PNOV vs. SFLR
PNOV (Innovator U.S. Equity Power Buffer ETF - November) and SFLR (Innovator Equity Managed Floor 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 SFLR is a Options Trading fund actively managed by Innovator. PNOV is passively managed, while SFLR is actively managed. Over the past 3 years, PNOV returned 9.80%/yr vs 14.45%/yr for SFLR. Their correlation of 0.85 means they have usually moved in the same direction. PNOV charges 0.79%/yr vs 0.89%/yr for SFLR.
Performance
PNOV vs. SFLR - Performance Comparison
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Returns By Period
In the year-to-date period, PNOV achieves a 8.23% return, which is significantly higher than SFLR's 5.77% 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%
SFLR
- 1D
- 0.50%
- 1M
- 0.85%
- 6M
- 5.63%
- YTD
- 5.77%
- 1Y
- 13.41%
- 3Y*
- 14.45%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $841.63K | $1.82M | $2.24M | |
| $7.39M | $8.55M | $12.95M |
PNOV vs. SFLR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PNOV Innovator U.S. Equity Power Buffer ETF - November | 8.23% | 10.31% | 9.97% | 14.08% | 1.00% |
SFLR Innovator Equity Managed Floor ETF | 5.77% | 13.29% | 19.99% | 21.20% | 0.42% |
Correlation
The correlation between PNOV and SFLR is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | 0.85 |
The correlation between PNOV and SFLR has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.
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Return for Risk
PNOV vs. SFLR — Risk / Return Rank
PNOV
SFLR
PNOV vs. SFLR - 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 Innovator Equity Managed Floor ETF (SFLR). 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 | SFLR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.26 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 1.98 | +0.70 |
| Martin ratioReturn relative to average drawdown | 13.27 | 7.37 | +5.90 |
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Drawdowns
PNOV vs. SFLR - Drawdown Comparison
The maximum PNOV drawdown since its inception was -18.51%, which is greater than SFLR's maximum drawdown of -12.13%. Use the drawdown chart below to compare losses from any high point for PNOV and SFLR.
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Drawdown Indicators
| PNOV | SFLR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.51% | -12.13% | -6.38% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -6.79% | +1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -10.35% | -12.13% | +1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -10.63% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.40% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -1.74% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 1.82% | -0.84% |
Volatility
PNOV vs. SFLR - Volatility Comparison
The current volatility for Innovator U.S. Equity Power Buffer ETF - November (PNOV) is 2.09%, while Innovator Equity Managed Floor ETF (SFLR) has a volatility of 2.70%. This indicates that PNOV experiences smaller price fluctuations and is considered to be less risky than SFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PNOV | SFLR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.70% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 5.50% | 7.62% | -2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.57% | 9.91% | -3.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.99% | 10.28% | -1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.48% | 10.28% | +0.20% |
PNOV vs. SFLR - Expense Ratio Comparison
PNOV has a 0.79% expense ratio, which is lower than SFLR's 0.89% expense ratio.
Dividends
PNOV vs. SFLR - Dividend Comparison
PNOV has not paid dividends to shareholders, while SFLR's dividend yield for the trailing twelve months is around 0.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
PNOV Innovator U.S. Equity Power Buffer ETF - November | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SFLR Innovator Equity Managed Floor ETF | 0.28% | 0.33% | 0.42% | 1.16% | 0.06% |
Frequently Asked Questions
PNOV and SFLR have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SFLR has higher volatility (2.70%) compared to PNOV (2.09%). In terms of maximum drawdown, PNOV dropped -18.51% vs SFLR's -12.13%.
On 3-year performance, SFLR leads with 14.45% vs 9.80% for PNOV. On fees, PNOV is cheaper at 0.79% 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.
Over the 3-year period, SFLR has performed better with a 14.45% return vs 9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PNOV is cheaper with a 0.79% expense ratio, compared with 0.89% for SFLR.
SFLR has the higher dividend yield at 0.28%, compared with 0.00% for PNOV.
PNOV is categorized as Defined Outcome, while SFLR is Options Trading. Their fees differ too: 0.79% for PNOV and 0.89% for SFLR.
PNOV currently has the higher Sharpe Ratio (1.99 vs 1.37), 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.
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