UNOV vs. MOAT

Last updated Aug 4, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and MOAT (VanEck Morningstar Wide Moat 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 MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 5 years, UNOV returned 6.86%/yr vs 9.07%/yr for MOAT. Their 0.73 correlation means they have sometimes moved together and sometimes differently. UNOV charges 0.79%/yr vs 0.47%/yr for MOAT.

Performance

UNOV vs. MOAT - 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 VanEck Morningstar Wide Moat ETF (MOAT). 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 higher than MOAT's 5.78% 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%

MOAT

• 1D: 1.36%
• 1M: 3.07%
• 6M: 4.21%
• YTD: 5.78%
• 1Y: 15.84%
• 3Y*: 12.01%
• 5Y*: 9.07%
• 10Y*: 13.61%
• ALL TIME*: 13.91%

*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)
MOAT VanEck Morningstar Wide Moat ETF	$67.13M	$66.89M	$81.17M
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	$167.14K	$174.47K	$1.54M

UNOV vs. MOAT - 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%
MOAT VanEck Morningstar Wide Moat ETF	5.78%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	6.27%

Correlation

The correlation between UNOV and MOAT is 0.61, 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.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.73

The correlation between UNOV and MOAT shifts across timeframes, from 0.61 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

UNOV vs. MOAT - Sectors Allocation Comparison

Sectors	UNOV	MOAT
Technology	37.9%	30.8%
Financial Services	11.7%	9.2%
Communication Services	10.0%	2.4%
Consumer Cyclical	9.6%	11.1%
Healthcare	9.1%	18.1%
Industrials	8.4%	9.5%
Consumer Defensive	4.6%	18.2%
Energy	3.0%	-
Utilities	2.3%	-
Real Estate	1.9%	0.7%
Basic Materials	1.7%	-

Return for Risk

UNOV vs. MOAT — 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

MOAT

MOAT Risk / Return Rank: 41
MOAT Sharpe Ratio Rank: 45
MOAT Sortino Ratio Rank: 46
MOAT Omega Ratio Rank: 40
MOAT Calmar Ratio Rank: 37
MOAT Martin Ratio Rank: 37

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. MOAT - 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 VanEck Morningstar Wide Moat ETF (MOAT). 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	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.14	+0.88
Sortino ratio: Return per unit of downside risk	2.90	1.70	+1.20
Omega ratio: Gain probability vs. loss probability	1.40	1.20	+0.20
Calmar ratio: Return relative to maximum drawdown	2.68	1.28	+1.40
Martin ratio: Return relative to average drawdown	12.59	3.82	+8.78

UNOV vs. MOAT - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 2.02, which is higher than the MOAT Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of UNOV and MOAT, 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. MOAT - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum MOAT drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for UNOV and MOAT.

Drawdown Indicators

	UNOV	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-33.31%	+19.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-12.43%	+7.91%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-21.44%	+12.34%
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	-23.96%	+14.86%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.31%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.63%	-3.82%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	4.16%	-3.20%

Volatility

UNOV vs. MOAT - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 2.02%, while VanEck Morningstar Wide Moat ETF (MOAT) has a volatility of 4.08%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNOV	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	4.08%	-2.06%
Volatility (6M) Calculated over the trailing 6-month period	5.13%	10.55%	-5.42%
Volatility (1Y) Calculated over the trailing 1-year period	6.01%	14.01%	-8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	18.30%	-11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	18.63%	-10.93%

UNOV vs. MOAT - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is higher than MOAT's 0.47% expense ratio.

Dividends

UNOV vs. MOAT - Dividend Comparison

UNOV has not paid dividends to shareholders, while MOAT's dividend yield for the trailing twelve months is around 1.28%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MOAT VanEck Morningstar Wide Moat ETF	1.28%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNOV and MOAT in my portfolio?

UNOV and MOAT have a correlation of 0.61, 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 MOAT?

MOAT has higher volatility (4.08%) compared to UNOV (2.02%). In terms of maximum drawdown, UNOV dropped -13.84% vs MOAT's -33.31%.

Which ETF is better, UNOV or MOAT?

On 5-year performance, MOAT leads with 9.07% vs 6.86% for UNOV. On fees, MOAT is cheaper at 0.47% 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 MOAT?

Over the 5-year period, MOAT has performed better with a 9.07% 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 MOAT?

MOAT is cheaper with a 0.47% expense ratio, compared with 0.79% for UNOV.

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

MOAT has the higher dividend yield at 1.28%, compared with 0.00% for UNOV.

What is the main difference between UNOV and MOAT?

UNOV is categorized as Defined Outcome, while MOAT is Large Cap Blend Equities. UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while MOAT tracks Morningstar Wide Moat Focus Index. They also come from different issuers: Innovator and VanEck. Their fees differ too: 0.79% for UNOV and 0.47% for MOAT.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.02 vs 1.14), 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.