AOCT vs. PMFB

Last updated Jun 4, 2026

AOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2026) and PMFB (PGIM S&P 500 Max Buffer ETF - February) are both Defined Outcome funds. Both are actively managed. Over the past year, AOCT returned 7.29% vs 8.06% for PMFB. A 0.77 correlation means they provide meaningful diversification when combined. AOCT charges 0.79%/yr vs 0.50%/yr for PMFB.

Performance

AOCT vs. PMFB - 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 PGIM S&P 500 Max Buffer ETF - February (PMFB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AOCT having a 2.49% return and PMFB slightly higher at 2.56%.

AOCT

• 1D: -0.07%
• 1M: 0.72%
• YTD: 2.49%
• 6M: 2.99%
• 1Y: 7.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PMFB

• 1D: -0.06%
• 1M: 0.80%
• YTD: 2.56%
• 6M: 3.26%
• 1Y: 8.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AOCT vs. PMFB - Yearly Performance Comparison

	2026 (YTD)	2025
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026	2.49%	5.69%
PMFB PGIM S&P 500 Max Buffer ETF - February	2.56%	6.28%

Correlation

The correlation between AOCT and PMFB is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.77

The correlation between AOCT and PMFB has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

AOCT vs. PMFB — Risk / Return Rank

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

AOCT

AOCT Risk / Return Rank: 89
AOCT Sharpe Ratio Rank: 86
AOCT Sortino Ratio Rank: 92
AOCT Omega Ratio Rank: 91
AOCT Calmar Ratio Rank: 83
AOCT Martin Ratio Rank: 93

PMFB

PMFB Risk / Return Rank: 95
PMFB Sharpe Ratio Rank: 95
PMFB Sortino Ratio Rank: 97
PMFB Omega Ratio Rank: 97
PMFB Calmar Ratio Rank: 92
PMFB Martin Ratio Rank: 95

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. PMFB - 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 PGIM S&P 500 Max Buffer ETF - February (PMFB). 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.

	AOCT	PMFB	Difference
Sharpe ratio: Return per unit of total volatility	2.84	3.83	-0.99
Sortino ratio: Return per unit of downside risk	4.37	6.15	-1.78
Omega ratio: Gain probability vs. loss probability	1.60	1.88	-0.27
Calmar ratio: Return relative to maximum drawdown	4.42	6.04	-1.61
Martin ratio: Return relative to average drawdown	24.23	31.52	-7.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AOCT vs. PMFB - Sharpe Ratio Comparison

The current AOCT Sharpe Ratio is 2.84, which is comparable to the PMFB Sharpe Ratio of 3.83. The chart below compares the historical Sharpe Ratios of AOCT and PMFB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AOCT	PMFB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	3.83	-0.99
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	2.43	-0.99

Drawdowns

AOCT vs. PMFB - Drawdown Comparison

The maximum AOCT drawdown since its inception was -3.71%, which is greater than PMFB's maximum drawdown of -2.94%. Use the drawdown chart below to compare losses from any high point for AOCT and PMFB.

Drawdown Indicators

	AOCT	PMFB	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-2.94%	-0.77%
Max Drawdown (1Y) Largest decline over 1 year	-1.65%	-1.34%	-0.31%
Current Drawdown Current decline from peak	-0.07%	-0.06%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.37%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.26%	+0.04%

Volatility

AOCT vs. PMFB - Volatility Comparison

Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) and PGIM S&P 500 Max Buffer ETF - February (PMFB) have volatilities of 0.38% and 0.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOCT	PMFB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.37%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	1.43%	+0.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	2.12%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	2.77%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.89%	2.77%	+1.12%

AOCT vs. PMFB - Expense Ratio Comparison

AOCT has a 0.79% expense ratio, which is higher than PMFB's 0.50% expense ratio.

Dividends

AOCT vs. PMFB - Dividend Comparison

Neither AOCT nor PMFB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AOCT and PMFB in my portfolio?

AOCT and PMFB have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AOCT or PMFB?

AOCT has higher volatility (0.38%) compared to PMFB (0.37%). In terms of maximum drawdown, AOCT dropped -3.71% vs PMFB's -2.94%.

Which ETF is better, AOCT or PMFB?

On 1-year performance, PMFB leads with 8.06% vs 7.29% for AOCT. On fees, PMFB is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOCT or PMFB?

Over the 1-year period, PMFB has performed better with a 8.06% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AOCT or PMFB?

PMFB is cheaper with a 0.50% expense ratio, compared with 0.79% for AOCT.

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

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

What is the main difference between AOCT and PMFB?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for AOCT and 0.50% for PMFB.

Which has better risk-adjusted returns?

PMFB currently has the higher Sharpe Ratio (3.83 vs 2.84), 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.