BOCT vs. KFEB

Last updated Jun 24, 2026

BOCT (Innovator U.S. Equity Buffer ETF October) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds from Innovator. BOCT is passively managed, while KFEB is actively managed. Over the past year, BOCT returned 18.25% vs 25.17% for KFEB. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BOCT vs. KFEB - 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. Small Cap Power Buffer ETF - February (KFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOCT achieves a 6.25% return, which is significantly lower than KFEB's 13.02% return.

BOCT

• 1D: -0.71%
• 1M: -0.03%
• YTD: 6.25%
• 6M: 5.87%
• 1Y: 18.25%
• 3Y*: 13.66%
• 5Y*: 10.27%
• 10Y*: —

KFEB

• 1D: -0.40%
• 1M: 1.83%
• YTD: 13.02%
• 6M: 10.79%
• 1Y: 25.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOCT vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
BOCT Innovator U.S. Equity Buffer ETF October	6.25%	12.23%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	13.02%	9.19%

Correlation

The correlation between BOCT and KFEB is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.81

The correlation between BOCT and KFEB has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

BOCT vs. KFEB — Risk / Return Rank

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

BOCT

BOCT Risk / Return Rank: 74
BOCT Sharpe Ratio Rank: 74
BOCT Sortino Ratio Rank: 74
BOCT Omega Ratio Rank: 78
BOCT Calmar Ratio Rank: 65
BOCT Martin Ratio Rank: 79

KFEB

KFEB Risk / Return Rank: 81
KFEB Sharpe Ratio Rank: 79
KFEB Sortino Ratio Rank: 82
KFEB Omega Ratio Rank: 74
KFEB Calmar Ratio Rank: 86
KFEB Martin Ratio Rank: 84

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. KFEB - 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. Small Cap Power Buffer ETF - February (KFEB). 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.

	BOCT	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.29	-0.10
Sortino ratio: Return per unit of downside risk	3.06	3.30	-0.23
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.03
Calmar ratio: Return relative to maximum drawdown	3.01	4.36	-1.35
Martin ratio: Return relative to average drawdown	14.26	15.88	-1.61

BOCT vs. KFEB - Sharpe Ratio Comparison

The current BOCT Sharpe Ratio is 2.19, which is comparable to the KFEB Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of BOCT and KFEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BOCT vs. KFEB - Drawdown Comparison

The maximum BOCT drawdown since its inception was -24.54%, which is greater than KFEB's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for BOCT and KFEB.

Drawdown Indicators

	BOCT	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-14.16%	-10.38%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-5.80%	-0.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.29%	—	—
Current Drawdown Current decline from peak	-1.08%	-0.40%	-0.68%
Average Drawdown Average peak-to-trough decline	-2.59%	-2.25%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	1.59%	-0.31%

Volatility

BOCT vs. KFEB - Volatility Comparison

Innovator U.S. Equity Buffer ETF October (BOCT) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) have volatilities of 2.64% and 2.70%, 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

	BOCT	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.70%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	6.48%	7.74%	-1.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.40%	11.07%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	13.17%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.80%	13.17%	+0.63%

BOCT vs. KFEB - Expense Ratio Comparison

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

Dividends

BOCT vs. KFEB - Dividend Comparison

Neither BOCT nor KFEB has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BOCT Innovator U.S. Equity Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BOCT and KFEB in my portfolio?

BOCT and KFEB have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOCT or KFEB?

KFEB has higher volatility (2.70%) compared to BOCT (2.64%). In terms of maximum drawdown, BOCT dropped -24.54% vs KFEB's -14.16%.

Which ETF is better, BOCT or KFEB?

On 1-year performance, KFEB leads with 25.17% vs 18.25% for BOCT. Both ETFs have the same 0.79% expense ratio. 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, BOCT or KFEB?

Over the 1-year period, KFEB has performed better with a 25.17% return vs 18.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOCT or KFEB?

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

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

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

Which has better risk-adjusted returns?

KFEB currently has the higher Sharpe Ratio (2.29 vs 2.19), 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.