LOCT vs. PBFB

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Premium Income 15 Buffer ETF - October (LOCT) and PGIM US Large-Cap Buffer 20 ETF - February (PBFB).

LOCT and PBFB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LOCT is an actively managed fund by Innovator. It was launched on Sep 29, 2023. PBFB is an actively managed fund by PGIM. It was launched on Jan 31, 2024.

Performance

LOCT vs. PBFB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - October (LOCT) and PGIM US Large-Cap Buffer 20 ETF - February (PBFB). The values are adjusted to include any dividend payments, if applicable.

LOCT vs. PBFB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LOCT Innovator Premium Income 15 Buffer ETF - October	-0.01%	5.56%	4.73%
PBFB PGIM US Large-Cap Buffer 20 ETF - February	-1.32%	9.86%	10.00%

Returns By Period

In the year-to-date period, LOCT achieves a -0.01% return, which is significantly higher than PBFB's -1.32% return.

LOCT

• 1D: 0.65%
• 1M: -0.47%
• YTD: -0.01%
• 6M: 1.55%
• 1Y: 4.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFB

• 1D: 1.37%
• 1M: -1.73%
• YTD: -1.32%
• 6M: 1.11%
• 1Y: 10.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LOCT vs. PBFB - Expense Ratio Comparison

LOCT has a 0.79% expense ratio, which is higher than PBFB's 0.50% expense ratio.

LOCT

Innovator Premium Income 15 Buffer ETF - October

PBFB

PGIM US Large-Cap Buffer 20 ETF - February

Return for Risk

LOCT vs. PBFB — Risk / Return Rank

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

LOCT

LOCT Risk / Return Rank: 59
LOCT Sharpe Ratio Rank: 48
LOCT Sortino Ratio Rank: 51
LOCT Omega Ratio Rank: 78
LOCT Calmar Ratio Rank: 41
LOCT Martin Ratio Rank: 76

PBFB

PBFB Risk / Return Rank: 74
PBFB Sharpe Ratio Rank: 69
PBFB Sortino Ratio Rank: 73
PBFB Omega Ratio Rank: 80
PBFB Calmar Ratio Rank: 66
PBFB Martin Ratio Rank: 83

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.

LOCT vs. PBFB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - October (LOCT) and PGIM US Large-Cap Buffer 20 ETF - February (PBFB). 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.

	LOCT	PBFB	Difference
Sharpe ratio Return per unit of total volatility	0.89	1.26	-0.37
Sortino ratio Return per unit of downside risk	1.39	1.89	-0.49
Omega ratio Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio Return relative to maximum drawdown	1.10	1.74	-0.64
Martin ratio Return relative to average drawdown	8.32	9.60	-1.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LOCT vs. PBFB - Sharpe Ratio Comparison

The current LOCT Sharpe Ratio is 0.89, which is comparable to the PBFB Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of LOCT and PBFB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LOCT	PBFB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.26	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	1.31	+0.19

Correlation

The correlation between LOCT and PBFB is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

LOCT vs. PBFB - Dividend Comparison

LOCT's dividend yield for the trailing twelve months is around 5.21%, while PBFB has not paid dividends to shareholders.

	TTM	2025	2024	2023
LOCT Innovator Premium Income 15 Buffer ETF - October	5.21%	5.12%	6.27%	1.64%
PBFB PGIM US Large-Cap Buffer 20 ETF - February	0.00%	0.00%	0.00%	0.00%

Drawdowns

LOCT vs. PBFB - Drawdown Comparison

The maximum LOCT drawdown since its inception was -4.69%, smaller than the maximum PBFB drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for LOCT and PBFB.

Drawdown Indicators

	LOCT	PBFB	Difference
Max Drawdown Largest peak-to-trough decline	-4.69%	-8.65%	+3.96%
Max Drawdown (1Y) Largest decline over 1 year	-4.47%	-6.16%	+1.69%
Current Drawdown Current decline from peak	-0.58%	-2.47%	+1.89%
Average Drawdown Average peak-to-trough decline	-0.15%	-0.63%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	1.11%	-0.52%

Volatility

LOCT vs. PBFB - Volatility Comparison

The current volatility for Innovator Premium Income 15 Buffer ETF - October (LOCT) is 1.25%, while PGIM US Large-Cap Buffer 20 ETF - February (PBFB) has a volatility of 2.54%. This indicates that LOCT experiences smaller price fluctuations and is considered to be less risky than PBFB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOCT	PBFB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	2.54%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	3.80%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	5.43%	8.31%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.69%	6.54%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.69%	6.54%	-2.85%