LOUP vs. THNQ

Last updated Jun 14, 2026

LOUP (Innovator Deepwater Frontier Tech ETF) and THNQ (ROBO Global Artificial Intelligence ETF) are both Technology Equities funds - LOUP tracks the Deepwater Frontier Tech Index while THNQ tracks the ROBO Global Artificial Intelligence Index. Both are passively managed. Over the past 5 years, LOUP returned 11.27%/yr vs 15.90%/yr for THNQ. Their correlation of 0.89 suggests significant overlap in exposure. LOUP charges 0.70%/yr vs 0.68%/yr for THNQ.

Performance

LOUP vs. THNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Deepwater Frontier Tech ETF (LOUP) and ROBO Global Artificial Intelligence ETF (THNQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LOUP achieves a 20.89% return, which is significantly lower than THNQ's 35.69% return.

LOUP

• 1D: -0.93%
• 1M: 5.80%
• YTD: 20.89%
• 6M: 21.07%
• 1Y: 63.99%
• 3Y*: 32.56%
• 5Y*: 11.27%
• 10Y*: —

THNQ

• 1D: 0.63%
• 1M: 7.14%
• YTD: 35.69%
• 6M: 34.00%
• 1Y: 67.55%
• 3Y*: 33.39%
• 5Y*: 15.90%
• 10Y*: —

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

LOUP vs. THNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LOUP Innovator Deepwater Frontier Tech ETF	20.89%	43.24%	21.80%	51.31%	-46.00%	7.54%	82.97%
THNQ ROBO Global Artificial Intelligence ETF	35.69%	29.83%	18.82%	56.81%	-39.84%	9.10%	60.92%

Correlation

The correlation between LOUP and THNQ is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 11, 2020	0.89

The correlation between LOUP and THNQ has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

LOUP vs. THNQ - Sectors Allocation Comparison

Sectors	LOUP	THNQ
Technology	45.6%	74.2%
Industrials	17.6%	0.8%
Communication Services	17.0%	10.5%
Consumer Cyclical	8.9%	7.3%
Utilities	3.0%	-
Energy	2.7%	-
Financial Services	2.6%	1.4%
Healthcare	2.6%	5.2%
Basic Materials	-	-
Consumer Defensive	-	-
Real Estate	-	0.7%

Return for Risk

LOUP vs. THNQ — Risk / Return Rank

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

LOUP

LOUP Risk / Return Rank: 65
LOUP Sharpe Ratio Rank: 73
LOUP Sortino Ratio Rank: 64
LOUP Omega Ratio Rank: 62
LOUP Calmar Ratio Rank: 66
LOUP Martin Ratio Rank: 61

THNQ

THNQ Risk / Return Rank: 75
THNQ Sharpe Ratio Rank: 83
THNQ Sortino Ratio Rank: 73
THNQ Omega Ratio Rank: 72
THNQ Calmar Ratio Rank: 78
THNQ Martin Ratio Rank: 70

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.

LOUP vs. THNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Deepwater Frontier Tech ETF (LOUP) and ROBO Global Artificial Intelligence ETF (THNQ). 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.

	LOUP	THNQ	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.32	-0.25
Sortino ratio: Return per unit of downside risk	2.59	2.84	-0.25
Omega ratio: Gain probability vs. loss probability	1.33	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	2.91	3.51	-0.61
Martin ratio: Return relative to average drawdown	9.66	11.22	-1.57

LOUP vs. THNQ - Sharpe Ratio Comparison

The current LOUP Sharpe Ratio is 2.06, which is comparable to the THNQ Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of LOUP and THNQ, 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

LOUP vs. THNQ - Drawdown Comparison

The maximum LOUP drawdown since its inception was -58.68%, which is greater than THNQ's maximum drawdown of -50.56%. Use the drawdown chart below to compare losses from any high point for LOUP and THNQ.

Drawdown Indicators

	LOUP	THNQ	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-50.56%	-8.12%
Max Drawdown (1Y) Largest decline over 1 year	-21.00%	-18.39%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-35.23%	-29.88%	-5.35%
Max Drawdown (5Y) Largest decline over 5 years	-55.63%	-50.56%	-5.07%
Current Drawdown Current decline from peak	-7.47%	-7.88%	+0.41%
Average Drawdown Average peak-to-trough decline	-19.99%	-15.03%	-4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.31%	5.74%	+0.57%

Volatility

LOUP vs. THNQ - Volatility Comparison

The current volatility for Innovator Deepwater Frontier Tech ETF (LOUP) is 11.16%, while ROBO Global Artificial Intelligence ETF (THNQ) has a volatility of 12.29%. This indicates that LOUP experiences smaller price fluctuations and is considered to be less risky than THNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOUP	THNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.16%	12.29%	-1.13%
Volatility (6M) Calculated over the trailing 6-month period	23.42%	22.64%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	29.60%	27.89%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.56%	29.33%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.03%	28.82%	+3.21%

LOUP vs. THNQ - Expense Ratio Comparison

LOUP has a 0.70% expense ratio, which is higher than THNQ's 0.68% expense ratio.

Dividends

LOUP vs. THNQ - Dividend Comparison

LOUP has not paid dividends to shareholders, while THNQ's dividend yield for the trailing twelve months is around 0.15%.

Position	TTM	2025
LOUP Innovator Deepwater Frontier Tech ETF	0.00%	0.00%
THNQ ROBO Global Artificial Intelligence ETF	0.15%	0.20%

Frequently Asked Questions

Can I hold both LOUP and THNQ in my portfolio?

LOUP and THNQ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LOUP or THNQ?

THNQ has higher volatility (12.29%) compared to LOUP (11.16%). In terms of maximum drawdown, LOUP dropped -58.68% vs THNQ's -50.56%.

Which ETF is better, LOUP or THNQ?

On 5-year performance, THNQ leads with 15.90% vs 11.27% for LOUP. On fees, THNQ is cheaper at 0.68% per year. On volatility, LOUP has been the lower-risk option at 11.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LOUP or THNQ?

Over the 5-year period, THNQ has performed better with a 15.90% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LOUP or THNQ?

THNQ is cheaper with a 0.68% expense ratio, compared with 0.70% for LOUP.

Which ETF pays a higher dividend yield, LOUP or THNQ?

THNQ has the higher dividend yield at 0.15%, compared with 0.00% for LOUP.

What is the main difference between LOUP and THNQ?

LOUP tracks Deepwater Frontier Tech Index, while THNQ tracks ROBO Global Artificial Intelligence Index. They also come from different issuers: Innovator and Exchange Traded Concepts. Their fees differ too: 0.70% for LOUP and 0.68% for THNQ.

Which has better risk-adjusted returns?

THNQ currently has the higher Sharpe Ratio (2.32 vs 2.06), 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.