EQLS vs. AOCT

Last updated Jun 24, 2026

EQLS (Simplify Market Neutral Equity Long/Short ETF) and AOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2026) are both exchange-traded funds - EQLS is a Long-Short fund actively managed by Simplify, while AOCT is a Defined Outcome fund actively managed by Innovator. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. EQLS charges 1.00%/yr vs 0.79%/yr for AOCT.

Performance

EQLS vs. AOCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Market Neutral Equity Long/Short ETF (EQLS) and Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EQLS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AOCT

• 1D: 0.00%
• 1M: 0.39%
• YTD: 2.75%
• 6M: 2.88%
• 1Y: 7.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EQLS vs. AOCT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-2.98%
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026	2.75%	6.88%	-0.20%

Correlation

The correlation between EQLS and AOCT is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.17

Return for Risk

EQLS vs. AOCT — Risk / Return Rank

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

EQLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

AOCT

AOCT Risk / Return Rank: 91
AOCT Sharpe Ratio Rank: 90
AOCT Sortino Ratio Rank: 93
AOCT Omega Ratio Rank: 93
AOCT Calmar Ratio Rank: 85
AOCT Martin Ratio Rank: 94

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.

EQLS vs. AOCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Market Neutral Equity Long/Short ETF (EQLS) and Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT). 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.

	EQLS	AOCT	Difference
Sharpe ratio: Return per unit of total volatility	—	2.73	—
Sortino ratio: Return per unit of downside risk	—	4.20	—
Omega ratio: Gain probability vs. loss probability	—	1.58	—
Calmar ratio: Return relative to maximum drawdown	—	4.25	—
Martin ratio: Return relative to average drawdown	—	23.25	—

Drawdowns

Drawdown Indicators

	EQLS	AOCT	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.71%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.65%	—
Current Drawdown Current decline from peak	—	-0.07%	—
Average Drawdown Average peak-to-trough decline	—	-0.36%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.30%	—

Volatility

Volatility by Period

	EQLS	AOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.59%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.85%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.85%	—

EQLS vs. AOCT - Expense Ratio Comparison

EQLS has a 1.00% expense ratio, which is higher than AOCT's 0.79% expense ratio.

Dividends

EQLS vs. AOCT - Dividend Comparison

Neither EQLS nor AOCT has paid dividends to shareholders.

Position	TTM	2025	2024	2023
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026	0.00%	0.00%	0.00%	0.00%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%

Frequently Asked Questions

Can I hold both EQLS and AOCT in my portfolio?

EQLS and AOCT have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EQLS or AOCT?

On fees, AOCT is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EQLS or AOCT?

AOCT is cheaper with a 0.79% expense ratio, compared with 1.00% for EQLS.

Which ETF pays a higher dividend yield, EQLS or AOCT?

EQLS and AOCT have nearly identical dividend yields, around 0.00%.

What is the main difference between EQLS and AOCT?

EQLS is categorized as Long-Short, while AOCT is Defined Outcome. They also come from different issuers: Simplify and Innovator. Their fees differ too: 1.00% for EQLS and 0.79% for AOCT.