UNOV vs. QFLR

Last updated Jun 25, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and QFLR (Innovator Nasdaq-100 Managed Floor ETF) are both exchange-traded funds - UNOV is a Large Cap Blend Equities fund tracking the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while QFLR is a Nasdaq-100 fund actively managed by Innovator. UNOV is passively managed, while QFLR is actively managed. Over the past year, UNOV returned 11.27% vs 19.39% for QFLR. A 0.78 correlation means they provide meaningful diversification when combined. UNOV charges 0.79%/yr vs 0.89%/yr for QFLR.

Performance

UNOV vs. QFLR - 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 Nasdaq-100 Managed Floor ETF (QFLR). 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 higher than QFLR's 3.09% return.

UNOV

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

QFLR

• 1D: -0.17%
• 1M: -2.43%
• YTD: 3.09%
• 6M: 2.26%
• 1Y: 19.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UNOV vs. QFLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	4.57%	9.92%	8.25%
QFLR Innovator Nasdaq-100 Managed Floor ETF	3.09%	17.27%	16.30%

Correlation

The correlation between UNOV and QFLR is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 25, 2024	0.78

The correlation between UNOV and QFLR has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

Return for Risk

UNOV vs. QFLR — 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

QFLR

QFLR Risk / Return Rank: 53
QFLR Sharpe Ratio Rank: 50
QFLR Sortino Ratio Rank: 46
QFLR Omega Ratio Rank: 51
QFLR Calmar Ratio Rank: 58
QFLR Martin Ratio Rank: 62

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. QFLR - 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 Nasdaq-100 Managed Floor ETF (QFLR). 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	QFLR	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.53	+0.44
Sortino ratio: Return per unit of downside risk	2.82	2.06	+0.76
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.10
Calmar ratio: Return relative to maximum drawdown	2.50	2.56	-0.06
Martin ratio: Return relative to average drawdown	11.94	10.06	+1.88

UNOV vs. QFLR - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 1.97, which is comparable to the QFLR Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of UNOV and QFLR, 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. QFLR - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, roughly equal to the maximum QFLR drawdown of -13.97%. Use the drawdown chart below to compare losses from any high point for UNOV and QFLR.

Drawdown Indicators

	UNOV	QFLR	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-13.97%	+0.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-7.61%	+3.09%
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%	-4.02%	+3.00%
Average Drawdown Average peak-to-trough decline	-1.65%	-2.51%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.93%	-0.98%

Volatility

UNOV vs. QFLR - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 2.03%, while Innovator Nasdaq-100 Managed Floor ETF (QFLR) has a volatility of 6.55%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than QFLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNOV	QFLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	6.55%	-4.52%
Volatility (6M) Calculated over the trailing 6-month period	4.96%	9.85%	-4.89%
Volatility (1Y) Calculated over the trailing 1-year period	5.78%	12.76%	-6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.88%	13.12%	-6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	13.12%	-5.40%

UNOV vs. QFLR - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is lower than QFLR's 0.89% expense ratio.

Dividends

UNOV vs. QFLR - Dividend Comparison

Neither UNOV nor QFLR has paid dividends to shareholders.

Position	TTM	2025	2024
QFLR Innovator Nasdaq-100 Managed Floor ETF	0.00%	0.02%	0.03%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UNOV and QFLR in my portfolio?

UNOV and QFLR have a correlation of 0.79, 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 QFLR?

QFLR has higher volatility (6.55%) compared to UNOV (2.03%). In terms of maximum drawdown, UNOV dropped -13.84% vs QFLR's -13.97%.

Which ETF is better, UNOV or QFLR?

On 1-year performance, QFLR leads with 19.39% vs 11.27% for UNOV. On fees, UNOV is cheaper at 0.79% per year. On volatility, UNOV has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNOV or QFLR?

Over the 1-year period, QFLR has performed better with a 19.39% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNOV or QFLR?

UNOV is cheaper with a 0.79% expense ratio, compared with 0.89% for QFLR.

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

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

What is the main difference between UNOV and QFLR?

UNOV is categorized as Large Cap Blend Equities, while QFLR is Nasdaq-100. Their fees differ too: 0.79% for UNOV and 0.89% for QFLR.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (1.97 vs 1.53), 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.