Data as of Nov 4, 2026.
PNOV vs UNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 UNOV can fall 5.7% before its buffer engages and PNOV 0.9%.
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Net assets on Nov 4, 2026: $857m for Innovator U.S. Equity Power Buffer ETF - Nov and $112m for Innovator U.S. Equity Ultra Buffer ETF - Nov.
PNOV: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.
PNOV: reference +1.4% since period start, fund +0.9%; buffer 0 to −15; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.UNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.
UNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 0.2 points; PNOV is 7.7 times larger.
Points (pts) are percentage points.
| Measure | PNOV | UNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.5% | +11.3% |
| Drawdown | ||
| Index fall to the buffer | 1.4% | 6.3% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $857m | $112m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
Nov 8, 2019 to Oct 30, 2026 · 364 weekly returns · each against SPYFrom Nov 2019 to Oct 2026, PNOV returned more: +77.3% to +61.7%. UNOV swung less: 7.4% to 9.7%. UNOV fell less at its worst: −13.7% to −18.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PNOV | UNOV | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +77.3% | +61.7% | +170.5% | PNOV | Price change plus distributions, reinvested. |
| Annualized | +8.5% | +7.1% | +15.3% | PNOV | Total return as a yearly rate. |
| Price return | +77.3% | +61.7% | +144.6% | PNOV | Price change alone, distributions left out. |
| Risk | |||||
| Volatility | 9.7% | 7.4% | 18.6% | UNOV | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.7% | 5.2% | 12.8% | UNOV | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −18.4% | −13.7% | −31.8% | UNOV | Deepest fall from a high to the low after it. |
| Upside capture | 34.8% | 25.8% | 100.0% | PNOV | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 54.2% | 42.9% | 100.0% | UNOV | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.49 | 0.36 | 1.00 | UNOV lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.89 | 0.82 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.59 | 0.57 | 0.70 | PNOV (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.85 | 0.81 | 1.02 | PNOV (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.117 | 0.118 | 0.131 | Tie | Return above Treasury bills per unit of beta. |
| Calmar | 0.46 | 0.52 | 0.48 | UNOV | Annualized return divided by the max drawdown. |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.7% a year | −0.5% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.57 | −0.39 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.0% to +1.7% | −2.8% to +1.9% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.73 | −0.72 | UNOV (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 10.0% | 12.3% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 364 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PNOV | UNOV | PNOV | UNOV |
| 3 months | +1.9% | +2.6% | +2.3 pts | +3.0 pts |
| 6 months | +5.3% | +5.7% | +0.8 pts | +1.2 pts |
| 1 year | +11.5% | +11.3% | −2.0 pts | −2.2 pts |
| 3 years | +39.4% | +38.3% | −37.0 pts | −38.1 pts |
| Since launchPNOV Nov 2019 · UNOV Nov 2019 | +79.5% | +63.5% | −71.0 pts | −87.0 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
PNOV resets first, on Oct 31, 2027, 361 days from now; UNOV runs to Oct 31, 2027, 361 days. PNOV can still gain 14.3% before its cap, UNOV 13.6%. A fall from here reaches PNOV’s buffer after 0.9% and UNOV’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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PNOV
From its price on Nov 4, 2026, the fund can gain about 14.3% more before it reaches its cap. The fund's price can fall 0.9% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 1.4% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.
UNOV
From its price on Nov 4, 2026, the fund can gain about 13.6% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, PNOV against UNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pnov-vs-unov
ETFIQ. (Nov 4, 2026). PNOV against UNOV. Retrieved from https://etfiq.com/compare/buffer/pnov-vs-unov
[PNOV against UNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pnov-vs-unov)
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