AOCT vs. USL

Last updated Jun 4, 2026

AOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2026) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - AOCT is a Defined Outcome fund actively managed by Innovator, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. AOCT is actively managed, while USL is passively managed. Over the past year, AOCT returned 7.29% vs 57.86% for USL. At a correlation of -0.08, they often move in opposite directions. AOCT charges 0.79%/yr vs 0.88%/yr for USL.

Performance

AOCT vs. USL - 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 United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AOCT achieves a 2.49% return, which is significantly lower than USL's 63.07% return.

AOCT

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

USL

• 1D: 1.55%
• 1M: -1.61%
• YTD: 63.07%
• 6M: 59.66%
• 1Y: 57.86%
• 3Y*: 18.42%
• 5Y*: 17.41%
• 10Y*: 10.91%

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

AOCT vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026	2.49%	6.88%	-0.04%
USL United States 12 Month Oil Fund LP	63.07%	-12.37%	2.95%

Correlation

The correlation between AOCT and USL is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	-0.08

The correlation between AOCT and USL shifts across timeframes, from -0.24 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AOCT vs. USL — 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

USL

USL Risk / Return Rank: 56
USL Sharpe Ratio Rank: 59
USL Sortino Ratio Rank: 53
USL Omega Ratio Rank: 54
USL Calmar Ratio Rank: 69
USL Martin Ratio Rank: 43

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. USL - 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 United States 12 Month Oil Fund LP (USL). 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	USL	Difference
Sharpe ratio Return per unit of total volatility	2.84	2.04	+0.80
Sortino ratio Return per unit of downside risk	4.37	2.58	+1.79
Omega ratio Gain probability vs. loss probability	1.60	1.34	+0.27
Calmar ratio Return relative to maximum drawdown	4.42	3.47	+0.96
Martin ratio Return relative to average drawdown	24.23	7.02	+17.21
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. USL - Sharpe Ratio Comparison

The current AOCT Sharpe Ratio is 2.84, which is higher than the USL Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of AOCT and USL, 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	USL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	2.04	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	0.01	+1.44

Drawdowns

AOCT vs. USL - Drawdown Comparison

The maximum AOCT drawdown since its inception was -3.71%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for AOCT and USL.

Drawdown Indicators

	AOCT	USL	Difference
Max Drawdown Largest peak-to-trough decline	-3.71%	-89.06%	+85.35%
Max Drawdown (1Y) Largest decline over 1 year	-1.65%	-16.76%	+15.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-0.07%	-38.16%	+38.09%
Average Drawdown Average peak-to-trough decline	-0.37%	-61.46%	+61.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	8.27%	-7.97%

Volatility

AOCT vs. USL - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) is 0.38%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.53%. This indicates that AOCT experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AOCT	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	10.53%	-10.15%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	23.33%	-21.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	28.54%	-25.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	30.08%	-26.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.89%	32.35%	-28.46%

AOCT vs. USL - Expense Ratio Comparison

AOCT has a 0.79% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

AOCT vs. USL - Dividend Comparison

Neither AOCT nor USL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AOCT and USL in my portfolio?

AOCT and USL have a correlation of -0.24, 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 USL?

USL has higher volatility (10.53%) compared to AOCT (0.38%). In terms of maximum drawdown, AOCT dropped -3.71% vs USL's -89.06%.

Which ETF is better, AOCT or USL?

On 1-year performance, USL leads with 57.86% vs 7.29% for AOCT. On fees, AOCT is cheaper at 0.79% per year. On volatility, AOCT has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AOCT or USL?

Over the 1-year period, USL has performed better with a 57.86% 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 USL?

AOCT is cheaper with a 0.79% expense ratio, compared with 0.88% for USL.

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

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

What is the main difference between AOCT and USL?

AOCT is categorized as Defined Outcome, while USL is Oil & Gas. They also come from different issuers: Innovator and Concierge Technologies. Their fees differ too: 0.79% for AOCT and 0.88% for USL.

Which has better risk-adjusted returns?

AOCT currently has the higher Sharpe Ratio (2.84 vs 2.04), 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.