KNOV vs. SLTY

Last updated Jun 25, 2026

KNOV (Innovator U.S. Small Cap Power Buffer ETF - November) and SLTY (YieldMax Ultra Short Option Income Strategy ETF) are both exchange-traded funds - KNOV is a Defined Outcome fund actively managed by Innovator, while SLTY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. At a correlation of -0.66, they often move in opposite directions. KNOV charges 0.79%/yr vs 1.24%/yr for SLTY.

Performance

KNOV vs. SLTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) and YieldMax Ultra Short Option Income Strategy ETF (SLTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KNOV achieves a 10.63% return, which is significantly higher than SLTY's -7.07% return.

KNOV

• 1D: 0.11%
• 1M: 1.94%
• YTD: 10.63%
• 6M: 9.40%
• 1Y: 24.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SLTY

• 1D: -2.48%
• 1M: -1.42%
• YTD: -7.07%
• 6M: -5.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KNOV vs. SLTY - Yearly Performance Comparison

	2026 (YTD)	2025
KNOV Innovator U.S. Small Cap Power Buffer ETF - November	10.63%	8.91%
SLTY YieldMax Ultra Short Option Income Strategy ETF	-7.07%	-12.61%

Correlation

The correlation between KNOV and SLTY is -0.66, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 21, 2025	-0.66

Return for Risk

KNOV vs. SLTY — Risk / Return Rank

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

KNOV

KNOV Risk / Return Rank: 81
KNOV Sharpe Ratio Rank: 77
KNOV Sortino Ratio Rank: 81
KNOV Omega Ratio Rank: 74
KNOV Calmar Ratio Rank: 88
KNOV Martin Ratio Rank: 86

SLTY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

KNOV vs. SLTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) and YieldMax Ultra Short Option Income Strategy ETF (SLTY). 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.

	KNOV	SLTY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	—	—
Sortino ratio: Return per unit of downside risk	3.12	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	4.53	—	—
Martin ratio: Return relative to average drawdown	15.77	—	—

Drawdowns

KNOV vs. SLTY - Drawdown Comparison

The maximum KNOV drawdown since its inception was -15.03%, smaller than the maximum SLTY drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for KNOV and SLTY.

Drawdown Indicators

	KNOV	SLTY	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-21.27%	+6.24%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	—	—
Current Drawdown Current decline from peak	-0.25%	-18.80%	+18.55%
Average Drawdown Average peak-to-trough decline	-2.53%	-14.35%	+11.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	—	—

Volatility

Volatility by Period

	KNOV	SLTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	18.26%	-6.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.75%	18.26%	-5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.75%	18.26%	-5.51%

KNOV vs. SLTY - Expense Ratio Comparison

KNOV has a 0.79% expense ratio, which is lower than SLTY's 1.24% expense ratio.

Dividends

KNOV vs. SLTY - Dividend Comparison

KNOV has not paid dividends to shareholders, while SLTY's dividend yield for the trailing twelve months is around 79.09%.

Position	TTM	2025
KNOV Innovator U.S. Small Cap Power Buffer ETF - November	0.00%	0.00%
SLTY YieldMax Ultra Short Option Income Strategy ETF	79.09%	29.68%

Frequently Asked Questions

Can I hold both KNOV and SLTY in my portfolio?

KNOV and SLTY have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KNOV or SLTY?

On fees, KNOV is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KNOV or SLTY?

KNOV is cheaper with a 0.79% expense ratio, compared with 1.24% for SLTY.

Which ETF pays a higher dividend yield, KNOV or SLTY?

SLTY has the higher dividend yield at 79.09%, compared with 0.00% for KNOV.

What is the main difference between KNOV and SLTY?

KNOV is categorized as Defined Outcome, while SLTY is Derivative Income. They also come from different issuers: Innovator and YieldMax. Their fees differ too: 0.79% for KNOV and 1.24% for SLTY.