SKRE vs. UNOV

Last updated Jun 4, 2026

SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) and UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) are both Large Cap Blend Equities funds - SKRE tracks the S&P Regional Banks Select Industry while UNOV tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. Both are passively managed. Over the past year, SKRE returned -39.81% vs 13.88% for UNOV. At a correlation of -0.48, they often move in opposite directions. SKRE charges 0.75%/yr vs 0.79%/yr for UNOV.

Performance

SKRE vs. UNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) 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, SKRE achieves a -14.51% return, which is significantly lower than UNOV's 5.40% return.

SKRE

• 1D: 4.58%
• 1M: 2.45%
• YTD: -14.51%
• 6M: -16.27%
• 1Y: -39.81%
• 3Y*: —
• 5Y*: —
• 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)

SKRE vs. UNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	-14.51%	-31.29%	-44.51%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	5.40%	9.92%	10.02%

Correlation

The correlation between SKRE and UNOV is -0.51, 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	-0.51
Correlation (All Time) Calculated using the full available price history since Jan 5, 2024	-0.48

The correlation between SKRE and UNOV has been stable across timeframes, ranging from -0.51 to -0.48 - a consistent structural relationship.

Return for Risk

SKRE vs. UNOV — Risk / Return Rank

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

SKRE

SKRE Risk / Return Rank: 2
SKRE Sharpe Ratio Rank: 2
SKRE Sortino Ratio Rank: 2
SKRE Omega Ratio Rank: 2
SKRE Calmar Ratio Rank: 2
SKRE Martin Ratio Rank: 3

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.

SKRE vs. UNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) 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.

	SKRE	UNOV	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	2.50	-3.35
Sortino ratio: Return per unit of downside risk	-1.18	3.63	-4.81
Omega ratio: Gain probability vs. loss probability	0.86	1.51	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.81	3.08	-3.90
Martin ratio: Return relative to average drawdown	-1.22	15.01	-16.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKRE vs. UNOV - Sharpe Ratio Comparison

The current SKRE Sharpe Ratio is -0.85, which is lower than the UNOV Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of SKRE 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

	SKRE	UNOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	2.50	-3.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	0.91	-1.59

Drawdowns

SKRE vs. UNOV - Drawdown Comparison

The maximum SKRE drawdown since its inception was -75.30%, which is greater than UNOV's maximum drawdown of -13.84%. Use the drawdown chart below to compare losses from any high point for SKRE and UNOV.

Drawdown Indicators

	SKRE	UNOV	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-13.84%	-61.46%
Max Drawdown (1Y) Largest decline over 1 year	-49.06%	-4.52%	-44.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.10%	—
Current Drawdown Current decline from peak	-72.27%	-0.22%	-72.05%
Average Drawdown Average peak-to-trough decline	-47.26%	-1.66%	-45.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.67%	0.93%	+31.74%

Volatility

SKRE vs. UNOV - Volatility Comparison

Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) has a higher volatility of 12.32% compared to Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) at 1.14%. This indicates that SKRE'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

	SKRE	UNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.32%	1.14%	+11.18%
Volatility (6M) Calculated over the trailing 6-month period	31.62%	4.67%	+26.95%
Volatility (1Y) Calculated over the trailing 1-year period	46.92%	5.58%	+41.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.73%	6.83%	+48.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.73%	7.72%	+48.01%

SKRE vs. UNOV - Expense Ratio Comparison

SKRE has a 0.75% expense ratio, which is lower than UNOV's 0.79% expense ratio.

Dividends

SKRE vs. UNOV - Dividend Comparison

SKRE's dividend yield for the trailing twelve months is around 0.30%, while UNOV has not paid dividends to shareholders.

Position	TTM	2025	2024
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	0.30%	0.26%	3.16%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SKRE and UNOV in my portfolio?

SKRE and UNOV have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKRE or UNOV?

SKRE has higher volatility (12.32%) compared to UNOV (1.14%). In terms of maximum drawdown, SKRE dropped -75.30% vs UNOV's -13.84%.

Which ETF is better, SKRE or UNOV?

On 1-year performance, UNOV leads with 13.88% vs -39.81% for SKRE. On fees, SKRE is cheaper at 0.75% 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, SKRE or UNOV?

Over the 1-year period, UNOV has performed better with a 13.88% return vs -39.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKRE or UNOV?

SKRE is cheaper with a 0.75% expense ratio, compared with 0.79% for UNOV.

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

SKRE has the higher dividend yield at 0.30%, compared with 0.00% for UNOV.

What is the main difference between SKRE and UNOV?

SKRE tracks S&P Regional Banks Select Industry, while UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. They also come from different issuers: Tuttle and Innovator. Their fees differ too: 0.75% for SKRE and 0.79% for UNOV.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.50 vs -0.85), 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.