NOCT vs. QQQ

Last updated Jun 4, 2026

NOCT (Innovator Growth-100 Power Buffer ETF - October) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - NOCT is a Defined Outcome fund actively managed by Innovator, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. NOCT is actively managed, while QQQ is passively managed. Over the past 5 years, NOCT returned 10.46%/yr vs 17.97%/yr for QQQ. Their correlation of 0.89 suggests significant overlap in exposure. NOCT charges 0.79%/yr vs 0.18%/yr for QQQ.

Performance

NOCT vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - October (NOCT) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOCT achieves a 7.61% return, which is significantly lower than QQQ's 21.30% return.

NOCT

• 1D: -0.12%
• 1M: 2.54%
• YTD: 7.61%
• 6M: 7.69%
• 1Y: 17.36%
• 3Y*: 14.98%
• 5Y*: 10.46%
• 10Y*: —

QQQ

• 1D: -0.26%
• 1M: 10.60%
• YTD: 21.30%
• 6M: 19.66%
• 1Y: 41.82%
• 3Y*: 28.78%
• 5Y*: 17.97%
• 10Y*: 21.94%

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

NOCT vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NOCT Innovator Growth-100 Power Buffer ETF - October	7.61%	12.81%	12.10%	30.67%	-13.42%	12.10%	11.64%	5.54%
QQQ Invesco QQQ ETF	21.30%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	13.78%

Correlation

The correlation between NOCT and QQQ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.89

The correlation between NOCT and QQQ has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

NOCT vs. QQQ - Sectors Allocation Comparison

Sectors	NOCT	QQQ
Technology	54.2%	53.8%
Communication Services	15.5%	15.8%
Consumer Cyclical	12.2%	12.3%
Consumer Defensive	7.6%	7.7%
Healthcare	4.2%	4.2%
Industrials	2.8%	2.8%
Utilities	1.4%	1.4%
Basic Materials	1.2%	1.1%
Energy	0.6%	0.6%
Financial Services	0.2%	0.2%
Real Estate	0.1%	0.1%

Return for Risk

NOCT vs. QQQ — Risk / Return Rank

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

NOCT

NOCT Risk / Return Rank: 71
NOCT Sharpe Ratio Rank: 71
NOCT Sortino Ratio Rank: 72
NOCT Omega Ratio Rank: 78
NOCT Calmar Ratio Rank: 60
NOCT Martin Ratio Rank: 74

QQQ

QQQ Risk / Return Rank: 73
QQQ Sharpe Ratio Rank: 79
QQQ Sortino Ratio Rank: 75
QQQ Omega Ratio Rank: 74
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 71

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.

NOCT vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - October (NOCT) and Invesco QQQ ETF (QQQ). 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.

	NOCT	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.64	-0.33
Sortino ratio: Return per unit of downside risk	3.26	3.45	-0.19
Omega ratio: Gain probability vs. loss probability	1.46	1.45	+0.01
Calmar ratio: Return relative to maximum drawdown	2.99	3.51	-0.53
Martin ratio: Return relative to average drawdown	13.90	13.49	+0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOCT vs. QQQ - Sharpe Ratio Comparison

The current NOCT Sharpe Ratio is 2.31, which is comparable to the QQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of NOCT and QQQ, 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

	NOCT	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.64	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.81	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.41	+0.60

Drawdowns

NOCT vs. QQQ - Drawdown Comparison

The maximum NOCT drawdown since its inception was -16.21%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for NOCT and QQQ.

Drawdown Indicators

	NOCT	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-16.21%	-82.97%	+66.76%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-11.96%	+6.12%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	-22.77%	+10.07%
Max Drawdown (5Y) Largest decline over 5 years	-16.21%	-35.12%	+18.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-0.16%	-0.26%	+0.10%
Average Drawdown Average peak-to-trough decline	-2.34%	-32.79%	+30.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	3.11%	-1.86%

Volatility

NOCT vs. QQQ - Volatility Comparison

The current volatility for Innovator Growth-100 Power Buffer ETF - October (NOCT) is 1.01%, while Invesco QQQ ETF (QQQ) has a volatility of 4.49%. This indicates that NOCT experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOCT	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	4.49%	-3.48%
Volatility (6M) Calculated over the trailing 6-month period	5.90%	12.10%	-6.20%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	15.94%	-8.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.93%	22.38%	-11.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	22.29%	-11.10%

NOCT vs. QQQ - Expense Ratio Comparison

NOCT has a 0.79% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

NOCT vs. QQQ - Dividend Comparison

NOCT has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both NOCT and QQQ in my portfolio?

With a correlation of 0.93, NOCT and QQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NOCT or QQQ?

QQQ has higher volatility (4.49%) compared to NOCT (1.01%). In terms of maximum drawdown, NOCT dropped -16.21% vs QQQ's -82.97%.

Which ETF is better, NOCT or QQQ?

On 5-year performance, QQQ leads with 17.97% vs 10.46% for NOCT. On fees, QQQ is cheaper at 0.18% per year. On volatility, NOCT has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOCT or QQQ?

Over the 5-year period, QQQ has performed better with a 17.97% return vs 10.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOCT or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.79% for NOCT.

Which ETF pays a higher dividend yield, NOCT or QQQ?

QQQ has the higher dividend yield at 0.38%, compared with 0.00% for NOCT.

What is the main difference between NOCT and QQQ?

NOCT is categorized as Defined Outcome, while QQQ is Nasdaq-100. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for NOCT and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.64 vs 2.31), 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.