IOCT vs. NVDY

Last updated Jun 25, 2026

IOCT (Innovator International Developed Power Buffer ETF- October) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - IOCT is a Options Trading fund actively managed by Innovator, while NVDY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past 3 years, IOCT returned 12.37%/yr vs 50.35%/yr for NVDY. At a 0.37 correlation, their price movements are largely independent. IOCT charges 0.85%/yr vs 0.99%/yr for NVDY.

Performance

IOCT vs. NVDY - Performance Comparison

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

Returns By Period

In the year-to-date period, IOCT achieves a 5.21% return, which is significantly lower than NVDY's 6.53% return.

IOCT

• 1D: -0.24%
• 1M: 0.35%
• YTD: 5.21%
• 6M: 5.01%
• 1Y: 12.85%
• 3Y*: 12.37%
• 5Y*: —
• 10Y*: —

NVDY

• 1D: -0.48%
• 1M: -5.66%
• YTD: 6.53%
• 6M: 5.92%
• 1Y: 31.11%
• 3Y*: 50.35%
• 5Y*: —
• 10Y*: —

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

IOCT vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IOCT Innovator International Developed Power Buffer ETF- October	5.21%	18.96%	4.88%	8.93%
NVDY YieldMax NVDA Option Income Strategy ETF	6.53%	27.38%	114.23%	41.31%

Correlation

The correlation between IOCT and NVDY is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.37

Return for Risk

IOCT vs. NVDY — Risk / Return Rank

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

IOCT

IOCT Risk / Return Rank: 50
IOCT Sharpe Ratio Rank: 48
IOCT Sortino Ratio Rank: 49
IOCT Omega Ratio Rank: 47
IOCT Calmar Ratio Rank: 51
IOCT Martin Ratio Rank: 55

NVDY

NVDY Risk / Return Rank: 38
NVDY Sharpe Ratio Rank: 33
NVDY Sortino Ratio Rank: 32
NVDY Omega Ratio Rank: 31
NVDY Calmar Ratio Rank: 55
NVDY Martin Ratio Rank: 38

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. NVDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF- October (IOCT) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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	NVDY	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.10	+0.35
Sortino ratio: Return per unit of downside risk	2.15	1.59	+0.55
Omega ratio: Gain probability vs. loss probability	1.27	1.20	+0.07
Calmar ratio: Return relative to maximum drawdown	2.21	2.44	-0.23
Martin ratio: Return relative to average drawdown	8.39	5.50	+2.89

IOCT vs. NVDY - Sharpe Ratio Comparison

The current IOCT Sharpe Ratio is 1.46, which is higher than the NVDY Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of IOCT and NVDY, 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. NVDY - Drawdown Comparison

The maximum IOCT drawdown since its inception was -16.94%, smaller than the maximum NVDY drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for IOCT and NVDY.

Drawdown Indicators

	IOCT	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-16.94%	-34.08%	+17.14%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-12.81%	+6.97%
Max Drawdown (3Y) Largest decline over 3 years	-7.54%	-34.08%	+26.54%
Current Drawdown Current decline from peak	-0.98%	-12.05%	+11.07%
Average Drawdown Average peak-to-trough decline	-2.64%	-6.20%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	5.67%	-4.13%

Volatility

IOCT vs. NVDY - Volatility Comparison

The current volatility for Innovator International Developed Power Buffer ETF- October (IOCT) is 2.48%, while YieldMax NVDA Option Income Strategy ETF (NVDY) has a volatility of 10.03%. This indicates that IOCT experiences smaller price fluctuations and is considered to be less risky than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IOCT	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	10.03%	-7.55%
Volatility (6M) Calculated over the trailing 6-month period	6.74%	21.44%	-14.70%
Volatility (1Y) Calculated over the trailing 1-year period	8.93%	28.33%	-19.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.36%	38.17%	-28.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.36%	38.17%	-28.81%

IOCT vs. NVDY - Expense Ratio Comparison

IOCT has a 0.85% expense ratio, which is lower than NVDY's 0.99% expense ratio.

Dividends

IOCT vs. NVDY - Dividend Comparison

IOCT has not paid dividends to shareholders, while NVDY's dividend yield for the trailing twelve months is around 64.61%.

Position	TTM	2025	2024	2023
IOCT Innovator International Developed Power Buffer ETF- October	0.00%	0.00%	0.00%	0.00%
NVDY YieldMax NVDA Option Income Strategy ETF	64.61%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both IOCT and NVDY in my portfolio?

IOCT and NVDY have a correlation of 0.37, 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 NVDY?

NVDY has higher volatility (10.03%) compared to IOCT (2.48%). In terms of maximum drawdown, IOCT dropped -16.94% vs NVDY's -34.08%.

Which ETF is better, IOCT or NVDY?

On 3-year performance, NVDY leads with 50.35% vs 12.37% for IOCT. On fees, IOCT is cheaper at 0.85% per year. On volatility, IOCT has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IOCT or NVDY?

Over the 3-year period, NVDY has performed better with a 50.35% return vs 12.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IOCT or NVDY?

IOCT is cheaper with a 0.85% expense ratio, compared with 0.99% for NVDY.

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

NVDY has the higher dividend yield at 64.61%, compared with 0.00% for IOCT.

What is the main difference between IOCT and NVDY?

IOCT is categorized as Options Trading, while NVDY is Derivative Income. They also come from different issuers: Innovator and YieldMax. Their fees differ too: 0.85% for IOCT and 0.99% for NVDY.

Which has better risk-adjusted returns?

IOCT currently has the higher Sharpe Ratio (1.46 vs 1.10), 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.