UNOV vs. GXLC

Last updated Jun 25, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and GXLC (Global X U.S. 500 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 GXLC tracks the Solactive GBS United States 500 Index. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. UNOV charges 0.79%/yr vs 0.02%/yr for GXLC.

Performance

UNOV vs. GXLC - 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 Global X U.S. 500 ETF (GXLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNOV achieves a 4.57% return, which is significantly lower than GXLC's 7.95% return.

UNOV

• 1D: -0.19%
• 1M: -0.29%
• YTD: 4.57%
• 6M: 4.19%
• 1Y: 11.27%
• 3Y*: 9.44%
• 5Y*: 6.41%
• 10Y*: —

GXLC

• 1D: -0.33%
• 1M: -1.44%
• YTD: 7.95%
• 6M: 6.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UNOV vs. GXLC - Yearly Performance Comparison

	2026 (YTD)	2025
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	4.57%	1.81%
GXLC Global X U.S. 500 ETF	7.95%	3.22%

Correlation

The correlation between UNOV and GXLC is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 24, 2025	0.92

Return for Risk

UNOV vs. GXLC — Risk / Return Rank

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

UNOV

UNOV Risk / Return Rank: 70
UNOV Sharpe Ratio Rank: 70
UNOV Sortino Ratio Rank: 71
UNOV Omega Ratio Rank: 76
UNOV Calmar Ratio Rank: 58
UNOV Martin Ratio Rank: 73

GXLC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

UNOV vs. GXLC - 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 Global X U.S. 500 ETF (GXLC). 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	GXLC	Difference
Sharpe ratio: Return per unit of total volatility	1.97	—	—
Sortino ratio: Return per unit of downside risk	2.82	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.50	—	—
Martin ratio: Return relative to average drawdown	11.94	—	—

Drawdowns

UNOV vs. GXLC - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, which is greater than GXLC's maximum drawdown of -9.08%. Use the drawdown chart below to compare losses from any high point for UNOV and GXLC.

Drawdown Indicators

	UNOV	GXLC	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-9.08%	-4.76%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	—	—
Current Drawdown Current decline from peak	-1.02%	-3.37%	+2.35%
Average Drawdown Average peak-to-trough decline	-1.65%	-1.55%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	—	—

Volatility

Volatility by Period

	UNOV	GXLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.78%	13.82%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	13.82%	-6.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	13.82%	-6.10%

UNOV vs. GXLC - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is higher than GXLC's 0.02% expense ratio.

Dividends

UNOV vs. GXLC - Dividend Comparison

UNOV has not paid dividends to shareholders, while GXLC's dividend yield for the trailing twelve months is around 0.65%.

Position	TTM	2025
GXLC Global X U.S. 500 ETF	0.65%	0.30%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNOV and GXLC in my portfolio?

With a correlation of 0.92, UNOV and GXLC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, UNOV or GXLC?

On fees, GXLC is cheaper at 0.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UNOV or GXLC?

GXLC is cheaper with a 0.02% expense ratio, compared with 0.79% for UNOV.

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

GXLC has the higher dividend yield at 0.65%, compared with 0.00% for UNOV.

What is the main difference between UNOV and GXLC?

UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while GXLC tracks Solactive GBS United States 500 Index. They also come from different issuers: Innovator and Global X. Their fees differ too: 0.79% for UNOV and 0.02% for GXLC.