KOCT vs. PBQQ

Last updated Jun 4, 2026

KOCT (Innovator U.S. Small Cap Power Buffer ETF - October) and PBQQ (PGIM Laddered Nasdaq-100 Buffer 12 ETF) are both Defined Outcome funds. KOCT is passively managed, while PBQQ is actively managed. Over the past year, KOCT returned 22.22% vs 20.98% for PBQQ. A 0.72 correlation means they provide meaningful diversification when combined. KOCT charges 0.79%/yr vs 0.50%/yr for PBQQ.

Performance

KOCT vs. PBQQ - 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 PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with KOCT having a 8.72% return and PBQQ slightly higher at 9.10%.

KOCT

• 1D: -0.31%
• 1M: 1.83%
• YTD: 8.72%
• 6M: 8.65%
• 1Y: 22.22%
• 3Y*: 11.49%
• 5Y*: 6.48%
• 10Y*: —

PBQQ

• 1D: -0.21%
• 1M: 2.58%
• YTD: 9.10%
• 6M: 9.79%
• 1Y: 20.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KOCT vs. PBQQ - Yearly Performance Comparison

	2026 (YTD)	2025
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	8.72%	10.25%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	9.10%	15.44%

Correlation

The correlation between KOCT and PBQQ is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.72

The correlation between KOCT and PBQQ has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

Return for Risk

KOCT vs. PBQQ — Risk / Return Rank

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

KOCT

KOCT Risk / Return Rank: 73
KOCT Sharpe Ratio Rank: 64
KOCT Sortino Ratio Rank: 72
KOCT Omega Ratio Rank: 63
KOCT Calmar Ratio Rank: 84
KOCT Martin Ratio Rank: 81

PBQQ

PBQQ Risk / Return Rank: 89
PBQQ Sharpe Ratio Rank: 88
PBQQ Sortino Ratio Rank: 91
PBQQ Omega Ratio Rank: 91
PBQQ Calmar Ratio Rank: 83
PBQQ Martin Ratio Rank: 91

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. PBQQ - 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 PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ). 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.

	KOCT	PBQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.94	-0.81
Sortino ratio: Return per unit of downside risk	3.23	4.33	-1.10
Omega ratio: Gain probability vs. loss probability	1.38	1.59	-0.21
Calmar ratio: Return relative to maximum drawdown	4.50	4.47	+0.03
Martin ratio: Return relative to average drawdown	16.08	21.36	-5.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KOCT vs. PBQQ - Sharpe Ratio Comparison

The current KOCT Sharpe Ratio is 2.13, which is comparable to the PBQQ Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of KOCT and PBQQ, 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

	KOCT	PBQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.94	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.50	-1.06

Drawdowns

KOCT vs. PBQQ - Drawdown Comparison

The maximum KOCT drawdown since its inception was -28.22%, which is greater than PBQQ's maximum drawdown of -12.92%. Use the drawdown chart below to compare losses from any high point for KOCT and PBQQ.

Drawdown Indicators

	KOCT	PBQQ	Difference
Max Drawdown Largest peak-to-trough decline	-28.22%	-12.92%	-15.30%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-4.71%	-0.24%
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	-0.37%	-0.21%	-0.16%
Average Drawdown Average peak-to-trough decline	-4.24%	-1.26%	-2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	0.98%	+0.41%

Volatility

KOCT vs. PBQQ - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) has a higher volatility of 2.15% compared to PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) at 1.07%. This indicates that KOCT's price experiences larger fluctuations and is considered to be riskier than PBQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOCT	PBQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	1.07%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	6.68%	5.51%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	10.51%	7.18%	+3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.25%	11.88%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.60%	11.88%	+2.72%

KOCT vs. PBQQ - Expense Ratio Comparison

KOCT has a 0.79% expense ratio, which is higher than PBQQ's 0.50% expense ratio.

Dividends

KOCT vs. PBQQ - Dividend Comparison

KOCT has not paid dividends to shareholders, while PBQQ's dividend yield for the trailing twelve months is around 0.01%.

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%
PBQQ PGIM Laddered Nasdaq-100 Buffer 12 ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOCT and PBQQ in my portfolio?

KOCT and PBQQ have a correlation of 0.66, 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 PBQQ?

KOCT has higher volatility (2.15%) compared to PBQQ (1.07%). In terms of maximum drawdown, KOCT dropped -28.22% vs PBQQ's -12.92%.

Which ETF is better, KOCT or PBQQ?

On 1-year performance, KOCT leads with 22.22% vs 20.98% for PBQQ. On fees, PBQQ is cheaper at 0.50% per year. On volatility, PBQQ has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOCT or PBQQ?

Over the 1-year period, KOCT has performed better with a 22.22% return vs 20.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOCT or PBQQ?

PBQQ is cheaper with a 0.50% expense ratio, compared with 0.79% for KOCT.

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

PBQQ has the higher dividend yield at 0.01%, compared with 0.00% for KOCT.

What is the main difference between KOCT and PBQQ?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for KOCT and 0.50% for PBQQ.

Which has better risk-adjusted returns?

PBQQ currently has the higher Sharpe Ratio (2.94 vs 2.13), 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.