IVW vs. BOCT

Last updated Jun 4, 2026

IVW (iShares S&P 500 Growth ETF) and BOCT (Innovator U.S. Equity Buffer ETF October) are both exchange-traded funds - IVW is a Large Cap Growth Equities fund tracking the S&P 500/Citigroup Growth Index, while BOCT is a Defined Outcome fund tracking the S&P 500 Price Return Index. Both are passively managed. Over the past 5 years, IVW returned 15.93%/yr vs 10.56%/yr for BOCT. Their correlation of 0.89 suggests significant overlap in exposure. IVW charges 0.18%/yr vs 0.79%/yr for BOCT.

Performance

IVW vs. BOCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Growth ETF (IVW) and Innovator U.S. Equity Buffer ETF October (BOCT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVW achieves a 13.68% return, which is significantly higher than BOCT's 7.17% return.

IVW

• 1D: -0.98%
• 1M: 7.39%
• YTD: 13.68%
• 6M: 13.49%
• 1Y: 33.77%
• 3Y*: 27.99%
• 5Y*: 15.93%
• 10Y*: 18.07%

BOCT

• 1D: -0.15%
• 1M: 2.95%
• YTD: 7.17%
• 6M: 7.69%
• 1Y: 20.28%
• 3Y*: 14.58%
• 5Y*: 10.56%
• 10Y*: —

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

IVW vs. BOCT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IVW iShares S&P 500 Growth ETF	13.68%	21.95%	35.82%	29.83%	-29.50%	31.80%	33.19%	30.77%	-14.95%
BOCT Innovator U.S. Equity Buffer ETF October	7.17%	14.34%	12.36%	21.13%	-8.14%	14.97%	14.69%	19.05%	-10.25%

Correlation

The correlation between IVW and BOCT is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.89

The correlation between IVW and BOCT has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

IVW vs. BOCT - Sectors Allocation Comparison

Sectors	IVW	BOCT
Technology	49.3%	36.2%
Communication Services	18.0%	10.9%
Consumer Cyclical	9.4%	10.1%
Financial Services	8.9%	11.9%
Industrials	6.2%	8.1%
Healthcare	5.8%	8.4%
Consumer Defensive	1.0%	4.9%
Real Estate	0.6%	1.9%
Utilities	0.4%	2.3%
Basic Materials	0.4%	1.8%
Energy	0.1%	3.5%

Return for Risk

IVW vs. BOCT — Risk / Return Rank

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

IVW

IVW Risk / Return Rank: 57
IVW Sharpe Ratio Rank: 62
IVW Sortino Ratio Rank: 60
IVW Omega Ratio Rank: 59
IVW Calmar Ratio Rank: 49
IVW Martin Ratio Rank: 57

BOCT

BOCT Risk / Return Rank: 77
BOCT Sharpe Ratio Rank: 77
BOCT Sortino Ratio Rank: 78
BOCT Omega Ratio Rank: 80
BOCT Calmar Ratio Rank: 68
BOCT Martin Ratio Rank: 81

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.

IVW vs. BOCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Growth ETF (IVW) and Innovator U.S. Equity Buffer ETF October (BOCT). 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.

	IVW	BOCT	Difference
Sharpe ratio Return per unit of total volatility	2.14	2.49	-0.35
Sortino ratio Return per unit of downside risk	2.88	3.50	-0.62
Omega ratio Gain probability vs. loss probability	1.37	1.48	-0.12
Calmar ratio Return relative to maximum drawdown	2.47	3.34	-0.88
Martin ratio Return relative to average drawdown	10.19	16.08	-5.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVW vs. BOCT - Sharpe Ratio Comparison

The current IVW Sharpe Ratio is 2.14, which is comparable to the BOCT Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of IVW and BOCT, 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

	IVW	BOCT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.49	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.96	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.77	-0.31

Drawdowns

IVW vs. BOCT - Drawdown Comparison

The maximum IVW drawdown since its inception was -57.33%, which is greater than BOCT's maximum drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for IVW and BOCT.

Drawdown Indicators

	IVW	BOCT	Difference
Max Drawdown Largest peak-to-trough decline	-57.33%	-24.54%	-32.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-6.09%	-7.66%
Max Drawdown (3Y) Largest decline over 3 years	-22.15%	-13.61%	-8.54%
Max Drawdown (5Y) Largest decline over 5 years	-32.72%	-14.29%	-18.43%
Max Drawdown (10Y) Largest decline over 10 years	-32.72%	—	—
Current Drawdown Current decline from peak	-1.12%	-0.15%	-0.97%
Average Drawdown Average peak-to-trough decline	-17.62%	-2.60%	-15.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	1.26%	+2.06%

Volatility

IVW vs. BOCT - Volatility Comparison

iShares S&P 500 Growth ETF (IVW) has a higher volatility of 4.30% compared to Innovator U.S. Equity Buffer ETF October (BOCT) at 1.33%. This indicates that IVW's price experiences larger fluctuations and is considered to be riskier than BOCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVW	BOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	1.33%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	6.11%	+6.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	8.18%	+7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.16%	11.09%	+10.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.62%	13.82%	+6.80%

IVW vs. BOCT - Expense Ratio Comparison

IVW has a 0.18% expense ratio, which is lower than BOCT's 0.79% expense ratio.

Dividends

IVW vs. BOCT - Dividend Comparison

IVW's dividend yield for the trailing twelve months is around 0.35%, while BOCT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BOCT Innovator U.S. Equity Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	0.00%	0.00%	0.00%	0.00%
IVW iShares S&P 500 Growth ETF	0.35%	0.40%	0.43%	1.03%	0.92%	0.46%	0.82%	1.63%	1.28%	1.30%	1.51%	1.51%

Frequently Asked Questions

Can I hold both IVW and BOCT in my portfolio?

With a correlation of 0.92, IVW and BOCT 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, IVW or BOCT?

IVW has higher volatility (4.30%) compared to BOCT (1.33%). In terms of maximum drawdown, IVW dropped -57.33% vs BOCT's -24.54%.

Which ETF is better, IVW or BOCT?

On 5-year performance, IVW leads with 15.93% vs 10.56% for BOCT. On fees, IVW is cheaper at 0.18% per year. On volatility, BOCT has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVW or BOCT?

Over the 5-year period, IVW has performed better with a 15.93% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVW or BOCT?

IVW is cheaper with a 0.18% expense ratio, compared with 0.79% for BOCT.

Which ETF pays a higher dividend yield, IVW or BOCT?

IVW has the higher dividend yield at 0.35%, compared with 0.00% for BOCT.

What is the main difference between IVW and BOCT?

IVW is categorized as Large Cap Growth Equities, while BOCT is Defined Outcome. IVW tracks S&P 500/Citigroup Growth Index, while BOCT tracks S&P 500 Price Return Index. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.18% for IVW and 0.79% for BOCT.

Which has better risk-adjusted returns?

BOCT currently has the higher Sharpe Ratio (2.49 vs 2.14), 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.