UNOV vs. DIVB
UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and DIVB (iShares U.S. Dividend and Buyback ETF) are both Large Cap Blend Equities funds - UNOV tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index while DIVB tracks the Morningstar US Dividend and Buyback Index. Both are passively managed. Over the past 5 years, UNOV returned 6.68%/yr vs 12.19%/yr for DIVB. A 0.71 correlation means they provide meaningful diversification when combined. UNOV charges 0.79%/yr vs 0.25%/yr for DIVB.
Performance
UNOV vs. DIVB - 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 DIVB's 17.35% return.
UNOV
- 1D
- -0.22%
- 1M
- 2.17%
- YTD
- 5.40%
- 6M
- 5.64%
- 1Y
- 13.88%
- 3Y*
- 10.20%
- 5Y*
- 6.68%
- 10Y*
- —
DIVB
- 1D
- -0.56%
- 1M
- 8.55%
- YTD
- 17.35%
- 6M
- 17.71%
- 1Y
- 29.81%
- 3Y*
- 22.07%
- 5Y*
- 12.19%
- 10Y*
- —
UNOV vs. DIVB - 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% |
DIVB iShares U.S. Dividend and Buyback ETF | 17.35% | 15.09% | 18.59% | 13.27% | -10.51% | 31.29% | 10.78% | 5.55% |
Correlation
The correlation between UNOV and DIVB is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2019 | 0.71 |
The correlation between UNOV and DIVB shifts across timeframes, from 0.59 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UNOV vs. DIVB — Risk / Return Rank
UNOV
DIVB
UNOV vs. DIVB - 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 iShares U.S. Dividend and Buyback ETF (DIVB). 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 | DIVB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.47 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 4.39 | -1.31 |
| Martin ratioReturn relative to average drawdown | 15.01 | 14.95 | +0.06 |
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 | DIVB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 2.65 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 0.80 | +0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.91 | 0.76 | +0.16 |
Drawdowns
UNOV vs. DIVB - Drawdown Comparison
The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum DIVB drawdown of -36.93%. Use the drawdown chart below to compare losses from any high point for UNOV and DIVB.
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Drawdown Indicators
| UNOV | DIVB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.84% | -36.93% | +23.09% |
Max Drawdown (1Y)Largest decline over 1 year | -4.52% | -6.82% | +2.30% |
Max Drawdown (3Y)Largest decline over 3 years | -9.10% | -15.45% | +6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -9.10% | -21.08% | +11.98% |
Current DrawdownCurrent decline from peak | -0.22% | -0.56% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -1.66% | -4.99% | +3.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 2.00% | -1.07% |
Volatility
UNOV vs. DIVB - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 1.14%, while iShares U.S. Dividend and Buyback ETF (DIVB) has a volatility of 3.34%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than DIVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UNOV | DIVB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 3.34% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.67% | 8.44% | -3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.58% | 11.33% | -5.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.83% | 15.23% | -8.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.72% | 18.38% | -10.66% |
UNOV vs. DIVB - Expense Ratio Comparison
UNOV has a 0.79% expense ratio, which is higher than DIVB's 0.25% expense ratio.
Dividends
UNOV vs. DIVB - Dividend Comparison
UNOV has not paid dividends to shareholders, while DIVB's dividend yield for the trailing twelve months is around 2.19%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DIVB iShares U.S. Dividend and Buyback ETF | 2.19% | 2.50% | 2.61% | 3.18% | 2.02% | 1.63% | 2.08% | 2.07% | 2.52% | 0.37% |
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% | 0.00% |
Frequently Asked Questions
UNOV and DIVB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIVB has higher volatility (3.34%) compared to UNOV (1.14%). In terms of maximum drawdown, UNOV dropped -13.84% vs DIVB's -36.93%.
On 5-year performance, DIVB leads with 12.19% vs 6.68% for UNOV. On fees, DIVB is cheaper at 0.25% 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, DIVB has performed better with a 12.19% return vs 6.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIVB is cheaper with a 0.25% expense ratio, compared with 0.79% for UNOV.
DIVB has the higher dividend yield at 2.19%, compared with 0.00% for UNOV.
UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while DIVB tracks Morningstar US Dividend and Buyback Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for UNOV and 0.25% for DIVB.
DIVB currently has the higher Sharpe Ratio (2.65 vs 2.50), 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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