UNOV vs. BITI
UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - UNOV is a Defined Outcome fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, UNOV returned 9.27%/yr vs -31.54%/yr for BITI. At a correlation of -0.34, they often move in opposite directions. UNOV charges 0.79%/yr vs 1.03%/yr for BITI.
Performance
UNOV vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, UNOV achieves a 6.15% return, which is significantly lower than BITI's 23.84% return.
UNOV
- 1D
- 0.21%
- 1M
- 1.29%
- 6M
- 5.18%
- YTD
- 6.15%
- 1Y
- 11.39%
- 3Y*
- 9.27%
- 5Y*
- 6.74%
- 10Y*
- —
BITI
- 1D
- -3.81%
- 1M
- -2.41%
- 6M
- 34.02%
- YTD
- 23.84%
- 1Y
- 64.31%
- 3Y*
- -31.54%
- 5Y*
- —
- 10Y*
- —
UNOV vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UNOV Innovator U.S. Equity Ultra Buffer ETF - November | 6.15% | 9.92% | 9.42% | 14.18% | 1.86% |
BITI ProShares Short Bitcoin ETF | 23.84% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between UNOV and BITI is -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.34 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.34 |
The correlation between UNOV and BITI shifts across timeframes, from -0.44 (1 year) to -0.34 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UNOV vs. BITI — Risk / Return Rank
UNOV
BITI
UNOV vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) and ProShares Short Bitcoin ETF (BITI). 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.
| UNOV | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.24 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 2.56 | -0.03 |
| Martin ratioReturn relative to average drawdown | 12.01 | 6.37 | +5.64 |
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Drawdowns
UNOV vs. BITI - Drawdown Comparison
The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for UNOV and BITI.
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Drawdown Indicators
| UNOV | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.84% | -92.16% | +78.32% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -25.28% | +20.76% |
Max Drawdown (3Y)Largest decline over 3 years | -9.10% | -84.63% | +75.53% |
Max Drawdown (5Y)Largest decline over 5 years | -9.10% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | -86.48% | +86.38% |
Average DrawdownAverage peak-to-trough decline | -1.64% | -68.36% | +66.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 10.13% | -9.18% |
Volatility
UNOV vs. BITI - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 1.66%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 11.73%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNOV | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 11.73% | -10.07% |
Volatility (6M)Calculated over the trailing 6-month period | 4.97% | 34.49% | -29.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.78% | 44.24% | -38.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.89% | 52.29% | -45.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.70% | 52.29% | -44.59% |
UNOV vs. BITI - Expense Ratio Comparison
UNOV has a 0.79% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
UNOV vs. BITI - Dividend Comparison
UNOV has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Short Bitcoin ETF | 15.70% | 1.60% | 3.91% | 3.33% | 0.06% |
UNOV Innovator U.S. Equity Ultra Buffer ETF - November | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UNOV and BITI have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (11.73%) compared to UNOV (1.66%). In terms of maximum drawdown, UNOV dropped -13.84% vs BITI's -92.16%.
On 3-year performance, UNOV leads with 9.27% vs -31.54% for BITI. On fees, UNOV is cheaper at 0.79% per year. On volatility, UNOV has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UNOV has performed better with a 9.27% return vs -31.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UNOV is cheaper with a 0.79% expense ratio, compared with 1.03% for BITI.
BITI has the higher dividend yield at 15.70%, compared with 0.00% for UNOV.
UNOV is categorized as Defined Outcome, while BITI is Cryptocurrency. UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for UNOV and 1.03% for BITI.
UNOV currently has the higher Sharpe Ratio (1.98 vs 1.46), 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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