KOCT vs. MSTZ

Last updated Jul 14, 2026

KOCT (Innovator U.S. Small Cap Power Buffer ETF - October) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - KOCT is a Defined Outcome fund tracking the Russell 2000 Price Return Index, while MSTZ is a Inverse Equities fund actively managed by REX. KOCT is passively managed, while MSTZ is actively managed. Over the past year, KOCT returned 20.40% vs 282.56% for MSTZ. At a correlation of -0.46, they often move in opposite directions. KOCT charges 0.79%/yr vs 1.05%/yr for MSTZ.

Performance

KOCT vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOCT achieves a 10.78% return, which is significantly higher than MSTZ's -23.27% return.

KOCT

• 1D: -0.24%
• 1M: 1.15%
• 6M: 7.80%
• YTD: 10.78%
• 1Y: 20.40%
• 3Y*: 10.60%
• 5Y*: 6.84%
• 10Y*: —

MSTZ

• 1D: 5.07%
• 1M: 46.38%
• 6M: -9.68%
• YTD: -23.27%
• 1Y: 282.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KOCT vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	10.78%	10.14%	1.54%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-23.27%	-38.95%	-94.43%

Correlation

The correlation between KOCT and MSTZ is -0.51, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	-0.46

The correlation between KOCT and MSTZ has been stable across timeframes, ranging from -0.51 to -0.46 - a consistent structural relationship.

Return for Risk

KOCT vs. MSTZ — Risk / Return Rank

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

KOCT

KOCT Risk / Return Rank: 84
KOCT Sharpe Ratio Rank: 79
KOCT Sortino Ratio Rank: 85
KOCT Omega Ratio Rank: 78
KOCT Calmar Ratio Rank: 89
KOCT Martin Ratio Rank: 88

MSTZ

MSTZ Risk / Return Rank: 68
MSTZ Sharpe Ratio Rank: 76
MSTZ Sortino Ratio Rank: 67
MSTZ Omega Ratio Rank: 68
MSTZ Calmar Ratio Rank: 80
MSTZ Martin Ratio Rank: 49

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.

KOCT vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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.

	KOCT	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.92	+0.06
Sortino ratio: Return per unit of downside risk	3.03	2.45	+0.58
Omega ratio: Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	4.14	3.35	+0.78
Martin ratio: Return relative to average drawdown	14.92	6.53	+8.39

KOCT vs. MSTZ - Sharpe Ratio Comparison

The current KOCT Sharpe Ratio is 1.98, which is comparable to the MSTZ Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of KOCT and MSTZ, 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

KOCT vs. MSTZ - Drawdown Comparison

The maximum KOCT drawdown since its inception was -28.22%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for KOCT and MSTZ.

Drawdown Indicators

	KOCT	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-28.22%	-99.38%	+71.16%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-84.89%	+79.94%
Max Drawdown (3Y) Largest decline over 3 years	-15.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.63%	—	—
Current Drawdown Current decline from peak	-0.30%	-97.39%	+97.09%
Average Drawdown Average peak-to-trough decline	-4.18%	-94.53%	+90.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	43.51%	-42.14%

Volatility

KOCT vs. MSTZ - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) is 1.57%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 56.56%. This indicates that KOCT experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOCT	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	56.56%	-54.99%
Volatility (6M) Calculated over the trailing 6-month period	6.59%	135.11%	-128.52%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	148.53%	-138.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	171.02%	-158.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.52%	171.02%	-156.50%

KOCT vs. MSTZ - Expense Ratio Comparison

KOCT has a 0.79% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

KOCT vs. MSTZ - Dividend Comparison

Neither KOCT nor MSTZ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.79%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOCT and MSTZ in my portfolio?

KOCT and MSTZ have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOCT or MSTZ?

MSTZ has higher volatility (56.56%) compared to KOCT (1.57%). In terms of maximum drawdown, KOCT dropped -28.22% vs MSTZ's -99.38%.

Which ETF is better, KOCT or MSTZ?

On 1-year performance, MSTZ leads with 282.56% vs 20.40% for KOCT. On fees, KOCT is cheaper at 0.79% per year. On volatility, KOCT has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOCT or MSTZ?

Over the 1-year period, MSTZ has performed better with a 282.56% return vs 20.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOCT or MSTZ?

KOCT is cheaper with a 0.79% expense ratio, compared with 1.05% for MSTZ.

Which ETF pays a higher dividend yield, KOCT or MSTZ?

KOCT and MSTZ have nearly identical dividend yields, around 0.00%.

What is the main difference between KOCT and MSTZ?

KOCT is categorized as Defined Outcome, while MSTZ is Inverse Equities. They also come from different issuers: Innovator and REX. Their fees differ too: 0.79% for KOCT and 1.05% for MSTZ.

Which has better risk-adjusted returns?

KOCT currently has the higher Sharpe Ratio (1.98 vs 1.92), 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.