IOCT vs. ISWN

Last updated Jun 23, 2026

IOCT (Innovator International Developed Power Buffer ETF- October) and ISWN (Amplify BlackSwan ISWN ETF) are both Options Trading funds. IOCT is actively managed, while ISWN is passively managed. Over the past 3 years, IOCT returned 12.74%/yr vs 8.86%/yr for ISWN. A 0.75 correlation means they provide meaningful diversification when combined. IOCT charges 0.85%/yr vs 0.49%/yr for ISWN.

Performance

IOCT vs. ISWN - Performance Comparison

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

Returns By Period

In the year-to-date period, IOCT achieves a 6.25% return, which is significantly higher than ISWN's 5.44% return.

IOCT

• 1D: 0.08%
• 1M: 1.35%
• YTD: 6.25%
• 6M: 6.49%
• 1Y: 15.79%
• 3Y*: 12.74%
• 5Y*: —
• 10Y*: —

ISWN

• 1D: -0.19%
• 1M: 1.65%
• YTD: 5.44%
• 6M: 5.63%
• 1Y: 14.94%
• 3Y*: 8.86%
• 5Y*: 0.14%
• 10Y*: —

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

IOCT vs. ISWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IOCT Innovator International Developed Power Buffer ETF- October	6.25%	18.96%	4.88%	17.54%	-6.31%	1.48%
ISWN Amplify BlackSwan ISWN ETF	5.44%	23.23%	-3.96%	8.19%	-24.93%	0.20%

Correlation

The correlation between IOCT and ISWN 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 (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.75

The correlation between IOCT and ISWN shifts across timeframes, from 0.75 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IOCT vs. ISWN — Risk / Return Rank

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

IOCT

IOCT Risk / Return Rank: 56
IOCT Sharpe Ratio Rank: 54
IOCT Sortino Ratio Rank: 56
IOCT Omega Ratio Rank: 54
IOCT Calmar Ratio Rank: 57
IOCT Martin Ratio Rank: 60

ISWN

ISWN Risk / Return Rank: 34
ISWN Sharpe Ratio Rank: 34
ISWN Sortino Ratio Rank: 34
ISWN Omega Ratio Rank: 33
ISWN Calmar Ratio Rank: 32
ISWN Martin Ratio Rank: 35

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.

IOCT vs. ISWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF- October (IOCT) and Amplify BlackSwan ISWN ETF (ISWN). 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	ISWN	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.18	+0.60
Sortino ratio: Return per unit of downside risk	2.61	1.72	+0.89
Omega ratio: Gain probability vs. loss probability	1.33	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	2.71	1.56	+1.16
Martin ratio: Return relative to average drawdown	10.31	5.05	+5.27

IOCT vs. ISWN - Sharpe Ratio Comparison

The current IOCT Sharpe Ratio is 1.78, which is higher than the ISWN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of IOCT and ISWN, 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. ISWN - Drawdown Comparison

The maximum IOCT drawdown since its inception was -16.94%, smaller than the maximum ISWN drawdown of -32.35%. Use the drawdown chart below to compare losses from any high point for IOCT and ISWN.

Drawdown Indicators

	IOCT	ISWN	Difference
Max Drawdown Largest peak-to-trough decline	-16.94%	-32.35%	+15.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-9.63%	+3.79%
Max Drawdown (3Y) Largest decline over 3 years	-7.54%	-13.77%	+6.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.35%	—
Current Drawdown Current decline from peak	0.00%	-2.97%	+2.97%
Average Drawdown Average peak-to-trough decline	-2.64%	-16.06%	+13.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	2.97%	-1.44%

Volatility

IOCT vs. ISWN - Volatility Comparison

The current volatility for Innovator International Developed Power Buffer ETF- October (IOCT) is 2.35%, while Amplify BlackSwan ISWN ETF (ISWN) has a volatility of 4.49%. This indicates that IOCT experiences smaller price fluctuations and is considered to be less risky than ISWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IOCT	ISWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	4.49%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	6.71%	10.78%	-4.07%
Volatility (1Y) Calculated over the trailing 1-year period	8.91%	12.71%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.36%	11.81%	-2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.36%	11.66%	-2.30%

IOCT vs. ISWN - Expense Ratio Comparison

IOCT has a 0.85% expense ratio, which is higher than ISWN's 0.49% expense ratio.

Dividends

IOCT vs. ISWN - Dividend Comparison

IOCT has not paid dividends to shareholders, while ISWN's dividend yield for the trailing twelve months is around 2.79%.

Position	TTM	2025	2024	2023	2022	2021
IOCT Innovator International Developed Power Buffer ETF- October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ISWN Amplify BlackSwan ISWN ETF	2.79%	2.89%	3.27%	2.91%	2.00%	0.76%

Frequently Asked Questions

Can I hold both IOCT and ISWN in my portfolio?

With a correlation of 0.91, IOCT and ISWN 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, IOCT or ISWN?

ISWN has higher volatility (4.49%) compared to IOCT (2.35%). In terms of maximum drawdown, IOCT dropped -16.94% vs ISWN's -32.35%.

Which ETF is better, IOCT or ISWN?

On 3-year performance, IOCT leads with 12.74% vs 8.86% for ISWN. On fees, ISWN is cheaper at 0.49% per year. On volatility, IOCT has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOCT or ISWN?

Over the 3-year period, IOCT has performed better with a 12.74% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOCT or ISWN?

ISWN is cheaper with a 0.49% expense ratio, compared with 0.85% for IOCT.

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

ISWN has the higher dividend yield at 2.79%, compared with 0.00% for IOCT.

What is the main difference between IOCT and ISWN?

They also come from different issuers: Innovator and Amplify. Their fees differ too: 0.85% for IOCT and 0.49% for ISWN.

Which has better risk-adjusted returns?

IOCT currently has the higher Sharpe Ratio (1.78 vs 1.18), 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.