UMAY vs. LOUP

Last updated Jun 3, 2026

UMAY (Innovator U.S. Equity Ultra Buffer ETF - May) and LOUP (Innovator Deepwater Frontier Tech ETF) are both exchange-traded funds - UMAY is a Defined Outcome fund tracking the S&P 500, while LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index. Both are passively managed. Over the past 5 years, UMAY returned 6.61%/yr vs 13.62%/yr for LOUP. A 0.73 correlation means they provide meaningful diversification when combined. UMAY charges 0.79%/yr vs 0.70%/yr for LOUP.

Performance

UMAY vs. LOUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) and Innovator Deepwater Frontier Tech ETF (LOUP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMAY achieves a 4.21% return, which is significantly lower than LOUP's 30.66% return.

UMAY

• 1D: 0.03%
• 1M: 1.96%
• YTD: 4.21%
• 6M: 5.18%
• 1Y: 11.01%
• 3Y*: 11.61%
• 5Y*: 6.61%
• 10Y*: —

LOUP

• 1D: 0.51%
• 1M: 20.92%
• YTD: 30.66%
• 6M: 29.25%
• 1Y: 81.09%
• 3Y*: 38.24%
• 5Y*: 13.62%
• 10Y*: —

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

UMAY vs. LOUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	4.21%	8.79%	14.32%	12.53%	-9.21%	5.25%	7.38%
LOUP Innovator Deepwater Frontier Tech ETF	30.66%	43.24%	21.80%	51.31%	-46.00%	7.54%	98.27%

Correlation

The correlation between UMAY and LOUP is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since May 4, 2020	0.73

The correlation between UMAY and LOUP shifts across timeframes, from 0.61 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

UMAY vs. LOUP - Sectors Allocation Comparison

Sectors	UMAY	LOUP
Technology	36.2%	51.0%
Financial Services	11.9%	4.5%
Communication Services	10.9%	10.6%
Consumer Cyclical	10.1%	5.5%
Healthcare	8.4%	2.7%
Industrials	8.1%	20.0%
Consumer Defensive	4.9%	-
Energy	3.5%	2.9%
Utilities	2.3%	2.8%
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

UMAY vs. LOUP — Risk / Return Rank

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

UMAY

UMAY Risk / Return Rank: 94
UMAY Sharpe Ratio Rank: 90
UMAY Sortino Ratio Rank: 94
UMAY Omega Ratio Rank: 94
UMAY Calmar Ratio Rank: 95
UMAY Martin Ratio Rank: 97

LOUP

LOUP Risk / Return Rank: 76
LOUP Sharpe Ratio Rank: 86
LOUP Sortino Ratio Rank: 74
LOUP Omega Ratio Rank: 72
LOUP Calmar Ratio Rank: 78
LOUP Martin Ratio Rank: 72

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.

UMAY vs. LOUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) and Innovator Deepwater Frontier Tech ETF (LOUP). 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.

	UMAY	LOUP	Difference
Sharpe ratio Return per unit of total volatility	3.15	2.87	+0.28
Sortino ratio Return per unit of downside risk	4.89	3.39	+1.50
Omega ratio Gain probability vs. loss probability	1.71	1.44	+0.28
Calmar ratio Return relative to maximum drawdown	8.25	4.02	+4.23
Martin ratio Return relative to average drawdown	42.40	13.63	+28.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMAY vs. LOUP - Sharpe Ratio Comparison

The current UMAY Sharpe Ratio is 3.15, which is comparable to the LOUP Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of UMAY and LOUP, 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

	UMAY	LOUP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.15	2.87	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.42	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.60	+0.27

Drawdowns

UMAY vs. LOUP - Drawdown Comparison

The maximum UMAY drawdown since its inception was -12.12%, smaller than the maximum LOUP drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for UMAY and LOUP.

Drawdown Indicators

	UMAY	LOUP	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-58.68%	+46.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-21.00%	+19.64%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-35.23%	+24.74%
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	-55.63%	+43.51%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.14%	-20.05%	+17.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	6.19%	-5.92%

Volatility

UMAY vs. LOUP - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) is 1.17%, while Innovator Deepwater Frontier Tech ETF (LOUP) has a volatility of 7.78%. This indicates that UMAY experiences smaller price fluctuations and is considered to be less risky than LOUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAY	LOUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	7.78%	-6.61%
Volatility (6M) Calculated over the trailing 6-month period	2.38%	21.85%	-19.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	28.47%	-24.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.46%	32.38%	-23.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.94%	31.97%	-24.03%

UMAY vs. LOUP - Expense Ratio Comparison

UMAY has a 0.79% expense ratio, which is higher than LOUP's 0.70% expense ratio.

Dividends

UMAY vs. LOUP - Dividend Comparison

Neither UMAY nor LOUP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UMAY and LOUP in my portfolio?

UMAY and LOUP have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMAY or LOUP?

LOUP has higher volatility (7.78%) compared to UMAY (1.17%). In terms of maximum drawdown, UMAY dropped -12.12% vs LOUP's -58.68%.

Which ETF is better, UMAY or LOUP?

On 5-year performance, LOUP leads with 13.62% vs 6.61% for UMAY. On fees, LOUP is cheaper at 0.70% per year. On volatility, UMAY has been the lower-risk option at 1.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMAY or LOUP?

Over the 5-year period, LOUP has performed better with a 13.62% return vs 6.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAY or LOUP?

LOUP is cheaper with a 0.70% expense ratio, compared with 0.79% for UMAY.

Which ETF pays a higher dividend yield, UMAY or LOUP?

UMAY and LOUP have nearly identical dividend yields, around 0.00%.

What is the main difference between UMAY and LOUP?

UMAY is categorized as Defined Outcome, while LOUP is Technology Equities. UMAY tracks S&P 500, while LOUP tracks Deepwater Frontier Tech Index. Their fees differ too: 0.79% for UMAY and 0.70% for LOUP.

Which has better risk-adjusted returns?

UMAY currently has the higher Sharpe Ratio (3.15 vs 2.87), 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.