KLMN vs. UNOV

Last updated Jun 4, 2026

KLMN (Invesco MSCI North America Climate ETF) and UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) are both Large Cap Blend Equities funds - KLMN tracks the MSCI Global Climate 500 North America Selection Index while UNOV tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. Both are passively managed. Over the past year, KLMN returned 27.74% vs 13.88% for UNOV. Their correlation of 0.93 suggests significant overlap in exposure. KLMN charges 0.09%/yr vs 0.79%/yr for UNOV.

Performance

KLMN vs. UNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI North America Climate ETF (KLMN) and Innovator U.S. Equity Ultra Buffer ETF - November (UNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KLMN achieves a 10.80% return, which is significantly higher than UNOV's 5.40% return.

KLMN

• 1D: -0.74%
• 1M: 5.01%
• YTD: 10.80%
• 6M: 10.80%
• 1Y: 27.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UNOV

• 1D: -0.22%
• 1M: 2.17%
• YTD: 5.40%
• 6M: 5.64%
• 1Y: 13.88%
• 3Y*: 10.20%
• 5Y*: 6.68%
• 10Y*: —

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

KLMN vs. UNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KLMN Invesco MSCI North America Climate ETF	10.80%	18.24%	-3.62%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	5.40%	9.92%	-1.00%

Correlation

The correlation between KLMN and UNOV is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.93

The correlation between KLMN and UNOV has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

KLMN vs. UNOV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KLMN

KLMN Risk / Return Rank: 70
KLMN Sharpe Ratio Rank: 71
KLMN Sortino Ratio Rank: 69
KLMN Omega Ratio Rank: 69
KLMN Calmar Ratio Rank: 64
KLMN Martin Ratio Rank: 75

UNOV

UNOV Risk / Return Rank: 77
UNOV Sharpe Ratio Rank: 77
UNOV Sortino Ratio Rank: 81
UNOV Omega Ratio Rank: 84
UNOV Calmar Ratio Rank: 63
UNOV Martin Ratio Rank: 78

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KLMN vs. UNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI North America Climate ETF (KLMN) 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.

	KLMN	UNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.50	-0.22
Sortino ratio: Return per unit of downside risk	3.12	3.63	-0.51
Omega ratio: Gain probability vs. loss probability	1.41	1.51	-0.10
Calmar ratio: Return relative to maximum drawdown	3.11	3.08	+0.03
Martin ratio: Return relative to average drawdown	14.14	15.01	-0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KLMN vs. UNOV - Sharpe Ratio Comparison

The current KLMN Sharpe Ratio is 2.28, which is comparable to the UNOV Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of KLMN and UNOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	KLMN	UNOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.50	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.91	+0.07

Drawdowns

KLMN vs. UNOV - Drawdown Comparison

The maximum KLMN drawdown since its inception was -19.16%, which is greater than UNOV's maximum drawdown of -13.84%. Use the drawdown chart below to compare losses from any high point for KLMN and UNOV.

Drawdown Indicators

	KLMN	UNOV	Difference
Max Drawdown Largest peak-to-trough decline	-19.16%	-13.84%	-5.32%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-4.52%	-4.44%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.10%	—
Current Drawdown Current decline from peak	-0.74%	-0.22%	-0.52%
Average Drawdown Average peak-to-trough decline	-2.54%	-1.66%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.93%	+1.04%

Volatility

KLMN vs. UNOV - Volatility Comparison

Invesco MSCI North America Climate ETF (KLMN) has a higher volatility of 2.95% compared to Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) at 1.14%. This indicates that KLMN'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.

Volatility by Period

	KLMN	UNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	1.14%	+1.81%
Volatility (6M) Calculated over the trailing 6-month period	9.21%	4.67%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	5.58%	+6.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.61%	6.83%	+10.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	7.72%	+9.89%

KLMN vs. UNOV - Expense Ratio Comparison

KLMN has a 0.09% expense ratio, which is lower than UNOV's 0.79% expense ratio.

Dividends

KLMN vs. UNOV - Dividend Comparison

KLMN's dividend yield for the trailing twelve months is around 1.28%, while UNOV has not paid dividends to shareholders.

Position	TTM	2025
KLMN Invesco MSCI North America Climate ETF	1.28%	1.25%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	0.00%	0.00%

Frequently Asked Questions

Can I hold both KLMN and UNOV in my portfolio?

KLMN and UNOV have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLMN or UNOV?

KLMN has higher volatility (2.95%) compared to UNOV (1.14%). In terms of maximum drawdown, KLMN dropped -19.16% vs UNOV's -13.84%.

Which ETF is better, KLMN or UNOV?

On 1-year performance, KLMN leads with 27.74% vs 13.88% for UNOV. On fees, KLMN is cheaper at 0.09% per year. On volatility, UNOV has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLMN or UNOV?

Over the 1-year period, KLMN has performed better with a 27.74% return vs 13.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLMN or UNOV?

KLMN is cheaper with a 0.09% expense ratio, compared with 0.79% for UNOV.

Which ETF pays a higher dividend yield, KLMN or UNOV?

KLMN has the higher dividend yield at 1.28%, compared with 0.00% for UNOV.

What is the main difference between KLMN and UNOV?

KLMN tracks MSCI Global Climate 500 North America Selection Index, while UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. They also come from different issuers: Invesco and Innovator. Their fees differ too: 0.09% for KLMN and 0.79% for UNOV.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.50 vs 2.28), 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.