ZNOV vs. ENFR
ZNOV (Innovator Equity Defined Protection ETF - 1 Yr November) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - ZNOV is a Defined Outcome fund actively managed by Innovator, while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. ZNOV is actively managed, while ENFR is passively managed. Over the past year, ZNOV returned 6.55% vs 27.76% for ENFR. At a 0.12 correlation, their price movements are largely independent. ZNOV charges 0.79%/yr vs 0.35%/yr for ENFR.
Performance
ZNOV vs. ENFR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZNOV achieves a 2.53% return, which is significantly lower than ENFR's 24.93% return.
ZNOV
- 1D
- -0.18%
- 1M
- 0.11%
- YTD
- 2.53%
- 6M
- 2.49%
- 1Y
- 6.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ENFR
- 1D
- 1.51%
- 1M
- -4.52%
- YTD
- 24.93%
- 6M
- 25.03%
- 1Y
- 27.76%
- 3Y*
- 28.90%
- 5Y*
- 20.07%
- 10Y*
- 11.98%
ZNOV vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November | 2.53% | 6.27% | 0.84% |
ENFR Alerian Energy Infrastructure ETF | 24.93% | 5.88% | 7.21% |
Correlation
The correlation between ZNOV and ENFR is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024 | 0.12 |
The correlation between ZNOV and ENFR shifts across timeframes, from -0.09 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZNOV vs. ENFR — Risk / Return Rank
ZNOV
ENFR
ZNOV vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) and Alerian Energy Infrastructure ETF (ENFR). 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.
| ZNOV | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.32 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.01 | 3.23 | +0.79 |
| Martin ratioReturn relative to average drawdown | 18.57 | 8.24 | +10.32 |
Loading charts...
Drawdowns
ZNOV vs. ENFR - Drawdown Comparison
The maximum ZNOV drawdown since its inception was -3.31%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for ZNOV and ENFR.
Loading charts...
Drawdown Indicators
| ZNOV | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.31% | -68.28% | +64.97% |
Max Drawdown (1Y)Largest decline over 1 year | -1.64% | -8.64% | +7.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.64% | — |
Current DrawdownCurrent decline from peak | -0.34% | -4.71% | +4.37% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -15.94% | +15.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 3.38% | -3.03% |
Volatility
ZNOV vs. ENFR - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) is 0.86%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.69%. This indicates that ZNOV experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZNOV | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 5.69% | -4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 11.60% | -9.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.73% | 14.86% | -12.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.36% | 19.25% | -15.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.36% | 24.68% | -21.32% |
ZNOV vs. ENFR - Expense Ratio Comparison
ZNOV has a 0.79% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
ZNOV vs. ENFR - Dividend Comparison
ZNOV has not paid dividends to shareholders, while ENFR's dividend yield for the trailing twelve months is around 4.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 4.02% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
ZNOV Innovator Equity Defined Protection ETF - 1 Yr 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
ZNOV and ENFR have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.69%) compared to ZNOV (0.86%). In terms of maximum drawdown, ZNOV dropped -3.31% vs ENFR's -68.28%.
On 1-year performance, ENFR leads with 27.76% vs 6.55% for ZNOV. On fees, ENFR is cheaper at 0.35% per year. On volatility, ZNOV has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ENFR has performed better with a 27.76% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.79% for ZNOV.
ENFR has the higher dividend yield at 4.02%, compared with 0.00% for ZNOV.
ZNOV is categorized as Defined Outcome, while ENFR is Energy Equities. They also come from different issuers: Innovator and SS&C. Their fees differ too: 0.79% for ZNOV and 0.35% for ENFR.
ZNOV currently has the higher Sharpe Ratio (2.42 vs 1.88), 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.
Find the right allocation for ZNOV and ENFR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer