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UNOV vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UNOV vs. QUAL

Last updated Jul 12, 2026
Documentation

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and QUAL (iShares MSCI USA Quality Factor 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 QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, UNOV returned 6.76%/yr vs 11.49%/yr for QUAL. Their correlation of 0.82 suggests significant overlap in exposure. UNOV charges 0.79%/yr vs 0.15%/yr for QUAL.

Performance

UNOV vs. QUAL - 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 iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UNOV achieves a 6.25% return, which is significantly lower than QUAL's 11.04% return.

UNOV

1D
0.26%
1M
1.39%
6M
5.27%
YTD
6.25%
1Y
11.51%
3Y*
9.59%
5Y*
6.76%
10Y*
—

QUAL

1D
0.54%
1M
1.46%
6M
8.08%
YTD
11.04%
1Y
20.62%
3Y*
18.98%
5Y*
11.49%
10Y*
14.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UNOV vs. QUAL - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
UNOV
Innovator U.S. Equity Ultra Buffer ETF - November		6.25%9.92%9.42%14.18%-6.23%4.45%8.31%1.87%
QUAL
iShares MSCI USA Quality Factor ETF		11.04%12.65%22.29%30.88%-20.50%26.94%17.04%7.42%

Correlation

The correlation between UNOV and QUAL is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Nov 1, 2019

0.82

The correlation between UNOV and QUAL has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

UNOV vs. QUAL - Sectors Allocation Comparison

Sectors
UNOV
QUAL

Technology

38.4%
38.8%

Financial Services

11.0%
10.8%

Communication Services

10.8%
11.8%

Consumer Cyclical

10.0%
9.3%

Healthcare

8.4%
8.7%

Industrials

7.9%
7.2%

Consumer Defensive

4.6%
4.4%

Energy

3.2%
3.2%

Utilities

2.1%
2.1%

Real Estate

1.8%
1.8%

Basic Materials

1.7%
1.9%

Technology

UNOV
38.4%
QUAL
38.8%

Financial Services

UNOV
11.0%
QUAL
10.8%

Communication Services

UNOV
10.8%
QUAL
11.8%

Consumer Cyclical

UNOV
10.0%
QUAL
9.3%

Healthcare

UNOV
8.4%
QUAL
8.7%

Industrials

UNOV
7.9%
QUAL
7.2%

Consumer Defensive

UNOV
4.6%
QUAL
4.4%

Energy

UNOV
3.2%
QUAL
3.2%

Utilities

UNOV
2.1%
QUAL
2.1%

Real Estate

UNOV
1.8%
QUAL
1.8%

Basic Materials

UNOV
1.7%
QUAL
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Innovator U.S. Equity Ultra Buffer ETF - November

iShares MSCI USA Quality Factor ETF

Often compared with UNOV:
UNOV vs. FAUGUNOV vs. FJUNUNOV vs. SPYUNOV vs. HCMTUNOV vs. UJUNUNOV vs. XMAGUNOV vs. FTAG
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

UNOV vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UNOV
UNOV Risk / Return Rank: 7777
Overall Rank
UNOV Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
UNOV Sortino Ratio Rank: 8181
Sortino Ratio Rank
UNOV Omega Ratio Rank: 8484
Omega Ratio Rank
UNOV Calmar Ratio Rank: 6464
Calmar Ratio Rank
UNOV Martin Ratio Rank: 7979
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 6262
Overall Rank
QUAL Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6363
Sortino Ratio Rank
QUAL Omega Ratio Rank: 6060
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5555
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6969
Martin Ratio Rank
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. QUAL - 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 iShares MSCI USA Quality Factor ETF (QUAL). 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.

UNOVQUALDifference
Sharpe ratioReturn per unit of total volatility
1.99
1.65

+0.34

Sortino ratioReturn per unit of downside risk
2.86
2.36

+0.50

Omega ratioGain probability vs. loss probability

1.40

1.29

+0.10

Calmar ratioReturn relative to maximum drawdown

2.54

2.21

+0.32

Martin ratioReturn relative to average drawdown

12.05

9.96

+2.09

UNOV vs. QUAL - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 1.99, which is comparable to the QUAL Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of UNOV and QUAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

UNOV vs. QUAL - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for UNOV and QUAL.

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Drawdown Indicators

UNOVQUALDifference

Max Drawdown

Largest peak-to-trough decline

-13.84%

-34.06%

+20.22%

Max Drawdown (1Y)

Largest decline over 1 year

-4.52%

-9.03%

+4.51%

Max Drawdown (3Y)

Largest decline over 3 years

-9.10%

-18.00%

+8.90%

Max Drawdown (5Y)

Largest decline over 5 years

-9.10%

-28.23%

+19.13%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.06%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-1.64%

-4.08%

+2.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

2.01%

-1.06%

Volatility

UNOV vs. QUAL - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 1.91%, while iShares MSCI USA Quality Factor ETF (QUAL) has a volatility of 3.95%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UNOVQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.91%

3.95%

-2.04%

Volatility (6M)

Calculated over the trailing 6-month period

4.97%

9.71%

-4.74%

Volatility (1Y)

Calculated over the trailing 1-year period

5.77%

12.15%

-6.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.89%

17.38%

-10.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.70%

18.07%

-10.37%

UNOV vs. QUAL - Expense Ratio Comparison

UNOV has a 0.79% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

UNOV vs. QUAL - Dividend Comparison

UNOV has not paid dividends to shareholders, while QUAL's dividend yield for the trailing twelve months is around 0.86%.

PositionTTM20252024202320222021202020192018201720162015
QUAL
iShares MSCI USA Quality Factor ETF		0.86%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%
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

UNOV and QUAL have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUAL has higher volatility (3.95%) compared to UNOV (1.91%). In terms of maximum drawdown, UNOV dropped -13.84% vs QUAL's -34.06%.

On 5-year performance, QUAL leads with 11.49% vs 6.76% for UNOV. On fees, QUAL is cheaper at 0.15% per year. On volatility, UNOV has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QUAL has performed better with a 11.49% return vs 6.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.79% for UNOV.

QUAL has the higher dividend yield at 0.86%, compared with 0.00% for UNOV.

UNOV is categorized as Defined Outcome, while QUAL is Large Cap Blend Equities. UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for UNOV and 0.15% for QUAL.

UNOV currently has the higher Sharpe Ratio (1.99 vs 1.65), 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.

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