TWM vs. KNOV
TWM (ProShares UltraShort Russell2000) and KNOV (Innovator U.S. Small Cap Power Buffer ETF - November) are both exchange-traded funds - TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%), while KNOV is a Defined Outcome fund actively managed by Innovator. TWM is passively managed, while KNOV is actively managed. Over the past year, TWM returned -50.37% vs 25.16% for KNOV. At a correlation of -0.98, they often move in opposite directions. TWM charges 0.95%/yr vs 0.79%/yr for KNOV.
Performance
TWM vs. KNOV - Performance Comparison
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Returns By Period
In the year-to-date period, TWM achieves a -32.09% return, which is significantly lower than KNOV's 10.50% return.
TWM
- 1D
- 1.98%
- 1M
- -7.68%
- YTD
- -32.09%
- 6M
- -28.69%
- 1Y
- -50.37%
- 3Y*
- -30.94%
- 5Y*
- -17.34%
- 10Y*
- -28.49%
KNOV
- 1D
- -0.36%
- 1M
- 1.82%
- YTD
- 10.50%
- 6M
- 9.31%
- 1Y
- 25.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TWM vs. KNOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TWM ProShares UltraShort Russell2000 | -32.09% | -24.71% | -4.15% |
KNOV Innovator U.S. Small Cap Power Buffer ETF - November | 10.50% | 11.91% | 0.87% |
Correlation
The correlation between TWM and KNOV is -0.98, 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 | -0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024 | -0.98 |
The correlation between TWM and KNOV has been stable across timeframes, ranging from -0.98 to -0.98 - a consistent structural relationship.
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Return for Risk
TWM vs. KNOV — Risk / Return Rank
TWM
KNOV
TWM vs. KNOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) and Innovator U.S. Small Cap Power Buffer ETF - November (KNOV). 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.
| TWM | KNOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.50 | ||
| Sortino ratioReturn per unit of downside risk | -5.32 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.39 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 4.72 | -5.70 |
| Martin ratioReturn relative to average drawdown | -1.64 | 16.43 | -18.07 |
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Drawdowns
TWM vs. KNOV - Drawdown Comparison
The maximum TWM drawdown since its inception was -99.94%, which is greater than KNOV's maximum drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for TWM and KNOV.
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Drawdown Indicators
| TWM | KNOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -15.03% | -84.91% |
Max Drawdown (1Y)Largest decline over 1 year | -51.15% | -5.36% | -45.79% |
Max Drawdown (3Y)Largest decline over 3 years | -74.07% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -76.44% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.79% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -0.36% | -99.57% |
Average DrawdownAverage peak-to-trough decline | -87.29% | -2.54% | -84.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.89% | 1.54% | +29.35% |
Volatility
TWM vs. KNOV - Volatility Comparison
ProShares UltraShort Russell2000 (TWM) has a higher volatility of 13.21% compared to Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) at 2.48%. This indicates that TWM's price experiences larger fluctuations and is considered to be riskier than KNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TWM | KNOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.21% | 2.48% | +10.73% |
Volatility (6M)Calculated over the trailing 6-month period | 28.79% | 7.00% | +21.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.41% | 11.41% | +28.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.25% | 12.76% | +32.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.84% | 12.76% | +33.08% |
TWM vs. KNOV - Expense Ratio Comparison
TWM has a 0.95% expense ratio, which is higher than KNOV's 0.79% expense ratio.
Dividends
TWM vs. KNOV - Dividend Comparison
TWM's dividend yield for the trailing twelve months is around 6.67%, while KNOV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
KNOV Innovator U.S. Small Cap Power Buffer ETF - November | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TWM ProShares UltraShort Russell2000 | 6.67% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% |
Frequently Asked Questions
TWM and KNOV have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TWM has higher volatility (13.21%) compared to KNOV (2.48%). In terms of maximum drawdown, TWM dropped -99.94% vs KNOV's -15.03%.
On 1-year performance, KNOV leads with 25.16% vs -50.37% for TWM. On fees, KNOV is cheaper at 0.79% per year. On volatility, KNOV has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KNOV has performed better with a 25.16% return vs -50.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KNOV is cheaper with a 0.79% expense ratio, compared with 0.95% for TWM.
TWM has the higher dividend yield at 6.67%, compared with 0.00% for KNOV.
TWM is categorized as Leveraged Equities, while KNOV is Defined Outcome. They also come from different issuers: ProShares and Innovator. Their fees differ too: 0.95% for TWM and 0.79% for KNOV.
KNOV currently has the higher Sharpe Ratio (2.22 vs -1.28), 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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