UNOV vs. DRLL

Last updated Aug 4, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and DRLL (Strive U.S. Energy 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 DRLL is a Energy Equities fund tracking the Bloomberg US Energy Select Index. Both are passively managed. Over the past 3 years, UNOV returned 9.62%/yr vs 12.43%/yr for DRLL. Their 0.20 correlation means their historical movements had little consistent relationship. UNOV charges 0.79%/yr vs 0.41%/yr for DRLL.

Performance

UNOV vs. DRLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) and Strive U.S. Energy ETF (DRLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNOV achieves a 6.92% return, which is significantly lower than DRLL's 34.95% return.

UNOV

• 1D: 0.67%
• 1M: 1.37%
• 6M: 5.74%
• YTD: 6.92%
• 1Y: 12.07%
• 3Y*: 9.62%
• 5Y*: 6.86%
• 10Y*: —
• ALL TIME*: 7.08%

DRLL

• 1D: -1.27%
• 1M: 12.74%
• 6M: 22.18%
• YTD: 34.95%
• 1Y: 42.98%
• 3Y*: 12.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DRLL Strive U.S. Energy ETF	$486.14K	$506.54K	$559.53K
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	$167.14K	$174.47K	$1.54M

UNOV vs. DRLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	6.92%	9.92%	9.42%	14.18%	-0.36%
DRLL Strive U.S. Energy ETF	34.95%	7.74%	0.02%	-1.84%	15.52%

Correlation

The correlation between UNOV and DRLL is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.20
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.20

The correlation between UNOV and DRLL shifts across timeframes, from -0.20 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

UNOV vs. DRLL - Sectors Allocation Comparison

Sectors	UNOV	DRLL
Technology	37.9%	-
Financial Services	11.7%	-
Communication Services	10.0%	-
Consumer Cyclical	9.6%	0.9%
Healthcare	9.1%	-
Industrials	8.4%	-
Consumer Defensive	4.6%	-
Energy	3.0%	99.1%
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.7%	-

Return for Risk

UNOV vs. DRLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UNOV

UNOV Risk / Return Rank: 81
UNOV Sharpe Ratio Rank: 81
UNOV Sortino Ratio Rank: 83
UNOV Omega Ratio Rank: 86
UNOV Calmar Ratio Rank: 72
UNOV Martin Ratio Rank: 84

DRLL

DRLL Risk / Return Rank: 68
DRLL Sharpe Ratio Rank: 78
DRLL Sortino Ratio Rank: 71
DRLL Omega Ratio Rank: 70
DRLL Calmar Ratio Rank: 69
DRLL Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UNOV vs. DRLL - 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 Strive U.S. Energy ETF (DRLL). 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	DRLL	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.88	+0.14
Sortino ratio: Return per unit of downside risk	2.90	2.42	+0.48
Omega ratio: Gain probability vs. loss probability	1.40	1.31	+0.09
Calmar ratio: Return relative to maximum drawdown	2.68	2.54	+0.14
Martin ratio: Return relative to average drawdown	12.59	6.46	+6.13

UNOV vs. DRLL - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 2.02, which is comparable to the DRLL Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of UNOV and DRLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UNOV vs. DRLL - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum DRLL drawdown of -23.73%. Use the drawdown chart below to compare losses from any high point for UNOV and DRLL.

Drawdown Indicators

	UNOV	DRLL	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-23.73%	+9.89%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-16.99%	+12.47%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-23.73%	+14.63%
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	—	—
Current Drawdown Current decline from peak	0.00%	-5.52%	+5.52%
Average Drawdown Average peak-to-trough decline	-1.63%	-8.14%	+6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	6.67%	-5.71%

Volatility

UNOV vs. DRLL - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 2.02%, while Strive U.S. Energy ETF (DRLL) has a volatility of 6.98%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than DRLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNOV	DRLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	6.98%	-4.96%
Volatility (6M) Calculated over the trailing 6-month period	5.13%	18.78%	-13.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.01%	22.98%	-16.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	23.79%	-16.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	23.79%	-16.09%

UNOV vs. DRLL - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is higher than DRLL's 0.41% expense ratio.

Dividends

UNOV vs. DRLL - Dividend Comparison

UNOV has not paid dividends to shareholders, while DRLL's dividend yield for the trailing twelve months is around 2.25%.

Position	TTM	2025	2024	2023	2022
DRLL Strive U.S. Energy ETF	2.25%	2.99%	3.00%	3.01%	1.18%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNOV and DRLL in my portfolio?

UNOV and DRLL have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UNOV or DRLL?

DRLL has higher volatility (6.98%) compared to UNOV (2.02%). In terms of maximum drawdown, UNOV dropped -13.84% vs DRLL's -23.73%.

Which ETF is better, UNOV or DRLL?

On 3-year performance, DRLL leads with 12.43% vs 9.62% for UNOV. On fees, DRLL is cheaper at 0.41% per year. On volatility, UNOV has been the lower-risk option at 2.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNOV or DRLL?

Over the 3-year period, DRLL has performed better with a 12.43% return vs 9.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNOV or DRLL?

DRLL is cheaper with a 0.41% expense ratio, compared with 0.79% for UNOV.

Which ETF pays a higher dividend yield, UNOV or DRLL?

DRLL has the higher dividend yield at 2.25%, compared with 0.00% for UNOV.

What is the main difference between UNOV and DRLL?

UNOV is categorized as Defined Outcome, while DRLL is Energy Equities. UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while DRLL tracks Bloomberg US Energy Select Index. They also come from different issuers: Innovator and Strive. Their fees differ too: 0.79% for UNOV and 0.41% for DRLL.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.02 vs 1.88), 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.