0.49 correlation means their historical movements had little consistent relationship. INOV charges 0.85%/yr vs 0.70%/yr for DIVN.

Performance

INOV vs. DIVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - November (INOV) and Horizon Dividend Income ETF (DIVN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INOV achieves a 8.25% return, which is significantly lower than DIVN's 14.73% return.

INOV

• 1D: 0.22%
• 1M: 1.44%
• 6M: 5.00%
• YTD: 8.25%
• 1Y: 16.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.59%

DIVN

• 1D: -0.06%
• 1M: 1.08%
• 6M: 7.52%
• YTD: 14.73%
• 1Y: 22.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DIVN Horizon Dividend Income ETF	$11.52M	$5.71M	$2.75M
INOV Innovator International Developed Power Buffer ETF - November	$103.81K	$761.72K	$327.30K

INOV vs. DIVN - Yearly Performance Comparison

	2026 (YTD)	2025
INOV Innovator International Developed Power Buffer ETF - November	8.25%	8.30%
DIVN Horizon Dividend Income ETF	14.73%	8.11%

Correlation

The correlation between INOV and DIVN is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.49

Return for Risk

INOV vs. DIVN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INOV

INOV Risk / Return Rank: 71
INOV Sharpe Ratio Rank: 72
INOV Sortino Ratio Rank: 74
INOV Omega Ratio Rank: 78
INOV Calmar Ratio Rank: 62
INOV Martin Ratio Rank: 70

DIVN

DIVN Risk / Return Rank: 86
DIVN Sharpe Ratio Rank: 85
DIVN Sortino Ratio Rank: 90
DIVN Omega Ratio Rank: 83
DIVN Calmar Ratio Rank: 90
DIVN Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INOV vs. DIVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - November (INOV) and Horizon Dividend Income ETF (DIVN). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	INOV	DIVN	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.18	-0.40
Sortino ratio: Return per unit of downside risk	2.56	3.35	-0.78
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	2.34	4.06	-1.72
Martin ratio: Return relative to average drawdown	9.31	11.43	-2.12

INOV vs. DIVN - Sharpe Ratio Comparison

The current INOV Sharpe Ratio is 1.78, which is comparable to the DIVN Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of INOV and DIVN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INOV vs. DIVN - Drawdown Comparison

The maximum INOV drawdown since its inception was -8.01%, which is greater than DIVN's maximum drawdown of -5.55%. Use the drawdown chart below to compare losses from any high point for INOV and DIVN.

Drawdown Indicators

	INOV	DIVN	Difference
Max Drawdown Largest peak-to-trough decline	-8.01%	-5.55%	-2.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-5.55%	-1.69%
Current Drawdown Current decline from peak	-0.04%	-1.45%	+1.41%
Average Drawdown Average peak-to-trough decline	-0.88%	-1.35%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.97%	-0.15%

Volatility

INOV vs. DIVN - Volatility Comparison

Innovator International Developed Power Buffer ETF - November (INOV) and Horizon Dividend Income ETF (DIVN) have volatilities of 3.14% and 3.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INOV	DIVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	3.04%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	8.61%	7.52%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	9.56%	10.36%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.75%	10.51%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.75%	10.51%	-1.76%

INOV vs. DIVN - Expense Ratio Comparison

INOV has a 0.85% expense ratio, which is higher than DIVN's 0.70% expense ratio.

Dividends

INOV vs. DIVN - Dividend Comparison

INOV has not paid dividends to shareholders, while DIVN's dividend yield for the trailing twelve months is around 3.70%.

Position	TTM	2025
DIVN Horizon Dividend Income ETF	3.70%	1.47%
INOV Innovator International Developed Power Buffer ETF - November	0.00%	0.00%

Frequently Asked Questions

Can I hold both INOV and DIVN in my portfolio?

INOV and DIVN have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INOV or DIVN?

INOV has higher volatility (3.14%) compared to DIVN (3.04%). In terms of maximum drawdown, INOV dropped -8.01% vs DIVN's -5.55%.

Which ETF is better, INOV or DIVN?

On 1-year performance, DIVN leads with 22.46% vs 16.90% for INOV. On fees, DIVN is cheaper at 0.70% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INOV or DIVN?

Over the 1-year period, DIVN has performed better with a 22.46% return vs 16.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INOV or DIVN?

DIVN is cheaper with a 0.70% expense ratio, compared with 0.85% for INOV.

Which ETF pays a higher dividend yield, INOV or DIVN?

DIVN has the higher dividend yield at 3.70%, compared with 0.00% for INOV.

What is the main difference between INOV and DIVN?

INOV is categorized as Options Trading, while DIVN is Large Cap Value Equities. They also come from different issuers: Innovator and Horizon. Their fees differ too: 0.85% for INOV and 0.70% for DIVN.

Which has better risk-adjusted returns?

DIVN currently has the higher Sharpe Ratio (2.18 vs 1.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.