UNOV vs. UJUN

Last updated Jun 21, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and UJUN (Innovator U.S. Equity Ultra Buffer ETF - June) are both Large Cap Blend Equities funds from Innovator - UNOV tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index while UJUN tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index. Both are passively managed. Over the past 5 years, UNOV returned 6.67%/yr vs 6.29%/yr for UJUN. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UNOV vs. UJUN - 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 U.S. Equity Ultra Buffer ETF - June (UJUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNOV achieves a 5.45% return, which is significantly higher than UJUN's 2.82% return.

UNOV

• 1D: 0.51%
• 1M: 0.73%
• YTD: 5.45%
• 6M: 5.72%
• 1Y: 13.54%
• 3Y*: 9.58%
• 5Y*: 6.67%
• 10Y*: —

UJUN

• 1D: 0.55%
• 1M: -0.36%
• YTD: 2.82%
• 6M: 3.19%
• 1Y: 9.91%
• 3Y*: 10.59%
• 5Y*: 6.29%
• 10Y*: —

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

UNOV vs. UJUN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	5.45%	9.92%	9.42%	14.18%	-6.23%	4.45%	8.31%	1.87%
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	2.82%	10.63%	12.49%	12.17%	-8.86%	5.09%	7.15%	1.86%

Correlation

The correlation between UNOV and UJUN is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
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 UJUN has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

UNOV vs. UJUN - Sectors Allocation Comparison

Sectors	UNOV	UJUN
Technology	38.4%	38.4%
Financial Services	11.0%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UNOV vs. UJUN — Risk / Return Rank

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

UNOV

UNOV Risk / Return Rank: 76
UNOV Sharpe Ratio Rank: 77
UNOV Sortino Ratio Rank: 80
UNOV Omega Ratio Rank: 83
UNOV Calmar Ratio Rank: 62
UNOV Martin Ratio Rank: 77

UJUN

UJUN Risk / Return Rank: 74
UJUN Sharpe Ratio Rank: 65
UJUN Sortino Ratio Rank: 70
UJUN Omega Ratio Rank: 82
UJUN Calmar Ratio Rank: 68
UJUN Martin Ratio Rank: 87

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. UJUN - 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 U.S. Equity Ultra Buffer ETF - June (UJUN). 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	UJUN	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.04	+0.31
Sortino ratio: Return per unit of downside risk	3.36	3.00	+0.36
Omega ratio: Gain probability vs. loss probability	1.48	1.46	+0.01
Calmar ratio: Return relative to maximum drawdown	2.99	3.29	-0.30
Martin ratio: Return relative to average drawdown	14.32	17.65	-3.33

UNOV vs. UJUN - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 2.34, which is comparable to the UJUN Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of UNOV and UJUN, 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. UJUN - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, roughly equal to the maximum UJUN drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for UNOV and UJUN.

Drawdown Indicators

	UNOV	UJUN	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-13.73%	-0.11%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-2.84%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-11.24%	+2.14%
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	-11.96%	+2.86%
Current Drawdown Current decline from peak	-0.18%	-0.77%	+0.59%
Average Drawdown Average peak-to-trough decline	-1.65%	-2.06%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.53%	+0.41%

Volatility

UNOV vs. UJUN - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) is 1.99%, while Innovator U.S. Equity Ultra Buffer ETF - June (UJUN) has a volatility of 2.14%. This indicates that UNOV experiences smaller price fluctuations and is considered to be less risky than UJUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNOV	UJUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	2.14%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	4.97%	3.83%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	5.77%	4.59%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.87%	8.37%	-1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	8.78%	-1.06%

UNOV vs. UJUN - Expense Ratio Comparison

Both UNOV and UJUN have an expense ratio of 0.79%.

Dividends

UNOV vs. UJUN - Dividend Comparison

Neither UNOV nor UJUN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
UJUN Innovator U.S. Equity Ultra Buffer ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.89%
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%

Frequently Asked Questions

Can I hold both UNOV and UJUN in my portfolio?

UNOV and UJUN have a correlation of 0.84, 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 UJUN?

UJUN has higher volatility (2.14%) compared to UNOV (1.99%). In terms of maximum drawdown, UNOV dropped -13.84% vs UJUN's -13.73%.

Which ETF is better, UNOV or UJUN?

On 5-year performance, UNOV leads with 6.67% vs 6.29% for UJUN. Both ETFs have the same 0.79% expense ratio. On volatility, UNOV has been the lower-risk option at 1.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UNOV or UJUN?

Over the 5-year period, UNOV has performed better with a 6.67% return vs 6.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNOV or UJUN?

UNOV and UJUN have the same expense ratio: 0.79% per year.

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

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

What is the main difference between UNOV and UJUN?

UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while UJUN tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect June Series Index.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.34 vs 2.04), 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.