NOCT vs. DIA
NOCT (Innovator Growth-100 Power Buffer ETF - October) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - NOCT is a Defined Outcome fund actively managed by Innovator, while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. NOCT is actively managed, while DIA is passively managed. Over the past 5 years, NOCT returned 10.00%/yr vs 10.52%/yr for DIA. A 0.66 correlation means they provide meaningful diversification when combined. NOCT charges 0.79%/yr vs 0.16%/yr for DIA.
Performance
NOCT vs. DIA - Performance Comparison
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Returns By Period
In the year-to-date period, NOCT achieves a 6.77% return, which is significantly lower than DIA's 8.31% return.
NOCT
- 1D
- -0.83%
- 1M
- -0.13%
- YTD
- 6.77%
- 6M
- 6.34%
- 1Y
- 15.56%
- 3Y*
- 14.27%
- 5Y*
- 10.00%
- 10Y*
- —
DIA
- 1D
- -0.09%
- 1M
- 2.35%
- YTD
- 8.31%
- 6M
- 7.49%
- 1Y
- 23.20%
- 3Y*
- 17.21%
- 5Y*
- 10.52%
- 10Y*
- 13.69%
NOCT vs. DIA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NOCT Innovator Growth-100 Power Buffer ETF - October | 6.77% | 12.81% | 12.10% | 30.67% | -13.42% | 12.10% | 11.64% | 4.54% |
DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 8.31% | 14.71% | 14.82% | 16.02% | -7.02% | 20.83% | 9.59% | 6.50% |
Correlation
The correlation between NOCT and DIA is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.66 |
The correlation between NOCT and DIA has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.
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Return for Risk
NOCT vs. DIA — Risk / Return Rank
NOCT
DIA
NOCT vs. DIA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - October (NOCT) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). 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.
| NOCT | DIA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.33 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 2.39 | +0.29 |
| Martin ratioReturn relative to average drawdown | 12.33 | 9.22 | +3.11 |
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Drawdowns
NOCT vs. DIA - Drawdown Comparison
The maximum NOCT drawdown since its inception was -16.21%, smaller than the maximum DIA drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for NOCT and DIA.
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Drawdown Indicators
| NOCT | DIA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.21% | -51.87% | +35.66% |
Max Drawdown (1Y)Largest decline over 1 year | -5.84% | -9.76% | +3.92% |
Max Drawdown (3Y)Largest decline over 3 years | -12.70% | -15.95% | +3.25% |
Max Drawdown (5Y)Largest decline over 5 years | -16.21% | -20.76% | +4.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.70% | — |
Current DrawdownCurrent decline from peak | -1.08% | -0.65% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -2.33% | -7.13% | +4.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 2.52% | -1.26% |
Volatility
NOCT vs. DIA - Volatility Comparison
The current volatility for Innovator Growth-100 Power Buffer ETF - October (NOCT) is 2.36%, while State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) has a volatility of 4.15%. This indicates that NOCT experiences smaller price fluctuations and is considered to be less risky than DIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOCT | DIA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 4.15% | -1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 6.13% | 9.76% | -3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.74% | 12.42% | -4.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.98% | 14.84% | -3.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.19% | 17.53% | -6.34% |
NOCT vs. DIA - Expense Ratio Comparison
NOCT has a 0.79% expense ratio, which is higher than DIA's 0.16% expense ratio.
Dividends
NOCT vs. DIA - Dividend Comparison
NOCT has not paid dividends to shareholders, while DIA's dividend yield for the trailing twelve months is around 1.40%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIA State Street SPDR Dow Jones Industrial Average ETF Trust | 1.40% | 1.43% | 1.61% | 1.81% | 1.91% | 1.58% | 1.87% | 1.85% | 2.24% | 1.97% | 2.26% | 2.33% |
NOCT Innovator Growth-100 Power Buffer ETF - October | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NOCT and DIA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIA has higher volatility (4.15%) compared to NOCT (2.36%). In terms of maximum drawdown, NOCT dropped -16.21% vs DIA's -51.87%.
On 5-year performance, DIA leads with 10.52% vs 10.00% for NOCT. On fees, DIA is cheaper at 0.16% per year. On volatility, NOCT has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DIA has performed better with a 10.52% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIA is cheaper with a 0.16% expense ratio, compared with 0.79% for NOCT.
DIA has the higher dividend yield at 1.40%, compared with 0.00% for NOCT.
NOCT is categorized as Defined Outcome, while DIA is Large Cap Blend Equities. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for NOCT and 0.16% for DIA.
NOCT currently has the higher Sharpe Ratio (2.02 vs 1.88), 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.
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