KNOV vs. TWM
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 24.28% vs -48.58% 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
Loading charts...
Returns By Period
In the year-to-date period, KNOV achieves a 8.98% return, which is significantly higher than TWM's -27.73% return.
KNOV
- 1D
- -0.43%
- 1M
- 1.86%
- YTD
- 8.98%
- 6M
- 8.75%
- 1Y
- 24.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TWM
- 1D
- 2.91%
- 1M
- -6.80%
- YTD
- -27.73%
- 6M
- -25.95%
- 1Y
- -48.58%
- 3Y*
- -29.21%
- 5Y*
- -17.11%
- 10Y*
- -27.65%
KNOV vs. TWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KNOV Innovator U.S. Small Cap Power Buffer ETF - November | 8.98% | 11.91% | 1.18% |
TWM ProShares UltraShort Russell2000 | -27.73% | -24.71% | -3.13% |
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 4, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KNOV vs. TWM — Risk / Return Rank
KNOV
TWM
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.
| KNOV | TWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.43 | ||
| Sortino ratioReturn per unit of downside risk | +5.19 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.78 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | -0.96 | +5.52 |
| Martin ratioReturn relative to average drawdown | 15.82 | -1.58 | +17.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| KNOV | TWM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | -1.28 | +3.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.38 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | -0.57 | +1.69 |
Drawdowns
KNOV vs. TWM - Drawdown Comparison
The maximum KNOV drawdown since its inception was -15.03%, smaller than the maximum TWM drawdown of -99.93%. Use the drawdown chart below to compare losses from any high point for KNOV and TWM.
Loading charts...
Drawdown Indicators
| KNOV | TWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.03% | -99.93% | +84.90% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -50.49% | +45.13% |
Max Drawdown (3Y)Largest decline over 3 years | — | -72.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -75.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -96.62% | — |
Current DrawdownCurrent decline from peak | -0.54% | -99.93% | +99.39% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -87.28% | +84.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 30.86% | -29.32% |
Volatility
KNOV vs. TWM - Volatility Comparison
The current volatility for Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) is 2.23%, while ProShares UltraShort Russell2000 (TWM) has a volatility of 11.60%. 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.
Loading charts...
Volatility by Period
| KNOV | TWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.23% | 11.60% | -9.37% |
Volatility (6M)Calculated over the trailing 6-month period | 6.90% | 27.25% | -20.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.37% | 38.32% | -26.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.86% | 45.09% | -32.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.86% | 45.78% | -32.92% |
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 6.27%.
| 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 | 6.27% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% |
Frequently Asked Questions
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.
TWM has higher volatility (11.60%) compared to KNOV (2.23%). In terms of maximum drawdown, KNOV dropped -15.03% vs TWM's -99.93%.
On 1-year performance, KNOV leads with 24.28% vs -48.58% for TWM. On fees, KNOV is cheaper at 0.79% per year. On volatility, KNOV has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KNOV has performed better with a 24.28% return vs -48.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KNOV is cheaper with a 0.79% expense ratio, compared with 0.95% for TWM.
TWM has the higher dividend yield at 6.27%, compared with 0.00% for KNOV.
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.
KNOV currently has the higher Sharpe Ratio (2.15 vs -1.28), 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.
Find the right allocation for KNOV and TWM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer