UNOV vs. LOUP

Last updated Aug 4, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and LOUP (Innovator Deepwater Frontier Tech 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 LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index. Both are passively managed. Over the past 5 years, UNOV returned 6.86%/yr vs 11.10%/yr for LOUP. Their 0.71 correlation means they have sometimes moved together and sometimes differently. UNOV charges 0.79%/yr vs 0.70%/yr for LOUP.

Performance

UNOV vs. LOUP - 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 Innovator Deepwater Frontier Tech ETF (LOUP). 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 LOUP's 15.52% 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%

LOUP

• 1D: 3.71%
• 1M: -8.11%
• 6M: 13.75%
• YTD: 15.52%
• 1Y: 42.21%
• 3Y*: 30.80%
• 5Y*: 11.10%
• 10Y*: —
• ALL TIME*: 17.01%

*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)
LOUP Innovator Deepwater Frontier Tech ETF	$955.20K	$911.36K	$1.36M
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	$167.14K	$174.47K	$1.54M

UNOV vs. LOUP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	6.92%	9.92%	9.42%	14.18%	-6.23%	4.45%	8.31%	1.87%
LOUP Innovator Deepwater Frontier Tech ETF	15.52%	43.24%	21.80%	51.31%	-46.00%	7.54%	86.25%	13.10%

Correlation

The correlation between UNOV and LOUP is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.71

The correlation between UNOV and LOUP has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

UNOV vs. LOUP - Sectors Allocation Comparison

Sectors	UNOV	LOUP
Technology	37.9%	57.5%
Financial Services	11.7%	3.6%
Communication Services	10.0%	3.0%
Consumer Cyclical	9.6%	10.2%
Healthcare	9.1%	2.8%
Industrials	8.4%	16.0%
Consumer Defensive	4.6%	-
Energy	3.0%	3.2%
Utilities	2.3%	3.6%
Real Estate	1.9%	-
Basic Materials	1.7%	-

Return for Risk

UNOV vs. LOUP — 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

LOUP

LOUP Risk / Return Rank: 51
LOUP Sharpe Ratio Rank: 54
LOUP Sortino Ratio Rank: 51
LOUP Omega Ratio Rank: 47
LOUP Calmar Ratio Rank: 55
LOUP Martin Ratio Rank: 50

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. LOUP - 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 Innovator Deepwater Frontier Tech ETF (LOUP). 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	LOUP	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.36	+0.66
Sortino ratio: Return per unit of downside risk	2.90	1.89	+1.01
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.17
Calmar ratio: Return relative to maximum drawdown	2.68	2.02	+0.66
Martin ratio: Return relative to average drawdown	12.59	5.94	+6.66

UNOV vs. LOUP - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 2.02, which is higher than the LOUP Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of UNOV and LOUP, 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. LOUP - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum LOUP drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for UNOV and LOUP.

Drawdown Indicators

	UNOV	LOUP	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-58.68%	+44.84%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-21.00%	+16.48%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-35.23%	+26.13%
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	-55.63%	+46.53%
Current Drawdown Current decline from peak	0.00%	-11.58%	+11.58%
Average Drawdown Average peak-to-trough decline	-1.63%	-19.79%	+18.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	7.13%	-6.17%

Volatility

UNOV vs. LOUP - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 2.02%, while Innovator Deepwater Frontier Tech ETF (LOUP) has a volatility of 10.13%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than LOUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNOV	LOUP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	10.13%	-8.11%
Volatility (6M) Calculated over the trailing 6-month period	5.13%	25.01%	-19.88%
Volatility (1Y) Calculated over the trailing 1-year period	6.01%	31.25%	-25.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	32.89%	-25.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	32.08%	-24.38%

UNOV vs. LOUP - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is higher than LOUP's 0.70% expense ratio.

Dividends

UNOV vs. LOUP - Dividend Comparison

Neither UNOV nor LOUP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UNOV and LOUP in my portfolio?

UNOV and LOUP have a correlation of 0.72, 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 LOUP?

LOUP has higher volatility (10.13%) compared to UNOV (2.02%). In terms of maximum drawdown, UNOV dropped -13.84% vs LOUP's -58.68%.

Which ETF is better, UNOV or LOUP?

On 5-year performance, LOUP leads with 11.10% vs 6.86% for UNOV. On fees, LOUP is cheaper at 0.70% 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 LOUP?

Over the 5-year period, LOUP has performed better with a 11.10% return vs 6.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNOV or LOUP?

LOUP is cheaper with a 0.70% expense ratio, compared with 0.79% for UNOV.

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

UNOV and LOUP have nearly identical dividend yields, around 0.00%.

What is the main difference between UNOV and LOUP?

UNOV is categorized as Defined Outcome, while LOUP is Technology Equities. UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while LOUP tracks Deepwater Frontier Tech Index. Their fees differ too: 0.79% for UNOV and 0.70% for LOUP.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.02 vs 1.36), 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.