UNOV vs. HCMT

Last updated Jun 17, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and HCMT (Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF) are both Large Cap Blend Equities funds. UNOV is passively managed, while HCMT is actively managed. Over the past year, UNOV returned 13.21% vs 36.18% for HCMT. Their correlation of 0.81 suggests significant overlap in exposure. UNOV charges 0.79%/yr vs 1.17%/yr for HCMT.

Performance

UNOV vs. HCMT - 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 Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNOV achieves a 5.62% return, which is significantly lower than HCMT's 8.30% return.

UNOV

• 1D: -0.03%
• 1M: 1.20%
• YTD: 5.62%
• 6M: 6.11%
• 1Y: 13.21%
• 3Y*: 9.64%
• 5Y*: 6.64%
• 10Y*: —

HCMT

• 1D: -2.30%
• 1M: 4.70%
• YTD: 8.30%
• 6M: 9.27%
• 1Y: 36.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UNOV vs. HCMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	5.62%	9.92%	9.42%	4.08%
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	8.30%	7.39%	39.14%	6.45%

Correlation

The correlation between UNOV and HCMT is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.81

The correlation between UNOV and HCMT has been stable across timeframes, ranging from 0.81 to 0.81 - a consistent structural relationship.

UNOV vs. HCMT - Sectors Allocation Comparison

Sectors	UNOV	HCMT
Technology	38.4%	39.1%
Financial Services	11.0%	11.1%
Communication Services	10.8%	10.6%
Consumer Cyclical	10.0%	9.9%
Healthcare	8.4%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.2%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UNOV vs. HCMT — Risk / Return Rank

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

UNOV

UNOV Risk / Return Rank: 77
UNOV Sharpe Ratio Rank: 78
UNOV Sortino Ratio Rank: 81
UNOV Omega Ratio Rank: 84
UNOV Calmar Ratio Rank: 62
UNOV Martin Ratio Rank: 78

HCMT

HCMT Risk / Return Rank: 41
HCMT Sharpe Ratio Rank: 40
HCMT Sortino Ratio Rank: 36
HCMT Omega Ratio Rank: 39
HCMT Calmar Ratio Rank: 50
HCMT Martin Ratio Rank: 39

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. HCMT - 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 Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT). 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	HCMT	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.41	+0.91
Sortino ratio: Return per unit of downside risk	3.34	1.87	+1.47
Omega ratio: Gain probability vs. loss probability	1.47	1.25	+0.22
Calmar ratio: Return relative to maximum drawdown	2.93	2.38	+0.55
Martin ratio: Return relative to average drawdown	14.07	5.93	+8.14

UNOV vs. HCMT - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 2.32, which is higher than the HCMT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of UNOV and HCMT, 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. HCMT - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum HCMT drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for UNOV and HCMT.

Drawdown Indicators

	UNOV	HCMT	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-36.26%	+22.42%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-15.27%	+10.75%
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	-0.03%	-3.45%	+3.42%
Average Drawdown Average peak-to-trough decline	-1.65%	-8.20%	+6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	6.12%	-5.18%

Volatility

UNOV vs. HCMT - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 1.86%, while Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) has a volatility of 11.05%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than HCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNOV	HCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	11.05%	-9.19%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	19.08%	-14.17%
Volatility (1Y) Calculated over the trailing 1-year period	5.74%	25.90%	-20.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.86%	28.87%	-22.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	28.87%	-21.15%

UNOV vs. HCMT - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is lower than HCMT's 1.17% expense ratio.

Dividends

UNOV vs. HCMT - Dividend Comparison

UNOV has not paid dividends to shareholders, while HCMT's dividend yield for the trailing twelve months is around 0.39%.

Position	TTM	2025	2024	2023
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	0.39%	0.43%	2.75%	0.63%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNOV and HCMT in my portfolio?

UNOV and HCMT have a correlation of 0.81, 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 HCMT?

HCMT has higher volatility (11.05%) compared to UNOV (1.86%). In terms of maximum drawdown, UNOV dropped -13.84% vs HCMT's -36.26%.

Which ETF is better, UNOV or HCMT?

On 1-year performance, HCMT leads with 36.18% vs 13.21% for UNOV. On fees, UNOV is cheaper at 0.79% per year. On volatility, UNOV has been the lower-risk option at 1.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNOV or HCMT?

Over the 1-year period, HCMT has performed better with a 36.18% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNOV or HCMT?

UNOV is cheaper with a 0.79% expense ratio, compared with 1.17% for HCMT.

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

HCMT has the higher dividend yield at 0.39%, compared with 0.00% for UNOV.

What is the main difference between UNOV and HCMT?

They also come from different issuers: Innovator and Direxion. Their fees differ too: 0.79% for UNOV and 1.17% for HCMT.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.32 vs 1.41), 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.