PNOV vs. IEO

Last updated Aug 5, 2026

PNOV (Innovator U.S. Equity Power Buffer ETF - November) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - PNOV is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect November Series Index, while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 5 years, PNOV returned 8.28%/yr vs 23.01%/yr for IEO. Their 0.32 correlation means their historical movements had little consistent relationship. PNOV charges 0.79%/yr vs 0.38%/yr for IEO.

Performance

PNOV vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - November (PNOV) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNOV achieves a 8.23% return, which is significantly lower than IEO's 39.03% return.

PNOV

• 1D: 0.62%
• 1M: 2.05%
• 6M: 7.53%
• YTD: 8.23%
• 1Y: 12.94%
• 3Y*: 9.80%
• 5Y*: 8.28%
• 10Y*: —
• ALL TIME*: 8.77%

IEO

• 1D: -0.91%
• 1M: 11.27%
• 6M: 25.75%
• YTD: 39.03%
• 1Y: 43.17%
• 3Y*: 11.67%
• 5Y*: 23.01%
• 10Y*: 10.64%
• ALL TIME*: 6.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IEO iShares U.S. Oil & Gas Exploration & Production ETF	$8.72M	$7.71M	$8.53M
PNOV Innovator U.S. Equity Power Buffer ETF - November	$841.63K	$1.82M	$2.24M

PNOV vs. IEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PNOV Innovator U.S. Equity Power Buffer ETF - November	8.23%	10.31%	9.97%	14.08%	-2.64%	7.12%	10.41%	2.35%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	39.03%	2.15%	-1.45%	3.57%	57.82%	75.57%	-32.77%	9.97%

Correlation

The correlation between PNOV and IEO is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.19
Correlation (3Y) Balances recent behavior with more history.	0.12
Correlation (5Y) Shows whether the relationship held over a longer period.	0.27
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.32

The correlation between PNOV and IEO shifts across timeframes, from -0.19 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.

PNOV vs. IEO - Sectors Allocation Comparison

Sectors	PNOV	IEO
Technology	37.9%	-
Financial Services	11.7%	-
Communication Services	10.0%	-
Consumer Cyclical	9.6%	-
Healthcare	9.1%	-
Industrials	8.4%	1.0%
Consumer Defensive	4.6%	-
Energy	3.0%	99.1%
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.7%	0.9%

Return for Risk

PNOV vs. IEO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PNOV

PNOV Risk / Return Rank: 79
PNOV Sharpe Ratio Rank: 77
PNOV Sortino Ratio Rank: 80
PNOV Omega Ratio Rank: 84
PNOV Calmar Ratio Rank: 68
PNOV Martin Ratio Rank: 85

IEO

IEO Risk / Return Rank: 59
IEO Sharpe Ratio Rank: 63
IEO Sortino Ratio Rank: 57
IEO Omega Ratio Rank: 54
IEO Calmar Ratio Rank: 68
IEO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PNOV vs. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - November (PNOV) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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.

	PNOV	IEO	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.68	+0.30
Sortino ratio: Return per unit of downside risk	2.89	2.21	+0.68
Omega ratio: Gain probability vs. loss probability	1.40	1.27	+0.12
Calmar ratio: Return relative to maximum drawdown	2.68	2.66	+0.02
Martin ratio: Return relative to average drawdown	13.27	6.64	+6.62

PNOV vs. IEO - Sharpe Ratio Comparison

The current PNOV Sharpe Ratio is 1.99, which is comparable to the IEO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of PNOV and IEO, 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

PNOV vs. IEO - Drawdown Comparison

The maximum PNOV drawdown since its inception was -18.51%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for PNOV and IEO.

Drawdown Indicators

	PNOV	IEO	Difference
Max Drawdown Largest peak-to-trough decline	-18.51%	-79.17%	+60.66%
Max Drawdown (1Y) Largest decline over 1 year	-4.85%	-16.32%	+11.47%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	-31.46%	+21.11%
Max Drawdown (5Y) Largest decline over 5 years	-10.63%	-31.46%	+20.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.00%	—
Current Drawdown Current decline from peak	0.00%	-4.24%	+4.24%
Average Drawdown Average peak-to-trough decline	-1.62%	-26.13%	+24.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	6.52%	-5.54%

Volatility

PNOV vs. IEO - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - November (PNOV) is 2.09%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 7.87%. This indicates that PNOV experiences smaller price fluctuations and is considered to be less risky than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNOV	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.09%	7.87%	-5.78%
Volatility (6M) Calculated over the trailing 6-month period	5.50%	20.37%	-14.87%
Volatility (1Y) Calculated over the trailing 1-year period	6.57%	25.76%	-19.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.99%	30.22%	-21.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	34.91%	-24.43%

PNOV vs. IEO - Expense Ratio Comparison

PNOV has a 0.79% expense ratio, which is higher than IEO's 0.38% expense ratio.

Dividends

PNOV vs. IEO - Dividend Comparison

PNOV has not paid dividends to shareholders, while IEO's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.90%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%
PNOV Innovator U.S. Equity Power Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PNOV and IEO in my portfolio?

PNOV and IEO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNOV or IEO?

IEO has higher volatility (7.87%) compared to PNOV (2.09%). In terms of maximum drawdown, PNOV dropped -18.51% vs IEO's -79.17%.

Which ETF is better, PNOV or IEO?

On 5-year performance, IEO leads with 23.01% vs 8.28% for PNOV. On fees, IEO is cheaper at 0.38% per year. On volatility, PNOV has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PNOV or IEO?

Over the 5-year period, IEO has performed better with a 23.01% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PNOV or IEO?

IEO is cheaper with a 0.38% expense ratio, compared with 0.79% for PNOV.

Which ETF pays a higher dividend yield, PNOV or IEO?

IEO has the higher dividend yield at 1.90%, compared with 0.00% for PNOV.

What is the main difference between PNOV and IEO?

PNOV is categorized as Defined Outcome, while IEO is Energy Equities. PNOV tracks Cboe S&P 500 15% Buffer Protect November Series Index, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for PNOV and 0.38% for IEO.

Which has better risk-adjusted returns?

PNOV currently has the higher Sharpe Ratio (1.99 vs 1.68), 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.