KNOV vs. WNTR

Last updated Jun 25, 2026

KNOV (Innovator U.S. Small Cap Power Buffer ETF - November) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - KNOV is a Defined Outcome fund actively managed by Innovator, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, KNOV returned 24.15% vs 97.02% for WNTR. At a correlation of -0.47, they often move in opposite directions. KNOV charges 0.79%/yr vs 1.01%/yr for WNTR.

Performance

KNOV vs. WNTR - 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 Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with KNOV having a 10.63% return and WNTR slightly lower at 10.46%.

KNOV

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

WNTR

• 1D: 6.01%
• 1M: 37.47%
• YTD: 10.46%
• 6M: 14.06%
• 1Y: 97.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KNOV vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
KNOV Innovator U.S. Small Cap Power Buffer ETF - November	10.63%	15.15%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between KNOV and WNTR is -0.44, 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	-0.44
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.47

Return for Risk

KNOV vs. WNTR — 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

WNTR

WNTR Risk / Return Rank: 51
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 49
WNTR Omega Ratio Rank: 52
WNTR Calmar Ratio Rank: 51
WNTR Martin Ratio Rank: 40

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. WNTR - 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 Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.85	+0.29
Sortino ratio: Return per unit of downside risk	3.12	2.20	+0.92
Omega ratio: Gain probability vs. loss probability	1.38	1.30	+0.08
Calmar ratio: Return relative to maximum drawdown	4.53	2.29	+2.24
Martin ratio: Return relative to average drawdown	15.77	5.85	+9.93

KNOV vs. WNTR - Sharpe Ratio Comparison

The current KNOV Sharpe Ratio is 2.13, which is comparable to the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of KNOV and WNTR, 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. WNTR - Drawdown Comparison

The maximum KNOV drawdown since its inception was -15.03%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for KNOV and WNTR.

Drawdown Indicators

	KNOV	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-42.65%	+27.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-42.65%	+37.29%
Current Drawdown Current decline from peak	-0.25%	-9.88%	+9.63%
Average Drawdown Average peak-to-trough decline	-2.53%	-20.93%	+18.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	16.70%	-15.16%

Volatility

KNOV vs. WNTR - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) is 2.46%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.54%. This indicates that KNOV experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KNOV	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	17.54%	-15.08%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	45.99%	-38.99%
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	52.83%	-41.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.75%	53.10%	-40.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.75%	53.10%	-40.35%

KNOV vs. WNTR - Expense Ratio Comparison

KNOV has a 0.79% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

KNOV vs. WNTR - Dividend Comparison

KNOV has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 96.66%.

Position	TTM	2025
KNOV Innovator U.S. Small Cap Power Buffer ETF - November	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%

Frequently Asked Questions

Can I hold both KNOV and WNTR in my portfolio?

KNOV and WNTR have a correlation of -0.44, 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 WNTR?

WNTR has higher volatility (17.54%) compared to KNOV (2.46%). In terms of maximum drawdown, KNOV dropped -15.03% vs WNTR's -42.65%.

Which ETF is better, KNOV or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 24.15% for KNOV. On fees, KNOV is cheaper at 0.79% per year. On volatility, KNOV has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KNOV or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 24.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KNOV or WNTR?

KNOV is cheaper with a 0.79% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 96.66%, compared with 0.00% for KNOV.

What is the main difference between KNOV and WNTR?

KNOV is categorized as Defined Outcome, while WNTR is Derivative Income. They also come from different issuers: Innovator and YieldMax. Their fees differ too: 0.79% for KNOV and 1.01% for WNTR.

Which has better risk-adjusted returns?

KNOV currently has the higher Sharpe Ratio (2.13 vs 1.85), 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.