UJUN vs. UNOV

Last updated Aug 2, 2026

UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) and UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) are both Defined Outcome funds from Innovator - UJUN tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series 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, UJUN returned 6.00%/yr vs 6.76%/yr for UNOV. Their correlation of 0.82 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

UJUN vs. UNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) 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, UJUN achieves a 3.01% return, which is significantly lower than UNOV's 6.21% return.

UJUN

• 1D: 0.16%
• 1M: 0.05%
• 6M: 2.43%
• YTD: 3.01%
• 1Y: 7.71%
• 3Y*: 10.09%
• 5Y*: 6.00%
• 10Y*: —
• ALL TIME*: 6.48%

UNOV

• 1D: 0.47%
• 1M: 0.70%
• 6M: 5.32%
• YTD: 6.21%
• 1Y: 11.32%
• 3Y*: 9.02%
• 5Y*: 6.76%
• 10Y*: —
• ALL TIME*: 6.98%

*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)
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	$1.30M	$1.62M	$2.66M
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	$195.76K	$176.12K	$1.52M

UJUN vs. UNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	3.01%	10.63%	12.49%	12.17%	-8.86%	5.09%	7.15%	1.86%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	6.21%	9.92%	9.42%	14.18%	-6.23%	4.45%	8.31%	1.87%

Correlation

The correlation between UJUN and UNOV is 0.85, 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.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.82

The correlation between UJUN and UNOV has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

UJUN vs. UNOV - Sectors Allocation Comparison

Sectors	UJUN	UNOV
Technology	39.1%	37.9%
Financial Services	10.9%	11.7%
Communication Services	10.7%	10.0%
Consumer Cyclical	9.9%	9.6%
Healthcare	8.3%	9.1%
Industrials	7.8%	8.4%
Consumer Defensive	4.5%	4.6%
Energy	3.1%	3.0%
Utilities	2.1%	2.3%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.7%

Return for Risk

UJUN vs. UNOV — Risk / Return Rank

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

UJUN

UJUN Risk / Return Rank: 74
UJUN Sharpe Ratio Rank: 64
UJUN Sortino Ratio Rank: 67
UJUN Omega Ratio Rank: 79
UJUN Calmar Ratio Rank: 74
UJUN Martin Ratio Rank: 85

UNOV

UNOV Risk / Return Rank: 77
UNOV Sharpe Ratio Rank: 78
UNOV Sortino Ratio Rank: 78
UNOV Omega Ratio Rank: 81
UNOV Calmar Ratio Rank: 67
UNOV Martin Ratio Rank: 82

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.

UJUN vs. UNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) 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.

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.

	UJUN	UNOV	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.77	-0.28
Sortino ratio: Return per unit of downside risk	2.20	2.54	-0.34
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.57	2.35	+0.22
Martin ratio: Return relative to average drawdown	11.97	11.07	+0.90

UJUN vs. UNOV - Sharpe Ratio Comparison

The current UJUN Sharpe Ratio is 1.50, which is comparable to the UNOV Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of UJUN 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.

Drawdowns

UJUN vs. UNOV - Drawdown Comparison

The maximum UJUN drawdown since its inception was -13.73%, roughly equal to the maximum UNOV drawdown of -13.84%. Use the drawdown chart below to compare losses from any high point for UJUN and UNOV.

Drawdown Indicators

	UJUN	UNOV	Difference
Max Drawdown Largest peak-to-trough decline	-13.73%	-13.84%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-4.52%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-11.24%	-9.10%	-2.14%
Max Drawdown (5Y) Largest decline over 5 years	-11.96%	-9.10%	-2.86%
Current Drawdown Current decline from peak	-0.59%	-0.11%	-0.48%
Average Drawdown Average peak-to-trough decline	-2.04%	-1.63%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	0.96%	-0.35%

Volatility

UJUN vs. UNOV - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) is 1.78%, while Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) has a volatility of 1.92%. This indicates that UJUN experiences smaller price fluctuations and is considered to be less risky than UNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJUN	UNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	1.92%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	5.10%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	4.87%	6.01%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.40%	6.93%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.74%	7.70%	+1.04%

UJUN vs. UNOV - Expense Ratio Comparison

Both UJUN and UNOV have an expense ratio of 0.79%.

Dividends

UJUN vs. UNOV - Dividend Comparison

Neither UJUN nor UNOV has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.89%
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%

Frequently Asked Questions

Can I hold both UJUN and UNOV in my portfolio?

UJUN and UNOV have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UJUN or UNOV?

UNOV has higher volatility (1.92%) compared to UJUN (1.78%). In terms of maximum drawdown, UJUN dropped -13.73% vs UNOV's -13.84%.

Which ETF is better, UJUN or UNOV?

On 5-year performance, UNOV leads with 6.76% vs 6.00% for UJUN. Both ETFs have the same 0.79% expense ratio. On volatility, UJUN has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJUN or UNOV?

Over the 5-year period, UNOV has performed better with a 6.76% return vs 6.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUN or UNOV?

UJUN and UNOV have the same expense ratio: 0.79% per year.

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

UJUN and UNOV have nearly identical dividend yields, around 0.00%.

What is the main difference between UJUN and UNOV?

UJUN tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index, while UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (1.77 vs 1.50), 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.