NOCT vs. SPY

Last updated Jun 4, 2026

NOCT (Innovator Growth-100 Power Buffer ETF - October) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NOCT is a Defined Outcome fund actively managed by Innovator, while SPY is a S&P 500 fund tracking the S&P 500 Index. NOCT is actively managed, while SPY is passively managed. Over the past 5 years, NOCT returned 10.46%/yr vs 13.83%/yr for SPY. Their correlation of 0.84 suggests significant overlap in exposure. NOCT charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

NOCT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - October (NOCT) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.91% return.

NOCT

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

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

NOCT vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	10.30%

Correlation

The correlation between NOCT and SPY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.84

The correlation between NOCT and SPY has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

NOCT vs. SPY - Sectors Allocation Comparison

Sectors	NOCT	SPY
Technology	54.2%	35.9%
Communication Services	15.5%	11.3%
Consumer Cyclical	12.2%	10.3%
Consumer Defensive	7.6%	4.8%
Healthcare	4.2%	8.4%
Industrials	2.8%	7.8%
Utilities	1.4%	2.4%
Basic Materials	1.2%	1.8%
Energy	0.6%	3.6%
Financial Services	0.2%	11.8%
Real Estate	0.1%	1.9%

Return for Risk

NOCT vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.31	2.38	-0.07
Sortino ratio Return per unit of downside risk	3.26	3.24	+0.02
Omega ratio Gain probability vs. loss probability	1.46	1.43	+0.03
Calmar ratio Return relative to maximum drawdown	2.99	3.16	-0.18
Martin ratio Return relative to average drawdown	13.90	14.72	-0.82
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. SPY - Sharpe Ratio Comparison

The current NOCT Sharpe Ratio is 2.31, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of NOCT and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.38	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.82	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.59	+0.42

Drawdowns

NOCT vs. SPY - Drawdown Comparison

The maximum NOCT drawdown since its inception was -16.21%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NOCT and SPY.

Drawdown Indicators

	NOCT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.21%	-55.19%	+38.98%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-8.88%	+3.04%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	-18.76%	+6.06%
Max Drawdown (5Y) Largest decline over 5 years	-16.21%	-24.50%	+8.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.16%	-0.70%	+0.54%
Average Drawdown Average peak-to-trough decline	-2.34%	-9.05%	+6.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.91%	-0.66%

Volatility

NOCT vs. SPY - Volatility Comparison

The current volatility for Innovator Growth-100 Power Buffer ETF - October (NOCT) is 1.01%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that NOCT experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOCT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	2.84%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	5.90%	8.90%	-3.00%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	11.83%	-4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.93%	17.05%	-6.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	17.94%	-6.75%

NOCT vs. SPY - Expense Ratio Comparison

NOCT has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NOCT vs. SPY - Dividend Comparison

NOCT has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both NOCT and SPY in my portfolio?

NOCT and SPY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOCT or SPY?

SPY has higher volatility (2.84%) compared to NOCT (1.01%). In terms of maximum drawdown, NOCT dropped -16.21% vs SPY's -55.19%.

Which ETF is better, NOCT or SPY?

On 5-year performance, SPY leads with 13.83% vs 10.46% for NOCT. On fees, SPY is cheaper at 0.09% 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 SPY?

Over the 5-year period, SPY has performed better with a 13.83% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for NOCT.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for NOCT.

What is the main difference between NOCT and SPY?

NOCT is categorized as Defined Outcome, while SPY is S&P 500. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for NOCT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 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.