JPO vs. HOCT

Last updated Apr 1, 2026

Compare and contrast key facts about YieldMax JPM Option Income Strategy ETF (JPO) and Innovator Premium Income 9 Buffer ETF - October (HOCT).

JPO and HOCT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JPO is an actively managed fund by Tidal. It was launched on Sep 12, 2023. HOCT is an actively managed fund by Innovator. It was launched on Sep 29, 2023.

Performance

JPO vs. HOCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) and Innovator Premium Income 9 Buffer ETF - October (HOCT). The values are adjusted to include any dividend payments, if applicable.

JPO vs. HOCT - Yearly Performance Comparison

	2026 (YTD)
JPO YieldMax JPM Option Income Strategy ETF	-6.97%
HOCT Innovator Premium Income 9 Buffer ETF - October	0.00%

Returns By Period

JPO

• 1D: 2.97%
• 1M: -1.22%
• YTD: -7.93%
• 6M: -6.79%
• 1Y: 13.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOCT

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPO vs. HOCT - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than HOCT's 0.79% expense ratio.

JPO

YieldMax JPM Option Income Strategy ETF

HOCT

Innovator Premium Income 9 Buffer ETF - October

Return for Risk

JPO vs. HOCT — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 34
JPO Sharpe Ratio Rank: 33
JPO Sortino Ratio Rank: 31
JPO Omega Ratio Rank: 33
JPO Calmar Ratio Rank: 42
JPO Martin Ratio Rank: 33

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.

JPO vs. HOCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) and Innovator Premium Income 9 Buffer ETF - October (HOCT). 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.

	JPO	HOCT	Difference
Sharpe ratio Return per unit of total volatility	0.63	—	—
Sortino ratio Return per unit of downside risk	0.91	—	—
Omega ratio Gain probability vs. loss probability	1.14	—	—
Calmar ratio Return relative to maximum drawdown	1.09	—	—
Martin ratio Return relative to average drawdown	2.98	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	JPO	HOCT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	—	—

Dividends

JPO vs. HOCT - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 33.69%, while HOCT has not paid dividends to shareholders.

	TTM	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	33.69%	34.13%	25.15%	4.84%
HOCT Innovator Premium Income 9 Buffer ETF - October	0.00%	0.00%	0.00%	0.00%

Drawdowns

JPO vs. HOCT - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, which is greater than HOCT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for JPO and HOCT.

Drawdown Indicators

	JPO	HOCT	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	0.00%	-24.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	—	—
Current Drawdown Current decline from peak	-10.63%	0.00%	-10.63%
Average Drawdown Average peak-to-trough decline	-4.45%	0.00%	-4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.22%	—	—

Volatility

Volatility by Period

	JPO	HOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	0.00%	+21.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.11%	0.00%	+19.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	0.00%	+19.11%