UMAR vs. QQQI

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) and NEOS Nasdaq-100 High Income ETF (QQQI).

UMAR and QQQI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UMAR is a passively managed fund by Innovator that tracks the performance of the S&P 500 Index. It was launched on Feb 28, 2020. QQQI is an actively managed fund by Neos. It was launched on Jan 29, 2024.

Performance

UMAR vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) and NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

UMAR vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UMAR Innovator U.S. Equity Ultra Buffer ETF - March	-0.53%	11.94%	11.93%
QQQI NEOS Nasdaq-100 High Income ETF	-4.41%	18.62%	19.83%

Returns By Period

In the year-to-date period, UMAR achieves a -0.53% return, which is significantly higher than QQQI's -4.41% return.

UMAR

• 1D: 1.42%
• 1M: -2.24%
• YTD: -0.53%
• 6M: 1.87%
• 1Y: 11.79%
• 3Y*: 11.43%
• 5Y*: 6.82%
• 10Y*: —

QQQI

• 1D: 3.26%
• 1M: -4.11%
• YTD: -4.41%
• 6M: -1.61%
• 1Y: 20.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMAR vs. QQQI - Expense Ratio Comparison

UMAR has a 0.79% expense ratio, which is higher than QQQI's 0.68% expense ratio.

UMAR

Innovator U.S. Equity Ultra Buffer ETF - March

QQQI

NEOS Nasdaq-100 High Income ETF

Return for Risk

UMAR vs. QQQI — Risk / Return Rank

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

UMAR

UMAR Risk / Return Rank: 84
UMAR Sharpe Ratio Rank: 81
UMAR Sortino Ratio Rank: 85
UMAR Omega Ratio Rank: 89
UMAR Calmar Ratio Rank: 78
UMAR Martin Ratio Rank: 90

QQQI

QQQI Risk / Return Rank: 72
QQQI Sharpe Ratio Rank: 64
QQQI Sortino Ratio Rank: 69
QQQI Omega Ratio Rank: 71
QQQI Calmar Ratio Rank: 75
QQQI Martin Ratio Rank: 81

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.

UMAR vs. QQQI - 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 NEOS Nasdaq-100 High Income ETF (QQQI). 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.

	UMAR	QQQI	Difference
Sharpe ratio Return per unit of total volatility	1.55	1.06	+0.48
Sortino ratio Return per unit of downside risk	2.26	1.65	+0.61
Omega ratio Gain probability vs. loss probability	1.38	1.25	+0.13
Calmar ratio Return relative to maximum drawdown	2.14	1.82	+0.32
Martin ratio Return relative to average drawdown	11.57	8.28	+3.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMAR vs. QQQI - Sharpe Ratio Comparison

The current UMAR Sharpe Ratio is 1.55, which is higher than the QQQI Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of UMAR and QQQI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UMAR	QQQI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	1.06	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.88	+0.05

Correlation

The correlation between UMAR and QQQI is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

UMAR vs. QQQI - Dividend Comparison

UMAR has not paid dividends to shareholders, while QQQI's dividend yield for the trailing twelve months is around 15.05%.

	TTM	2025	2024
UMAR Innovator U.S. Equity Ultra Buffer ETF - March	0.00%	0.00%	0.00%
QQQI NEOS Nasdaq-100 High Income ETF	15.05%	13.82%	12.85%

Drawdowns

UMAR vs. QQQI - Drawdown Comparison

The maximum UMAR drawdown since its inception was -11.08%, smaller than the maximum QQQI drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for UMAR and QQQI.

Drawdown Indicators

	UMAR	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-11.08%	-20.00%	+8.92%
Max Drawdown (1Y) Largest decline over 1 year	-5.56%	-11.46%	+5.90%
Max Drawdown (5Y) Largest decline over 5 years	-8.72%	—	—
Current Drawdown Current decline from peak	-2.24%	-6.66%	+4.42%
Average Drawdown Average peak-to-trough decline	-1.67%	-2.31%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	2.52%	-1.49%

Volatility

UMAR vs. QQQI - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) is 2.74%, while NEOS Nasdaq-100 High Income ETF (QQQI) has a volatility of 6.11%. This indicates that UMAR experiences smaller price fluctuations and is considered to be less risky than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAR	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	6.11%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	3.83%	11.18%	-7.35%
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	19.70%	-12.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.51%	17.49%	-10.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.58%	17.49%	-9.91%