BOCT vs. ZDEK

Last updated Jun 4, 2026

BOCT (Innovator U.S. Equity Buffer ETF October) and ZDEK (Innovator Equity Defined Protection ETF - 1 Yr December) are both Defined Outcome funds from Innovator. BOCT is passively managed, while ZDEK is actively managed. Over the past year, BOCT returned 20.28% vs 9.03% for ZDEK. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

BOCT vs. ZDEK - 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 Equity Defined Protection ETF - 1 Yr December (ZDEK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOCT achieves a 7.17% return, which is significantly higher than ZDEK's 2.56% return.

BOCT

• 1D: -0.15%
• 1M: 2.95%
• YTD: 7.17%
• 6M: 7.69%
• 1Y: 20.28%
• 3Y*: 14.58%
• 5Y*: 10.56%
• 10Y*: —

ZDEK

• 1D: -0.04%
• 1M: 0.84%
• YTD: 2.56%
• 6M: 2.82%
• 1Y: 9.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BOCT vs. ZDEK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BOCT Innovator U.S. Equity Buffer ETF October	7.17%	14.34%	-1.38%
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	2.56%	7.78%	-0.38%

Correlation

The correlation between BOCT and ZDEK 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 (All Time) Calculated using the full available price history since Dec 3, 2024	0.90

The correlation between BOCT and ZDEK has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

BOCT vs. ZDEK — 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: 77
BOCT Sortino Ratio Rank: 78
BOCT Omega Ratio Rank: 80
BOCT Calmar Ratio Rank: 68
BOCT Martin Ratio Rank: 81

ZDEK

ZDEK Risk / Return Rank: 93
ZDEK Sharpe Ratio Rank: 92
ZDEK Sortino Ratio Rank: 95
ZDEK Omega Ratio Rank: 95
ZDEK Calmar Ratio Rank: 91
ZDEK Martin Ratio Rank: 95

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. ZDEK - 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 Equity Defined Protection ETF - 1 Yr December (ZDEK). 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	ZDEK	Difference
Sharpe ratio: Return per unit of total volatility	2.49	3.28	-0.79
Sortino ratio: Return per unit of downside risk	3.50	5.12	-1.62
Omega ratio: Gain probability vs. loss probability	1.48	1.71	-0.23
Calmar ratio: Return relative to maximum drawdown	3.34	6.02	-2.67
Martin ratio: Return relative to average drawdown	16.08	30.78	-14.70
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. ZDEK - Sharpe Ratio Comparison

The current BOCT Sharpe Ratio is 2.49, which is comparable to the ZDEK Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of BOCT and ZDEK, 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	ZDEK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	3.28	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	2.02	-1.26

Drawdowns

BOCT vs. ZDEK - Drawdown Comparison

The maximum BOCT drawdown since its inception was -24.54%, which is greater than ZDEK's maximum drawdown of -3.40%. Use the drawdown chart below to compare losses from any high point for BOCT and ZDEK.

Drawdown Indicators

	BOCT	ZDEK	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-3.40%	-21.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.09%	-1.51%	-4.58%
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	-0.15%	-0.04%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.60%	-0.45%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	0.29%	+0.97%

Volatility

BOCT vs. ZDEK - Volatility Comparison

Innovator U.S. Equity Buffer ETF October (BOCT) has a higher volatility of 1.33% compared to Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) at 0.36%. This indicates that BOCT's price experiences larger fluctuations and is considered to be riskier than ZDEK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOCT	ZDEK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	0.36%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	6.11%	1.64%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	2.77%	+5.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.09%	3.31%	+7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.82%	3.31%	+10.51%

BOCT vs. ZDEK - Expense Ratio Comparison

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

Dividends

BOCT vs. ZDEK - Dividend Comparison

Neither BOCT nor ZDEK 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%
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	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 ZDEK in my portfolio?

With a correlation of 0.91, BOCT and ZDEK 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 ZDEK?

BOCT has higher volatility (1.33%) compared to ZDEK (0.36%). In terms of maximum drawdown, BOCT dropped -24.54% vs ZDEK's -3.40%.

Which ETF is better, BOCT or ZDEK?

On 1-year performance, BOCT leads with 20.28% vs 9.03% for ZDEK. Both ETFs have the same 0.79% expense ratio. On volatility, ZDEK has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOCT or ZDEK?

Over the 1-year period, BOCT has performed better with a 20.28% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOCT or ZDEK?

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

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

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

Which has better risk-adjusted returns?

ZDEK currently has the higher Sharpe Ratio (3.28 vs 2.49), 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.