USRD vs. UNOV

Last updated Jun 24, 2026

USRD (Themes US R&D Champions ETF) and UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) are both Large Cap Blend Equities funds - USRD tracks the Solactive US R&D Champions Index while UNOV tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. Both are passively managed. Over the past year, USRD returned 19.51% vs 12.18% for UNOV. A 0.80 correlation means they provide meaningful diversification when combined. USRD charges 0.29%/yr vs 0.79%/yr for UNOV.

Performance

USRD vs. UNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US R&D Champions ETF (USRD) and Innovator U.S. Equity Ultra Buffer ETF - November (UNOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USRD achieves a 10.76% return, which is significantly higher than UNOV's 4.77% return.

USRD

• 1D: -1.60%
• 1M: -2.04%
• YTD: 10.76%
• 6M: 9.67%
• 1Y: 19.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UNOV

• 1D: -0.57%
• 1M: -0.11%
• YTD: 4.77%
• 6M: 4.37%
• 1Y: 12.18%
• 3Y*: 9.51%
• 5Y*: 6.49%
• 10Y*: —

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

USRD vs. UNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USRD Themes US R&D Champions ETF	10.76%	12.44%	15.53%	5.32%
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	4.77%	9.92%	9.42%	1.18%

Correlation

The correlation between USRD and UNOV is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.80

The correlation between USRD and UNOV has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

USRD vs. UNOV - Sectors Allocation Comparison

Sectors	USRD	UNOV
Technology	64.5%	38.4%
Healthcare	14.3%	8.4%
Consumer Cyclical	7.3%	10.0%
Communication Services	7.0%	10.8%
Industrials	3.6%	7.9%
Consumer Defensive	1.9%	4.6%
Basic Materials	1.7%	1.7%
Real Estate	1.7%	1.8%
Energy	-	3.2%
Financial Services	-	11.0%
Utilities	-	2.1%

Return for Risk

USRD vs. UNOV — Risk / Return Rank

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

USRD

USRD Risk / Return Rank: 32
USRD Sharpe Ratio Rank: 33
USRD Sortino Ratio Rank: 31
USRD Omega Ratio Rank: 31
USRD Calmar Ratio Rank: 31
USRD Martin Ratio Rank: 32

UNOV

UNOV Risk / Return Rank: 72
UNOV Sharpe Ratio Rank: 72
UNOV Sortino Ratio Rank: 74
UNOV Omega Ratio Rank: 78
UNOV Calmar Ratio Rank: 59
UNOV Martin Ratio Rank: 75

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.

USRD vs. UNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US R&D Champions ETF (USRD) and Innovator U.S. Equity Ultra Buffer ETF - November (UNOV). 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.

	USRD	UNOV	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.12	-1.02
Sortino ratio: Return per unit of downside risk	1.58	3.03	-1.46
Omega ratio: Gain probability vs. loss probability	1.20	1.42	-0.23
Calmar ratio: Return relative to maximum drawdown	1.45	2.70	-1.25
Martin ratio: Return relative to average drawdown	4.25	12.94	-8.69

USRD vs. UNOV - Sharpe Ratio Comparison

The current USRD Sharpe Ratio is 1.10, which is lower than the UNOV Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of USRD and UNOV, 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

USRD vs. UNOV - Drawdown Comparison

The maximum USRD drawdown since its inception was -23.79%, which is greater than UNOV's maximum drawdown of -13.84%. Use the drawdown chart below to compare losses from any high point for USRD and UNOV.

Drawdown Indicators

	USRD	UNOV	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-13.84%	-9.95%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	-4.52%	-8.97%
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	-8.69%	-0.83%	-7.86%
Average Drawdown Average peak-to-trough decline	-3.75%	-1.65%	-2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	0.94%	+3.66%

Volatility

USRD vs. UNOV - Volatility Comparison

Themes US R&D Champions ETF (USRD) has a higher volatility of 8.56% compared to Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) at 2.03%. This indicates that USRD's price experiences larger fluctuations and is considered to be riskier than UNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USRD	UNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	2.03%	+6.53%
Volatility (6M) Calculated over the trailing 6-month period	14.73%	4.97%	+9.76%
Volatility (1Y) Calculated over the trailing 1-year period	17.86%	5.80%	+12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	6.88%	+12.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	7.72%	+11.80%

USRD vs. UNOV - Expense Ratio Comparison

USRD has a 0.29% expense ratio, which is lower than UNOV's 0.79% expense ratio.

Dividends

USRD vs. UNOV - Dividend Comparison

USRD's dividend yield for the trailing twelve months is around 0.38%, while UNOV has not paid dividends to shareholders.

Position	TTM	2025	2024
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	0.00%	0.00%	0.00%
USRD Themes US R&D Champions ETF	0.38%	0.42%	2.44%

Frequently Asked Questions

Can I hold both USRD and UNOV in my portfolio?

USRD and UNOV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USRD or UNOV?

USRD has higher volatility (8.56%) compared to UNOV (2.03%). In terms of maximum drawdown, USRD dropped -23.79% vs UNOV's -13.84%.

Which ETF is better, USRD or UNOV?

On 1-year performance, USRD leads with 19.51% vs 12.18% for UNOV. On fees, USRD is cheaper at 0.29% 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, USRD or UNOV?

Over the 1-year period, USRD has performed better with a 19.51% return vs 12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USRD or UNOV?

USRD is cheaper with a 0.29% expense ratio, compared with 0.79% for UNOV.

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

USRD has the higher dividend yield at 0.38%, compared with 0.00% for UNOV.

What is the main difference between USRD and UNOV?

USRD tracks Solactive US R&D Champions Index, while UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index. They also come from different issuers: Themes and Innovator. Their fees differ too: 0.29% for USRD and 0.79% for UNOV.

Which has better risk-adjusted returns?

UNOV currently has the higher Sharpe Ratio (2.12 vs 1.10), 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.