KNOV vs. TWM

Last updated Jul 17, 2026

KNOV (Innovator U.S. Small Cap Power Buffer ETF - November) and TWM (ProShares UltraShort Russell2000) are both exchange-traded funds - KNOV is a Defined Outcome fund actively managed by Innovator, while TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%). KNOV is actively managed, while TWM is passively managed. Over the past year, KNOV returned 22.98% vs -45.85% for TWM. At a correlation of -0.98, they often move in opposite directions. KNOV charges 0.79%/yr vs 0.95%/yr for TWM.

Performance

KNOV vs. TWM - 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 ProShares UltraShort Russell2000 (TWM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KNOV achieves a 11.59% return, which is significantly higher than TWM's -32.00% return.

KNOV

• 1D: 0.06%
• 1M: 1.47%
• 6M: 7.53%
• YTD: 11.59%
• 1Y: 22.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TWM

• 1D: 0.19%
• 1M: -1.95%
• 6M: -21.02%
• YTD: -32.00%
• 1Y: -45.85%
• 3Y*: -27.64%
• 5Y*: -19.69%
• 10Y*: -27.39%

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

KNOV vs. TWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KNOV Innovator U.S. Small Cap Power Buffer ETF - November	11.59%	11.91%	0.87%
TWM ProShares UltraShort Russell2000	-32.00%	-24.71%	-4.15%

Correlation

The correlation between KNOV and TWM is -0.98, 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 (1Y) Calculated over the trailing 1-year period	-0.98
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	-0.98

The correlation between KNOV and TWM has been stable across timeframes, ranging from -0.98 to -0.98 - a consistent structural relationship.

Return for Risk

KNOV vs. TWM — Risk / Return Rank

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

KNOV

KNOV Risk / Return Rank: 85
KNOV Sharpe Ratio Rank: 81
KNOV Sortino Ratio Rank: 85
KNOV Omega Ratio Rank: 80
KNOV Calmar Ratio Rank: 90
KNOV Martin Ratio Rank: 88

TWM

TWM Risk / Return Rank: 1
TWM Sharpe Ratio Rank: 1
TWM Sortino Ratio Rank: 1
TWM Omega Ratio Rank: 1
TWM Calmar Ratio Rank: 1
TWM Martin Ratio Rank: 1

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. TWM - 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 ProShares UltraShort Russell2000 (TWM). 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	TWM	Difference
Sharpe ratio: Return per unit of total volatility	2.07	-1.19	+3.26
Sortino ratio: Return per unit of downside risk	3.07	-1.83	+4.90
Omega ratio: Gain probability vs. loss probability	1.38	0.80	+0.58
Calmar ratio: Return relative to maximum drawdown	4.31	-0.91	+5.21
Martin ratio: Return relative to average drawdown	15.08	-1.45	+16.53

KNOV vs. TWM - Sharpe Ratio Comparison

The current KNOV Sharpe Ratio is 2.07, which is higher than the TWM Sharpe Ratio of -1.19. The chart below compares the historical Sharpe Ratios of KNOV and TWM, 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

KNOV vs. TWM - Drawdown Comparison

The maximum KNOV drawdown since its inception was -15.03%, smaller than the maximum TWM drawdown of -99.94%. Use the drawdown chart below to compare losses from any high point for KNOV and TWM.

Drawdown Indicators

	KNOV	TWM	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-99.94%	+84.91%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-50.65%	+45.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-74.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-76.78%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-96.29%	—
Current Drawdown Current decline from peak	-0.00%	-99.93%	+99.93%
Average Drawdown Average peak-to-trough decline	-2.45%	-87.33%	+84.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	31.65%	-30.12%

Volatility

KNOV vs. TWM - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) is 1.35%, while ProShares UltraShort Russell2000 (TWM) has a volatility of 7.55%. This indicates that KNOV experiences smaller price fluctuations and is considered to be less risky than TWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KNOV	TWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	7.55%	-6.20%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	28.50%	-21.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.14%	38.74%	-27.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.54%	45.13%	-32.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.54%	45.70%	-33.16%

KNOV vs. TWM - Expense Ratio Comparison

KNOV has a 0.79% expense ratio, which is lower than TWM's 0.95% expense ratio.

Dividends

KNOV vs. TWM - Dividend Comparison

KNOV has not paid dividends to shareholders, while TWM's dividend yield for the trailing twelve months is around 5.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KNOV Innovator U.S. Small Cap Power Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TWM ProShares UltraShort Russell2000	5.49%	5.36%	6.21%	4.72%	0.17%	0.00%	0.41%	1.49%	0.73%	0.05%

Frequently Asked Questions

Can I hold both KNOV and TWM in my portfolio?

KNOV and TWM have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KNOV or TWM?

TWM has higher volatility (7.55%) compared to KNOV (1.35%). In terms of maximum drawdown, KNOV dropped -15.03% vs TWM's -99.94%.

Which ETF is better, KNOV or TWM?

On 1-year performance, KNOV leads with 22.98% vs -45.85% for TWM. On fees, KNOV is cheaper at 0.79% per year. On volatility, KNOV has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KNOV or TWM?

Over the 1-year period, KNOV has performed better with a 22.98% return vs -45.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KNOV or TWM?

KNOV is cheaper with a 0.79% expense ratio, compared with 0.95% for TWM.

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

TWM has the higher dividend yield at 5.49%, compared with 0.00% for KNOV.

What is the main difference between KNOV and TWM?

KNOV is categorized as Defined Outcome, while TWM is Leveraged Equities. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for KNOV and 0.95% for TWM.

Which has better risk-adjusted returns?

KNOV currently has the higher Sharpe Ratio (2.07 vs -1.19), 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.