BOCT vs. SCHD

Last updated Jun 14, 2026

BOCT (Innovator U.S. Equity Buffer ETF October) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - BOCT is a Defined Outcome fund tracking the S&P 500 Price Return Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 5 years, BOCT returned 10.33%/yr vs 8.75%/yr for SCHD. A 0.71 correlation means they provide meaningful diversification when combined. BOCT charges 0.79%/yr vs 0.06%/yr for SCHD.

Performance

BOCT vs. SCHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF October (BOCT) and Schwab U.S. Dividend Equity ETF (SCHD). 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 SCHD's 20.66% return.

BOCT

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

SCHD

• 1D: 0.89%
• 1M: 3.21%
• YTD: 20.66%
• 6M: 19.57%
• 1Y: 26.72%
• 3Y*: 14.90%
• 5Y*: 8.75%
• 10Y*: 12.91%

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

BOCT vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BOCT Innovator U.S. Equity Buffer ETF October	6.34%	14.34%	12.36%	21.13%	-8.14%	14.97%	14.69%	19.05%	-10.47%
SCHD Schwab U.S. Dividend Equity ETF	20.66%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-10.64%

Correlation

The correlation between BOCT and SCHD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.71

Over the past year, the correlation between BOCT and SCHD has dropped to 0.37 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

BOCT vs. SCHD - Sectors Allocation Comparison

Sectors	BOCT	SCHD
Technology	38.4%	19.4%
Financial Services	11.0%	9.1%
Communication Services	10.8%	6.0%
Consumer Cyclical	10.0%	6.7%
Healthcare	8.4%	18.4%
Industrials	7.9%	7.4%
Consumer Defensive	4.6%	18.5%
Energy	3.2%	14.6%
Utilities	2.1%	0.0%
Real Estate	1.8%	-
Basic Materials	1.7%	1.2%

Return for Risk

BOCT vs. SCHD — 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

SCHD

SCHD Risk / Return Rank: 87
SCHD Sharpe Ratio Rank: 86
SCHD Sortino Ratio Rank: 90
SCHD Omega Ratio Rank: 83
SCHD Calmar Ratio Rank: 93
SCHD Martin Ratio Rank: 81

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF October (BOCT) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	2.19	2.41	-0.21
Sortino ratio: Return per unit of downside risk	3.06	3.72	-0.66
Omega ratio: Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	3.01	5.70	-2.69
Martin ratio: Return relative to average drawdown	14.28	13.97	+0.32

BOCT vs. SCHD - Sharpe Ratio Comparison

The current BOCT Sharpe Ratio is 2.19, which is comparable to the SCHD Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of BOCT and SCHD, 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. SCHD - Drawdown Comparison

The maximum BOCT drawdown since its inception was -24.54%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for BOCT and SCHD.

Drawdown Indicators

	BOCT	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-33.37%	+8.83%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-4.61%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.61%	-16.13%	+2.52%
Max Drawdown (5Y) Largest decline over 5 years	-14.29%	-16.85%	+2.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-0.92%	-0.03%	-0.89%
Average Drawdown Average peak-to-trough decline	-2.59%	-3.31%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	1.89%	-0.61%

Volatility

BOCT vs. SCHD - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF October (BOCT) is 2.27%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 3.05%. This indicates that BOCT experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOCT	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	3.05%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	6.41%	7.53%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	8.36%	10.93%	-2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	14.38%	-3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.81%	16.72%	-2.91%

BOCT vs. SCHD - Expense Ratio Comparison

BOCT has a 0.79% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

BOCT vs. SCHD - Dividend Comparison

BOCT has not paid dividends to shareholders, while SCHD's dividend yield for the trailing twelve months is around 3.22%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOCT Innovator U.S. Equity Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.00%	0.00%	0.00%	0.00%
SCHD Schwab U.S. Dividend Equity ETF	3.22%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both BOCT and SCHD in my portfolio?

BOCT and SCHD have a correlation of 0.37, 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 SCHD?

SCHD has higher volatility (3.05%) compared to BOCT (2.27%). In terms of maximum drawdown, BOCT dropped -24.54% vs SCHD's -33.37%.

Which ETF is better, BOCT or SCHD?

On 5-year performance, BOCT leads with 10.33% vs 8.75% for SCHD. On fees, SCHD is cheaper at 0.06% 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 SCHD?

Over the 5-year period, BOCT has performed better with a 10.33% return vs 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOCT or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.79% for BOCT.

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

SCHD has the higher dividend yield at 3.22%, compared with 0.00% for BOCT.

What is the main difference between BOCT and SCHD?

BOCT is categorized as Defined Outcome, while SCHD is Dividend. BOCT tracks S&P 500 Price Return Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Innovator and Charles Schwab. Their fees differ too: 0.79% for BOCT and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.41 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.