BOCT vs. QQQM

Last updated Jun 14, 2026

BOCT (Innovator U.S. Equity Buffer ETF October) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - BOCT is a Defined Outcome fund tracking the S&P 500 Price Return Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, BOCT returned 10.33%/yr vs 16.94%/yr for QQQM. Their correlation of 0.88 suggests significant overlap in exposure. BOCT charges 0.79%/yr vs 0.15%/yr for QQQM.

Performance

BOCT vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF October (BOCT) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOCT achieves a 6.34% return, which is significantly lower than QQQM's 17.59% return.

BOCT

• 1D: 0.30%
• 1M: 0.10%
• YTD: 6.34%
• 6M: 6.89%
• 1Y: 19.28%
• 3Y*: 13.68%
• 5Y*: 10.33%
• 10Y*: —

QQQM

• 1D: 0.67%
• 1M: 0.22%
• YTD: 17.59%
• 6M: 17.91%
• 1Y: 37.64%
• 3Y*: 26.52%
• 5Y*: 16.94%
• 10Y*: —

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

BOCT vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BOCT Innovator U.S. Equity Buffer ETF October	6.34%	14.34%	12.36%	21.13%	-8.14%	14.97%	4.70%
QQQM Invesco NASDAQ 100 ETF	17.59%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

Correlation

The correlation between BOCT and QQQM is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.88

The correlation between BOCT and QQQM has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

BOCT vs. QQQM - Sectors Allocation Comparison

Sectors	BOCT	QQQM
Technology	38.4%	58.7%
Financial Services	11.0%	0.2%
Communication Services	10.8%	14.3%
Consumer Cyclical	10.0%	11.4%
Healthcare	8.4%	3.7%
Industrials	7.9%	2.6%
Consumer Defensive	4.6%	6.4%
Energy	3.2%	0.5%
Utilities	2.1%	1.2%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.0%

Return for Risk

BOCT vs. QQQM — 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: 78
BOCT Omega Ratio Rank: 81
BOCT Calmar Ratio Rank: 68
BOCT Martin Ratio Rank: 82

QQQM

QQQM Risk / Return Rank: 72
QQQM Sharpe Ratio Rank: 76
QQQM Sortino Ratio Rank: 71
QQQM Omega Ratio Rank: 73
QQQM Calmar Ratio Rank: 69
QQQM Martin Ratio Rank: 70

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. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF October (BOCT) and Invesco NASDAQ 100 ETF (QQQM). 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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.11	+0.09
Sortino ratio: Return per unit of downside risk	3.06	2.74	+0.32
Omega ratio: Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio: Return relative to maximum drawdown	3.01	3.02	-0.01
Martin ratio: Return relative to average drawdown	14.28	11.23	+3.05

BOCT vs. QQQM - Sharpe Ratio Comparison

The current BOCT Sharpe Ratio is 2.19, which is comparable to the QQQM Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of BOCT and QQQM, 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. QQQM - Drawdown Comparison

The maximum BOCT drawdown since its inception was -24.54%, smaller than the maximum QQQM drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for BOCT and QQQM.

Drawdown Indicators

	BOCT	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-35.04%	+10.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-11.96%	+5.87%
Max Drawdown (3Y) Largest decline over 3 years	-13.61%	-22.70%	+9.09%
Max Drawdown (5Y) Largest decline over 5 years	-14.29%	-35.04%	+20.75%
Current Drawdown Current decline from peak	-0.92%	-3.33%	+2.41%
Average Drawdown Average peak-to-trough decline	-2.59%	-8.23%	+5.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	3.21%	-1.93%

Volatility

BOCT vs. QQQM - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF October (BOCT) is 2.27%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 7.45%. This indicates that BOCT experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOCT	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	7.45%	-5.18%
Volatility (6M) Calculated over the trailing 6-month period	6.41%	13.71%	-7.30%
Volatility (1Y) Calculated over the trailing 1-year period	8.36%	17.11%	-8.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	22.40%	-11.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	22.22%	-8.41%

BOCT vs. QQQM - Expense Ratio Comparison

BOCT has a 0.79% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

BOCT vs. QQQM - Dividend Comparison

BOCT has not paid dividends to shareholders, while QQQM's dividend yield for the trailing twelve months is around 0.43%.

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%
QQQM Invesco NASDAQ 100 ETF	0.43%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%

Frequently Asked Questions

Can I hold both BOCT and QQQM in my portfolio?

With a correlation of 0.91, BOCT and QQQM 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 QQQM?

QQQM has higher volatility (7.45%) compared to BOCT (2.27%). In terms of maximum drawdown, BOCT dropped -24.54% vs QQQM's -35.04%.

Which ETF is better, BOCT or QQQM?

On 5-year performance, QQQM leads with 16.94% vs 10.33% for BOCT. On fees, QQQM is cheaper at 0.15% per year. On volatility, BOCT has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOCT or QQQM?

Over the 5-year period, QQQM has performed better with a 16.94% return vs 10.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOCT or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.79% for BOCT.

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

QQQM has the higher dividend yield at 0.43%, compared with 0.00% for BOCT.

What is the main difference between BOCT and QQQM?

BOCT is categorized as Defined Outcome, while QQQM is Nasdaq-100. BOCT tracks S&P 500 Price Return Index, while QQQM tracks NASDAQ-100 Index. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for BOCT and 0.15% for QQQM.

Which has better risk-adjusted returns?

BOCT currently has the higher Sharpe Ratio (2.19 vs 2.11), 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.