IOCT vs. BUFF

Last updated Aug 2, 2026

IOCT (Innovator International Developed Power Buffer ETF- October) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both exchange-traded funds - IOCT is a Options Trading fund actively managed by Innovator, while BUFF is a Defined Outcome fund tracking the FTSE Laddered Power Buffer Strategy Index. IOCT is actively managed, while BUFF is passively managed. Over the past 3 years, IOCT returned 12.59%/yr vs 11.19%/yr for BUFF. Their 0.70 correlation means they have sometimes moved together and sometimes differently. IOCT charges 0.85%/yr vs 0.89%/yr for BUFF.

Performance

IOCT vs. BUFF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF- October (IOCT) and Innovator Laddered Allocation Power Buffer ETF (BUFF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IOCT achieves a 7.67% return, which is significantly higher than BUFF's 6.26% return.

IOCT

• 1D: -0.08%
• 1M: 1.23%
• 6M: 5.11%
• YTD: 7.67%
• 1Y: 16.69%
• 3Y*: 12.59%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.78%

BUFF

• 1D: 0.26%
• 1M: 0.67%
• 6M: 5.31%
• YTD: 6.26%
• 1Y: 12.03%
• 3Y*: 11.19%
• 5Y*: 8.65%
• 10Y*: —
• ALL TIME*: 8.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUFF Innovator Laddered Allocation Power Buffer ETF	$6.70M	$5.20M	$4.32M
IOCT Innovator International Developed Power Buffer ETF- October	$247.57K	$311.11K	$341.04K

IOCT vs. BUFF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IOCT Innovator International Developed Power Buffer ETF- October	7.67%	18.96%	4.88%	17.54%	-6.31%	1.48%
BUFF Innovator Laddered Allocation Power Buffer ETF	6.26%	11.02%	12.05%	16.51%	-4.44%	3.18%

Correlation

The correlation between IOCT and BUFF is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.70

The correlation between IOCT and BUFF has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

Return for Risk

IOCT vs. BUFF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IOCT

IOCT Risk / Return Rank: 82
IOCT Sharpe Ratio Rank: 82
IOCT Sortino Ratio Rank: 84
IOCT Omega Ratio Rank: 82
IOCT Calmar Ratio Rank: 78
IOCT Martin Ratio Rank: 83

BUFF

BUFF Risk / Return Rank: 89
BUFF Sharpe Ratio Rank: 88
BUFF Sortino Ratio Rank: 90
BUFF Omega Ratio Rank: 90
BUFF Calmar Ratio Rank: 84
BUFF Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IOCT vs. BUFF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF- October (IOCT) and Innovator Laddered Allocation Power Buffer ETF (BUFF). 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.

	IOCT	BUFF	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.13	-0.23
Sortino ratio: Return per unit of downside risk	2.80	3.20	-0.40
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	2.79	3.15	-0.36
Martin ratio: Return relative to average drawdown	11.22	16.12	-4.90

IOCT vs. BUFF - Sharpe Ratio Comparison

The current IOCT Sharpe Ratio is 1.90, which is comparable to the BUFF Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of IOCT and BUFF, 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

IOCT vs. BUFF - Drawdown Comparison

The maximum IOCT drawdown since its inception was -16.94%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for IOCT and BUFF.

Drawdown Indicators

	IOCT	BUFF	Difference
Max Drawdown Largest peak-to-trough decline	-16.94%	-46.23%	+29.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-3.58%	-2.26%
Max Drawdown (3Y) Largest decline over 3 years	-7.54%	-10.24%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-10.24%	—
Current Drawdown Current decline from peak	-0.08%	-0.15%	+0.07%
Average Drawdown Average peak-to-trough decline	-2.59%	-6.09%	+3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	0.70%	+0.75%

Volatility

IOCT vs. BUFF - Volatility Comparison

Innovator International Developed Power Buffer ETF- October (IOCT) has a higher volatility of 2.32% compared to Innovator Laddered Allocation Power Buffer ETF (BUFF) at 1.47%. This indicates that IOCT's price experiences larger fluctuations and is considered to be riskier than BUFF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IOCT	BUFF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	1.47%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	4.22%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	5.31%	+3.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.33%	8.45%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.33%	17.54%	-8.21%

IOCT vs. BUFF - Expense Ratio Comparison

IOCT has a 0.85% expense ratio, which is lower than BUFF's 0.89% expense ratio.

Dividends

IOCT vs. BUFF - Dividend Comparison

Neither IOCT nor BUFF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BUFF Innovator Laddered Allocation Power Buffer ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.78%	1.26%	1.74%	1.55%	0.18%
IOCT Innovator International Developed Power Buffer ETF- October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IOCT and BUFF in my portfolio?

IOCT and BUFF have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IOCT or BUFF?

IOCT has higher volatility (2.32%) compared to BUFF (1.47%). In terms of maximum drawdown, IOCT dropped -16.94% vs BUFF's -46.23%.

Which ETF is better, IOCT or BUFF?

On 3-year performance, IOCT leads with 12.59% vs 11.19% for BUFF. On fees, IOCT is cheaper at 0.85% per year. On volatility, BUFF has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOCT or BUFF?

Over the 3-year period, IOCT has performed better with a 12.59% return vs 11.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOCT or BUFF?

IOCT is cheaper with a 0.85% expense ratio, compared with 0.89% for BUFF.

Which ETF pays a higher dividend yield, IOCT or BUFF?

IOCT and BUFF have nearly identical dividend yields, around 0.00%.

What is the main difference between IOCT and BUFF?

IOCT is categorized as Options Trading, while BUFF is Defined Outcome. Their fees differ too: 0.85% for IOCT and 0.89% for BUFF.

Which has better risk-adjusted returns?

BUFF currently has the higher Sharpe Ratio (2.13 vs 1.90), 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.