BOCT vs. VXX
BOCT (Innovator U.S. Equity Buffer ETF October) and VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) are both exchange-traded funds - BOCT is a Defined Outcome fund tracking the S&P 500 Price Return Index, while VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return. Both are passively managed. Over the past 5 years, BOCT returned 10.27%/yr vs -45.02%/yr for VXX. At a correlation of -0.74, they often move in opposite directions. BOCT charges 0.79%/yr vs 0.89%/yr for VXX.
Performance
BOCT vs. VXX - Performance Comparison
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Returns By Period
In the year-to-date period, BOCT achieves a 6.25% return, which is significantly higher than VXX's -9.82% return.
BOCT
- 1D
- -0.71%
- 1M
- -0.03%
- YTD
- 6.25%
- 6M
- 5.87%
- 1Y
- 18.25%
- 3Y*
- 13.66%
- 5Y*
- 10.27%
- 10Y*
- —
VXX
- 1D
- 5.99%
- 1M
- -9.65%
- YTD
- -9.82%
- 6M
- -11.92%
- 1Y
- -54.78%
- 3Y*
- -39.15%
- 5Y*
- -45.02%
- 10Y*
- -48.25%
BOCT vs. VXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BOCT Innovator U.S. Equity Buffer ETF October | 6.25% | 14.34% | 12.36% | 21.13% | -8.14% | 14.97% | 14.69% | 19.05% | -10.47% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -9.82% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 75.78% |
Correlation
The correlation between BOCT and VXX is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018 | -0.74 |
The correlation between BOCT and VXX has been stable across timeframes, ranging from -0.79 to -0.72 - a consistent structural relationship.
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Return for Risk
BOCT vs. VXX — Risk / Return Rank
BOCT
VXX
BOCT vs. VXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF October (BOCT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX). 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 | VXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.17 | ||
| Sortino ratioReturn per unit of downside risk | +4.67 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.82 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | -1.01 | +4.02 |
| Martin ratioReturn relative to average drawdown | 14.26 | -1.55 | +15.81 |
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Drawdowns
BOCT vs. VXX - Drawdown Comparison
The maximum BOCT drawdown since its inception was -24.54%, smaller than the maximum VXX drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BOCT and VXX.
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Drawdown Indicators
| BOCT | VXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.54% | -100.00% | +75.46% |
Max Drawdown (1Y)Largest decline over 1 year | -6.09% | -54.18% | +48.09% |
Max Drawdown (3Y)Largest decline over 3 years | -13.61% | -79.21% | +65.60% |
Max Drawdown (5Y)Largest decline over 5 years | -14.29% | -95.97% | +81.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.87% | — |
Current DrawdownCurrent decline from peak | -1.08% | -100.00% | +98.92% |
Average DrawdownAverage peak-to-trough decline | -2.59% | -95.08% | +92.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 39.47% | -38.19% |
Volatility
BOCT vs. VXX - Volatility Comparison
The current volatility for Innovator U.S. Equity Buffer ETF October (BOCT) is 2.64%, while iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a volatility of 17.21%. This indicates that BOCT experiences smaller price fluctuations and is considered to be less risky than VXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BOCT | VXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.64% | 17.21% | -14.57% |
Volatility (6M)Calculated over the trailing 6-month period | 6.48% | 43.47% | -36.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.40% | 56.26% | -47.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.15% | 68.03% | -56.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.80% | 70.41% | -56.61% |
BOCT vs. VXX - Expense Ratio Comparison
BOCT has a 0.79% expense ratio, which is lower than VXX's 0.89% expense ratio.
Dividends
BOCT vs. VXX - Dividend Comparison
Neither BOCT nor VXX 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% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BOCT and VXX have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VXX has higher volatility (17.21%) compared to BOCT (2.64%). In terms of maximum drawdown, BOCT dropped -24.54% vs VXX's -100.00%.
On 5-year performance, BOCT leads with 10.27% vs -45.02% for VXX. On fees, BOCT is cheaper at 0.79% per year. On volatility, BOCT has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BOCT has performed better with a 10.27% return vs -45.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOCT is cheaper with a 0.79% expense ratio, compared with 0.89% for VXX.
BOCT and VXX have nearly identical dividend yields, around 0.00%.
BOCT is categorized as Defined Outcome, while VXX is Volatility. BOCT tracks S&P 500 Price Return Index, while VXX tracks S&P 500 VIX Short-Term Futures Index Total Return. They also come from different issuers: Innovator and Barclays Capital. Their fees differ too: 0.79% for BOCT and 0.89% for VXX.
BOCT currently has the higher Sharpe Ratio (2.19 vs -0.98), 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.
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