RNDV vs. UNOV

Last updated Jun 4, 2026

RNDV (US Equity Dividend Select ETF) and UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) are both Large Cap Blend Equities funds - RNDV tracks the Nasdaq Riskalyze US Large Cap Select Dividend Index while UNOV tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. Both are passively managed. Over the past 5 years, RNDV returned 9.28%/yr vs 6.68%/yr for UNOV. A 0.62 correlation means they provide meaningful diversification when combined. RNDV charges 0.50%/yr vs 0.79%/yr for UNOV.

Performance

RNDV vs. UNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Equity Dividend Select ETF (RNDV) and Innovator U.S. Equity Ultra Buffer ETF - November (UNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RNDV achieves a 16.69% return, which is significantly higher than UNOV's 5.40% return.

RNDV

• 1D: -1.01%
• 1M: 8.04%
• YTD: 16.69%
• 6M: 16.73%
• 1Y: 31.60%
• 3Y*: 17.67%
• 5Y*: 9.28%
• 10Y*: —

UNOV

• 1D: -0.22%
• 1M: 2.17%
• YTD: 5.40%
• 6M: 5.64%
• 1Y: 13.88%
• 3Y*: 10.20%
• 5Y*: 6.68%
• 10Y*: —

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

RNDV vs. UNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RNDV US Equity Dividend Select ETF	16.69%	14.27%	11.05%	9.77%	-7.55%	28.99%	5.51%	5.50%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	5.40%	9.92%	9.42%	14.18%	-6.23%	4.45%	8.31%	1.87%

Correlation

The correlation between RNDV and UNOV is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 4, 2019	0.63

The correlation between RNDV and UNOV has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

RNDV vs. UNOV - Sectors Allocation Comparison

Sectors	RNDV	UNOV
Technology	34.0%	36.2%
Healthcare	13.6%	8.4%
Financial Services	10.7%	11.9%
Consumer Cyclical	9.7%	10.1%
Industrials	9.4%	8.1%
Consumer Defensive	5.8%	4.9%
Energy	5.0%	3.5%
Communication Services	4.8%	10.9%
Utilities	2.6%	2.3%
Real Estate	2.4%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

RNDV vs. UNOV — Risk / Return Rank

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

RNDV

RNDV Risk / Return Rank: 69
RNDV Sharpe Ratio Rank: 72
RNDV Sortino Ratio Rank: 74
RNDV Omega Ratio Rank: 69
RNDV Calmar Ratio Rank: 68
RNDV Martin Ratio Rank: 63

UNOV

UNOV Risk / Return Rank: 77
UNOV Sharpe Ratio Rank: 77
UNOV Sortino Ratio Rank: 81
UNOV Omega Ratio Rank: 84
UNOV Calmar Ratio Rank: 63
UNOV Martin Ratio Rank: 78

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.

RNDV vs. UNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Equity Dividend Select ETF (RNDV) and Innovator U.S. Equity Ultra Buffer ETF - November (UNOV). 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.

	RNDV	UNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.50	-0.16
Sortino ratio: Return per unit of downside risk	3.33	3.63	-0.30
Omega ratio: Gain probability vs. loss probability	1.41	1.51	-0.10
Calmar ratio: Return relative to maximum drawdown	3.37	3.08	+0.29
Martin ratio: Return relative to average drawdown	11.35	15.01	-3.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RNDV vs. UNOV - Sharpe Ratio Comparison

The current RNDV Sharpe Ratio is 2.34, which is comparable to the UNOV Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of RNDV and UNOV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RNDV	UNOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.50	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.98	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.91	-0.30

Drawdowns

RNDV vs. UNOV - Drawdown Comparison

The maximum RNDV drawdown since its inception was -37.44%, which is greater than UNOV's maximum drawdown of -13.84%. Use the drawdown chart below to compare losses from any high point for RNDV and UNOV.

Drawdown Indicators

	RNDV	UNOV	Difference
Max Drawdown Largest peak-to-trough decline	-37.44%	-13.84%	-23.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-4.52%	-4.89%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	-9.10%	-10.60%
Max Drawdown (5Y) Largest decline over 5 years	-19.71%	-9.10%	-10.61%
Current Drawdown Current decline from peak	-1.01%	-0.22%	-0.79%
Average Drawdown Average peak-to-trough decline	-4.87%	-1.66%	-3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	0.93%	+1.86%

Volatility

RNDV vs. UNOV - Volatility Comparison

US Equity Dividend Select ETF (RNDV) has a higher volatility of 3.82% compared to Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) at 1.14%. This indicates that RNDV's price experiences larger fluctuations and is considered to be riskier than UNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RNDV	UNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	1.14%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	4.67%	+5.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.58%	5.58%	+8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	6.83%	+9.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	7.72%	+11.15%

RNDV vs. UNOV - Expense Ratio Comparison

RNDV has a 0.50% expense ratio, which is lower than UNOV's 0.79% expense ratio.

Dividends

RNDV vs. UNOV - Dividend Comparison

RNDV's dividend yield for the trailing twelve months is around 2.33%, while UNOV has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
RNDV US Equity Dividend Select ETF	2.33%	2.70%	2.55%	3.10%	2.52%	1.95%	2.44%	2.85%	4.09%	1.10%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	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 RNDV and UNOV in my portfolio?

RNDV and UNOV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RNDV or UNOV?

RNDV has higher volatility (3.82%) compared to UNOV (1.14%). In terms of maximum drawdown, RNDV dropped -37.44% vs UNOV's -13.84%.

Which ETF is better, RNDV or UNOV?

On 5-year performance, RNDV leads with 9.28% vs 6.68% for UNOV. On fees, RNDV is cheaper at 0.50% per year. On volatility, UNOV has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RNDV or UNOV?

Over the 5-year period, RNDV has performed better with a 9.28% return vs 6.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RNDV or UNOV?

RNDV is cheaper with a 0.50% expense ratio, compared with 0.79% for UNOV.

Which ETF pays a higher dividend yield, RNDV or UNOV?

RNDV has the higher dividend yield at 2.33%, compared with 0.00% for UNOV.

What is the main difference between RNDV and UNOV?

RNDV tracks Nasdaq Riskalyze US Large Cap Select Dividend Index, while UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.50% for RNDV and 0.79% for UNOV.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.50 vs 2.34), 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.