UMAR vs. BKLN
UMAR (Innovator U.S. Equity Ultra Buffer ETF - March) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - UMAR is a Defined Outcome fund tracking the S&P 500 Index, while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. Both are passively managed. Over the past 5 years, UMAR returned 7.78%/yr vs 5.35%/yr for BKLN. Their 0.54 correlation means they have sometimes moved together and sometimes differently. UMAR charges 0.79%/yr vs 0.65%/yr for BKLN.
Performance
UMAR vs. BKLN - Performance Comparison
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Returns By Period
In the year-to-date period, UMAR achieves a 6.28% return, which is significantly higher than BKLN's 0.65% return.
UMAR
- 1D
- 0.31%
- 1M
- 0.65%
- 6M
- 5.52%
- YTD
- 6.28%
- 1Y
- 12.30%
- 3Y*
- 11.87%
- 5Y*
- 7.78%
- 10Y*
- —
- ALL TIME*
- 7.78%
BKLN
- 1D
- 0.05%
- 1M
- 0.73%
- 6M
- 1.39%
- YTD
- 0.65%
- 1Y
- 4.08%
- 3Y*
- 6.92%
- 5Y*
- 5.35%
- 10Y*
- 4.23%
- ALL TIME*
- 3.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $118.65M | $121.61M | $174.22M | |
| $255.05K | $641.31K | $640.48K |
UMAR vs. BKLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
UMAR Innovator U.S. Equity Ultra Buffer ETF - March | 6.28% | 11.94% | 12.94% | 12.22% | -5.49% | 7.31% | 5.69% |
BKLN Invesco Senior Loan ETF | 0.65% | 6.88% | 8.21% | 12.53% | -2.51% | 2.32% | 4.39% |
Correlation
The correlation between UMAR and BKLN is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2020 | 0.54 |
The correlation between UMAR and BKLN has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.
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Return for Risk
UMAR vs. BKLN — Risk / Return Rank
UMAR
BKLN
UMAR vs. BKLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) and Invesco Senior Loan ETF (BKLN). 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.
| UMAR | BKLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.32 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 1.27 | +1.95 |
| Martin ratioReturn relative to average drawdown | 17.21 | 4.91 | +12.30 |
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Drawdowns
UMAR vs. BKLN - Drawdown Comparison
The maximum UMAR drawdown since its inception was -11.08%, smaller than the maximum BKLN drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for UMAR and BKLN.
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Drawdown Indicators
| UMAR | BKLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.08% | -24.17% | +13.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.61% | -3.07% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -7.41% | -3.55% | -3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -8.72% | -7.31% | -1.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.17% | — |
Current DrawdownCurrent decline from peak | -0.06% | -0.05% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -1.60% | -1.08% | -0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.79% | -0.11% |
Volatility
UMAR vs. BKLN - Volatility Comparison
Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) has a higher volatility of 1.20% compared to Invesco Senior Loan ETF (BKLN) at 0.34%. This indicates that UMAR's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UMAR | BKLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 0.34% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 2.53% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.12% | 2.77% | +2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.59% | 4.47% | +2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.48% | 6.41% | +1.07% |
UMAR vs. BKLN - Expense Ratio Comparison
UMAR has a 0.79% expense ratio, which is higher than BKLN's 0.65% expense ratio.
Dividends
UMAR vs. BKLN - Dividend Comparison
UMAR has not paid dividends to shareholders, while BKLN's dividend yield for the trailing twelve months is around 6.53%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKLN Invesco Senior Loan ETF | 6.53% | 6.95% | 8.41% | 8.59% | 4.93% | 3.11% | 3.56% | 4.86% | 4.52% | 3.50% | 4.54% | 4.12% |
UMAR Innovator U.S. Equity Ultra Buffer ETF - March | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UMAR and BKLN have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UMAR has higher volatility (1.20%) compared to BKLN (0.34%). In terms of maximum drawdown, UMAR dropped -11.08% vs BKLN's -24.17%.
On 5-year performance, UMAR leads with 7.78% vs 5.35% for BKLN. On fees, BKLN is cheaper at 0.65% per year. On volatility, BKLN has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UMAR has performed better with a 7.78% return vs 5.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKLN is cheaper with a 0.65% expense ratio, compared with 0.79% for UMAR.
BKLN has the higher dividend yield at 6.53%, compared with 0.00% for UMAR.
UMAR is categorized as Defined Outcome, while BKLN is Bank Loan. UMAR tracks S&P 500 Index, while BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for UMAR and 0.65% for BKLN.
UMAR currently has the higher Sharpe Ratio (2.27 vs 1.41), 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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