UNOV vs. DBE
UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - UNOV is a Large Cap Blend Equities fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, UNOV returned 6.68%/yr vs 19.66%/yr for DBE. At a 0.11 correlation, their price movements are largely independent. UNOV charges 0.79%/yr vs 0.78%/yr for DBE.
Performance
UNOV vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, UNOV achieves a 5.40% return, which is significantly lower than DBE's 83.68% return.
UNOV
- 1D
- -0.22%
- 1M
- 2.17%
- YTD
- 5.40%
- 6M
- 5.64%
- 1Y
- 13.88%
- 3Y*
- 10.20%
- 5Y*
- 6.68%
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
UNOV vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
UNOV Innovator U.S. Equity Ultra Buffer ETF - November | 5.40% | 9.92% | 9.42% | 14.18% | -6.23% | 4.45% | 8.31% | 1.87% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 5.93% |
Correlation
The correlation between UNOV and DBE is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2019 | 0.11 |
The correlation between UNOV and DBE shifts across timeframes, from -0.32 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNOV vs. DBE — Risk / Return Rank
UNOV
DBE
UNOV vs. DBE - 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 Invesco DB Energy Fund (DBE). 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.
| UNOV | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.40 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 5.89 | -2.81 |
| Martin ratioReturn relative to average drawdown | 15.01 | 11.53 | +3.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UNOV | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 2.43 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 0.67 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.91 | 0.09 | +0.82 |
Drawdowns
UNOV vs. DBE - Drawdown Comparison
The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for UNOV and DBE.
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Drawdown Indicators
| UNOV | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.84% | -86.69% | +72.85% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -14.41% | +9.89% |
Max Drawdown (3Y)Largest decline over 3 years | -9.10% | -23.89% | +14.79% |
Max Drawdown (5Y)Largest decline over 5 years | -9.10% | -38.74% | +29.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -0.22% | -30.27% | +30.05% |
Average DrawdownAverage peak-to-trough decline | -1.66% | -57.31% | +55.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 7.35% | -6.42% |
Volatility
UNOV vs. DBE - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 1.14%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNOV | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 12.95% | -11.81% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 30.86% | -26.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 34.97% | -29.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.83% | 29.39% | -22.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.72% | 28.33% | -20.61% |
UNOV vs. DBE - Expense Ratio Comparison
UNOV has a 0.79% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
UNOV vs. DBE - Dividend Comparison
UNOV has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
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% | 0.00% |
Frequently Asked Questions
UNOV and DBE have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to UNOV (1.14%). In terms of maximum drawdown, UNOV dropped -13.84% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs 6.68% for UNOV. On fees, DBE is cheaper at 0.78% per year. On volatility, UNOV has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.66% return vs 6.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.79% for UNOV.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for UNOV.
UNOV is categorized as Large Cap Blend Equities, while DBE is Oil & Gas. UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for UNOV and 0.78% for DBE.
UNOV currently has the higher Sharpe Ratio (2.50 vs 2.43), 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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