OCTH vs. PBJA

Last updated Jun 6, 2026

OCTH (Innovator Premium Income 20 Barrier ETF - October) and PBJA (PGIM US Large-Cap Buffer 20 ETF - January) are both Options Trading funds. Both are actively managed. Over the past year, OCTH returned 7.26% vs 12.51% for PBJA. A 0.70 correlation means they provide meaningful diversification when combined. OCTH charges 0.79%/yr vs 0.50%/yr for PBJA.

Performance

OCTH vs. PBJA - Performance Comparison

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

Returns By Period

In the year-to-date period, OCTH achieves a 2.95% return, which is significantly lower than PBJA's 3.80% return.

OCTH

• 1D: -0.19%
• 1M: 0.46%
• YTD: 2.95%
• 6M: 3.67%
• 1Y: 7.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBJA

• 1D: -0.64%
• 1M: 0.42%
• YTD: 3.80%
• 6M: 4.44%
• 1Y: 12.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OCTH vs. PBJA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OCTH Innovator Premium Income 20 Barrier ETF - October	2.95%	6.58%	6.11%
PBJA PGIM US Large-Cap Buffer 20 ETF - January	3.80%	10.33%	12.18%

Correlation

The correlation between OCTH and PBJA is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Jan 3, 2024	0.70

The correlation between OCTH and PBJA has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

OCTH vs. PBJA — Risk / Return Rank

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

OCTH

OCTH Risk / Return Rank: 72
OCTH Sharpe Ratio Rank: 63
OCTH Sortino Ratio Rank: 70
OCTH Omega Ratio Rank: 77
OCTH Calmar Ratio Rank: 68
OCTH Martin Ratio Rank: 83

PBJA

PBJA Risk / Return Rank: 86
PBJA Sharpe Ratio Rank: 86
PBJA Sortino Ratio Rank: 90
PBJA Omega Ratio Rank: 92
PBJA Calmar Ratio Rank: 73
PBJA Martin Ratio Rank: 89

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.

OCTH vs. PBJA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 20 Barrier ETF - October (OCTH) and PGIM US Large-Cap Buffer 20 ETF - January (PBJA). 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.

	OCTH	PBJA	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.70	-0.74
Sortino ratio: Return per unit of downside risk	2.96	4.00	-1.04
Omega ratio: Gain probability vs. loss probability	1.43	1.58	-0.15
Calmar ratio: Return relative to maximum drawdown	3.19	3.51	-0.31
Martin ratio: Return relative to average drawdown	15.83	19.03	-3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OCTH vs. PBJA - Sharpe Ratio Comparison

The current OCTH Sharpe Ratio is 1.96, which is comparable to the PBJA Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of OCTH and PBJA, 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

	OCTH	PBJA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.70	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	1.72	-0.49

Drawdowns

OCTH vs. PBJA - Drawdown Comparison

The maximum OCTH drawdown since its inception was -7.71%, smaller than the maximum PBJA drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for OCTH and PBJA.

Drawdown Indicators

	OCTH	PBJA	Difference
Max Drawdown Largest peak-to-trough decline	-7.71%	-8.50%	+0.79%
Max Drawdown (1Y) Largest decline over 1 year	-2.28%	-3.58%	+1.30%
Current Drawdown Current decline from peak	-0.19%	-0.66%	+0.47%
Average Drawdown Average peak-to-trough decline	-0.27%	-0.55%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.66%	-0.20%

Volatility

OCTH vs. PBJA - Volatility Comparison

The current volatility for Innovator Premium Income 20 Barrier ETF - October (OCTH) is 0.48%, while PGIM US Large-Cap Buffer 20 ETF - January (PBJA) has a volatility of 0.87%. This indicates that OCTH experiences smaller price fluctuations and is considered to be less risky than PBJA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCTH	PBJA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	0.87%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	2.90%	3.77%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	4.67%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.05%	6.38%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.05%	6.38%	-0.33%

OCTH vs. PBJA - Expense Ratio Comparison

OCTH has a 0.79% expense ratio, which is higher than PBJA's 0.50% expense ratio.

Dividends

OCTH vs. PBJA - Dividend Comparison

OCTH's dividend yield for the trailing twelve months is around 6.30%, while PBJA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
OCTH Innovator Premium Income 20 Barrier ETF - October	6.30%	6.33%	7.43%	1.93%
PBJA PGIM US Large-Cap Buffer 20 ETF - January	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OCTH and PBJA in my portfolio?

OCTH and PBJA have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCTH or PBJA?

PBJA has higher volatility (0.87%) compared to OCTH (0.48%). In terms of maximum drawdown, OCTH dropped -7.71% vs PBJA's -8.50%.

Which ETF is better, OCTH or PBJA?

On 1-year performance, PBJA leads with 12.51% vs 7.26% for OCTH. On fees, PBJA is cheaper at 0.50% per year. On volatility, OCTH has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTH or PBJA?

Over the 1-year period, PBJA has performed better with a 12.51% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTH or PBJA?

PBJA is cheaper with a 0.50% expense ratio, compared with 0.79% for OCTH.

Which ETF pays a higher dividend yield, OCTH or PBJA?

OCTH has the higher dividend yield at 6.30%, compared with 0.00% for PBJA.

What is the main difference between OCTH and PBJA?

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

Which has better risk-adjusted returns?

PBJA currently has the higher Sharpe Ratio (2.70 vs 1.96), 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.