IETC vs. NOCT

Last updated Jun 4, 2026

IETC (iShares Evolved U.S. Technology ETF) and NOCT (Innovator Growth-100 Power Buffer ETF - October) are both exchange-traded funds - IETC is a Technology Equities fund actively managed by iShares, while NOCT is a Defined Outcome fund actively managed by Innovator. Both are actively managed. Over the past 5 years, IETC returned 18.23%/yr vs 10.46%/yr for NOCT. Their correlation of 0.86 suggests significant overlap in exposure. IETC charges 0.18%/yr vs 0.79%/yr for NOCT.

Performance

IETC vs. NOCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Evolved U.S. Technology ETF (IETC) and Innovator Growth-100 Power Buffer ETF - October (NOCT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IETC achieves a 13.88% return, which is significantly higher than NOCT's 7.61% return.

IETC

• 1D: -2.13%
• 1M: 11.52%
• YTD: 13.88%
• 6M: 12.87%
• 1Y: 30.45%
• 3Y*: 30.53%
• 5Y*: 18.23%
• 10Y*: —

NOCT

• 1D: -0.12%
• 1M: 2.54%
• YTD: 7.61%
• 6M: 7.69%
• 1Y: 17.36%
• 3Y*: 14.98%
• 5Y*: 10.46%
• 10Y*: —

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

IETC vs. NOCT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IETC iShares Evolved U.S. Technology ETF	13.88%	19.56%	37.57%	54.35%	-32.78%	29.73%	46.59%	13.00%
NOCT Innovator Growth-100 Power Buffer ETF - October	7.61%	12.81%	12.10%	30.67%	-13.42%	12.10%	11.64%	5.54%

Correlation

The correlation between IETC and NOCT is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.86

The correlation between IETC and NOCT has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

IETC vs. NOCT - Sectors Allocation Comparison

Sectors	IETC	NOCT
Technology	79.1%	54.2%
Communication Services	8.4%	15.5%
Consumer Cyclical	4.7%	12.2%
Industrials	3.7%	2.8%
Financial Services	3.1%	0.2%
Real Estate	0.7%	0.1%
Healthcare	0.1%	4.2%
Basic Materials	-	1.2%
Consumer Defensive	-	7.6%
Energy	-	0.6%
Utilities	-	1.4%

Return for Risk

IETC vs. NOCT — Risk / Return Rank

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

IETC

IETC Risk / Return Rank: 34
IETC Sharpe Ratio Rank: 40
IETC Sortino Ratio Rank: 38
IETC Omega Ratio Rank: 37
IETC Calmar Ratio Rank: 29
IETC Martin Ratio Rank: 28

NOCT

NOCT Risk / Return Rank: 71
NOCT Sharpe Ratio Rank: 71
NOCT Sortino Ratio Rank: 72
NOCT Omega Ratio Rank: 78
NOCT Calmar Ratio Rank: 60
NOCT Martin Ratio Rank: 74

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.

IETC vs. NOCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Evolved U.S. Technology ETF (IETC) and Innovator Growth-100 Power Buffer ETF - October (NOCT). 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.

	IETC	NOCT	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.31	-0.86
Sortino ratio: Return per unit of downside risk	1.98	3.26	-1.28
Omega ratio: Gain probability vs. loss probability	1.25	1.46	-0.21
Calmar ratio: Return relative to maximum drawdown	1.44	2.99	-1.54
Martin ratio: Return relative to average drawdown	4.06	13.90	-9.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IETC vs. NOCT - Sharpe Ratio Comparison

The current IETC Sharpe Ratio is 1.46, which is lower than the NOCT Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of IETC and NOCT, 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

	IETC	NOCT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.31	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.96	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.01	-0.14

Drawdowns

IETC vs. NOCT - Drawdown Comparison

The maximum IETC drawdown since its inception was -38.48%, which is greater than NOCT's maximum drawdown of -16.21%. Use the drawdown chart below to compare losses from any high point for IETC and NOCT.

Drawdown Indicators

	IETC	NOCT	Difference
Max Drawdown Largest peak-to-trough decline	-38.48%	-16.21%	-22.27%
Max Drawdown (1Y) Largest decline over 1 year	-21.19%	-5.84%	-15.35%
Max Drawdown (3Y) Largest decline over 3 years	-25.17%	-12.70%	-12.47%
Max Drawdown (5Y) Largest decline over 5 years	-38.48%	-16.21%	-22.27%
Current Drawdown Current decline from peak	-2.25%	-0.16%	-2.09%
Average Drawdown Average peak-to-trough decline	-8.14%	-2.34%	-5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.51%	1.25%	+6.26%

Volatility

IETC vs. NOCT - Volatility Comparison

iShares Evolved U.S. Technology ETF (IETC) has a higher volatility of 6.43% compared to Innovator Growth-100 Power Buffer ETF - October (NOCT) at 1.01%. This indicates that IETC's price experiences larger fluctuations and is considered to be riskier than NOCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IETC	NOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	1.01%	+5.42%
Volatility (6M) Calculated over the trailing 6-month period	16.49%	5.90%	+10.59%
Volatility (1Y) Calculated over the trailing 1-year period	21.04%	7.55%	+13.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.53%	10.93%	+13.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.37%	11.19%	+14.18%

IETC vs. NOCT - Expense Ratio Comparison

IETC has a 0.18% expense ratio, which is lower than NOCT's 0.79% expense ratio.

Dividends

IETC vs. NOCT - Dividend Comparison

IETC's dividend yield for the trailing twelve months is around 0.34%, while NOCT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IETC iShares Evolved U.S. Technology ETF	0.34%	0.38%	0.52%	0.79%	0.92%	0.73%	0.48%	0.95%	1.27%
NOCT Innovator Growth-100 Power Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	0.00%

Frequently Asked Questions

Can I hold both IETC and NOCT in my portfolio?

IETC and NOCT have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IETC or NOCT?

IETC has higher volatility (6.43%) compared to NOCT (1.01%). In terms of maximum drawdown, IETC dropped -38.48% vs NOCT's -16.21%.

Which ETF is better, IETC or NOCT?

On 5-year performance, IETC leads with 18.23% vs 10.46% for NOCT. On fees, IETC is cheaper at 0.18% per year. On volatility, NOCT has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IETC or NOCT?

Over the 5-year period, IETC has performed better with a 18.23% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IETC or NOCT?

IETC is cheaper with a 0.18% expense ratio, compared with 0.79% for NOCT.

Which ETF pays a higher dividend yield, IETC or NOCT?

IETC has the higher dividend yield at 0.34%, compared with 0.00% for NOCT.

What is the main difference between IETC and NOCT?

IETC is categorized as Technology Equities, while NOCT is Defined Outcome. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.18% for IETC and 0.79% for NOCT.

Which has better risk-adjusted returns?

NOCT currently has the higher Sharpe Ratio (2.31 vs 1.46), 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.