BOCT vs. BNOV

Last updated Jun 9, 2026

BOCT (Innovator U.S. Equity Buffer ETF October) and BNOV (Innovator U.S. Equity Buffer ETF - November) are both Defined Outcome funds from Innovator tracking the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, BOCT returned 10.35%/yr vs 8.47%/yr for BNOV. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BOCT vs. BNOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF October (BOCT) and Innovator U.S. Equity Buffer ETF - November (BNOV). 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 BOCT having a 6.08% return and BNOV slightly higher at 6.37%.

BOCT

• 1D: 0.17%
• 1M: 0.44%
• YTD: 6.08%
• 6M: 6.65%
• 1Y: 18.49%
• 3Y*: 14.02%
• 5Y*: 10.35%
• 10Y*: —

BNOV

• 1D: 0.02%
• 1M: 0.41%
• YTD: 6.37%
• 6M: 6.74%
• 1Y: 17.58%
• 3Y*: 12.88%
• 5Y*: 8.47%
• 10Y*: —

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

BOCT vs. BNOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BOCT Innovator U.S. Equity Buffer ETF October	6.08%	14.34%	12.36%	21.13%	-8.14%	14.97%	14.69%	4.10%
BNOV Innovator U.S. Equity Buffer ETF - November	6.37%	13.23%	12.49%	17.24%	-9.63%	10.61%	11.82%	4.07%

Correlation

The correlation between BOCT and BNOV is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Nov 1, 2019	0.94

The correlation between BOCT and BNOV has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

BOCT vs. BNOV - Sectors Allocation Comparison

Sectors	BOCT	BNOV
Technology	36.2%	36.2%
Financial Services	11.9%	11.9%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

BOCT vs. BNOV — Risk / Return Rank

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

BOCT

BOCT Risk / Return Rank: 77
BOCT Sharpe Ratio Rank: 78
BOCT Sortino Ratio Rank: 79
BOCT Omega Ratio Rank: 81
BOCT Calmar Ratio Rank: 68
BOCT Martin Ratio Rank: 82

BNOV

BNOV Risk / Return Rank: 72
BNOV Sharpe Ratio Rank: 72
BNOV Sortino Ratio Rank: 74
BNOV Omega Ratio Rank: 78
BNOV Calmar Ratio Rank: 60
BNOV Martin Ratio Rank: 75

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.

BOCT vs. BNOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF October (BOCT) and Innovator U.S. Equity Buffer ETF - November (BNOV). 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.

	BOCT	BNOV	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.10	+0.16
Sortino ratio: Return per unit of downside risk	3.14	2.96	+0.19
Omega ratio: Gain probability vs. loss probability	1.44	1.41	+0.02
Calmar ratio: Return relative to maximum drawdown	3.05	2.69	+0.36
Martin ratio: Return relative to average drawdown	14.61	12.62	+1.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOCT vs. BNOV - Sharpe Ratio Comparison

The current BOCT Sharpe Ratio is 2.26, which is comparable to the BNOV Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of BOCT and BNOV, 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

	BOCT	BNOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.10	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.72	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.69	+0.06

Drawdowns

BOCT vs. BNOV - Drawdown Comparison

The maximum BOCT drawdown since its inception was -24.54%, roughly equal to the maximum BNOV drawdown of -24.66%. Use the drawdown chart below to compare losses from any high point for BOCT and BNOV.

Drawdown Indicators

	BOCT	BNOV	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-24.66%	+0.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-6.57%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.61%	-13.70%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-14.29%	-16.27%	+1.98%
Current Drawdown Current decline from peak	-1.17%	-1.56%	+0.39%
Average Drawdown Average peak-to-trough decline	-2.60%	-2.93%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	1.40%	-0.13%

Volatility

BOCT vs. BNOV - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF October (BOCT) is 1.76%, while Innovator U.S. Equity Buffer ETF - November (BNOV) has a volatility of 2.17%. This indicates that BOCT experiences smaller price fluctuations and is considered to be less risky than BNOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOCT	BNOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	2.17%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	6.26%	6.76%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	8.25%	8.43%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	11.84%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.82%	14.05%	-0.23%

BOCT vs. BNOV - Expense Ratio Comparison

Both BOCT and BNOV have an expense ratio of 0.79%.

Dividends

BOCT vs. BNOV - Dividend Comparison

Neither BOCT nor BNOV has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BNOV Innovator U.S. Equity Buffer ETF - November	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BOCT Innovator U.S. Equity Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%

Frequently Asked Questions

Can I hold both BOCT and BNOV in my portfolio?

With a correlation of 0.95, BOCT and BNOV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BOCT or BNOV?

BNOV has higher volatility (2.17%) compared to BOCT (1.76%). In terms of maximum drawdown, BOCT dropped -24.54% vs BNOV's -24.66%.

Which ETF is better, BOCT or BNOV?

On 5-year performance, BOCT leads with 10.35% vs 8.47% for BNOV. Both ETFs have the same 0.79% expense ratio. On volatility, BOCT has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOCT or BNOV?

Over the 5-year period, BOCT has performed better with a 10.35% return vs 8.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOCT or BNOV?

BOCT and BNOV have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BOCT or BNOV?

BOCT and BNOV have nearly identical dividend yields, around 0.00%.

What is the main difference between BOCT and BNOV?

Both ETFs track S&P 500 Price Return Index.

Which has better risk-adjusted returns?

BOCT currently has the higher Sharpe Ratio (2.25 vs 2.10), 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.