AOCT vs. EQLS

Last updated Jun 24, 2026

AOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2026) and EQLS (Simplify Market Neutral Equity Long/Short ETF) are both exchange-traded funds - AOCT is a Defined Outcome fund actively managed by Innovator, while EQLS is a Long-Short fund actively managed by Simplify. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. AOCT charges 0.79%/yr vs 1.00%/yr for EQLS.

Performance

AOCT vs. EQLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) and Simplify Market Neutral Equity Long/Short ETF (EQLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AOCT

• 1D: 0.00%
• 1M: 0.39%
• YTD: 2.75%
• 6M: 2.88%
• 1Y: 7.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EQLS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AOCT vs. EQLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026	2.75%	6.88%	-0.20%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-2.98%

Correlation

The correlation between AOCT and EQLS is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.17

Return for Risk

AOCT vs. EQLS — Risk / Return Rank

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

AOCT

AOCT Risk / Return Rank: 91
AOCT Sharpe Ratio Rank: 90
AOCT Sortino Ratio Rank: 93
AOCT Omega Ratio Rank: 93
AOCT Calmar Ratio Rank: 85
AOCT Martin Ratio Rank: 94

EQLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

AOCT vs. EQLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) and Simplify Market Neutral Equity Long/Short ETF (EQLS). 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.

	AOCT	EQLS	Difference
Sharpe ratio: Return per unit of total volatility	2.73	—	—
Sortino ratio: Return per unit of downside risk	4.20	—	—
Omega ratio: Gain probability vs. loss probability	1.58	—	—
Calmar ratio: Return relative to maximum drawdown	4.25	—	—
Martin ratio: Return relative to average drawdown	23.25	—	—

Drawdowns

Drawdown Indicators

	AOCT	EQLS	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.65%	—	—
Current Drawdown Current decline from peak	-0.07%	—	—
Average Drawdown Average peak-to-trough decline	-0.36%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	AOCT	EQLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.59%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.85%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.85%	—	—

AOCT vs. EQLS - Expense Ratio Comparison

AOCT has a 0.79% expense ratio, which is lower than EQLS's 1.00% expense ratio.

Dividends

AOCT vs. EQLS - Dividend Comparison

Neither AOCT nor EQLS has paid dividends to shareholders.

Position	TTM	2025	2024	2023
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026	0.00%	0.00%	0.00%	0.00%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%

Frequently Asked Questions

Can I hold both AOCT and EQLS in my portfolio?

AOCT and EQLS have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AOCT or EQLS?

On fees, AOCT is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AOCT or EQLS?

AOCT is cheaper with a 0.79% expense ratio, compared with 1.00% for EQLS.

Which ETF pays a higher dividend yield, AOCT or EQLS?

AOCT and EQLS have nearly identical dividend yields, around 0.00%.

What is the main difference between AOCT and EQLS?

AOCT is categorized as Defined Outcome, while EQLS is Long-Short. They also come from different issuers: Innovator and Simplify. Their fees differ too: 0.79% for AOCT and 1.00% for EQLS.