OCTJ vs. CAOS

Last updated Jun 4, 2026

OCTJ (Innovator Premium Income 30 Barrier ETF - October) and CAOS (Alpha Architect Tail Risk ETF) are both Options Trading funds. Both are actively managed. Over the past year, OCTJ returned 5.77% vs 1.88% for CAOS. At a correlation of -0.16, they often move in opposite directions. OCTJ charges 0.79%/yr vs 0.63%/yr for CAOS.

Performance

OCTJ vs. CAOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 30 Barrier ETF - October (OCTJ) and Alpha Architect Tail Risk ETF (CAOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OCTJ achieves a 2.30% return, which is significantly higher than CAOS's 0.82% return.

OCTJ

• 1D: -0.00%
• 1M: 0.44%
• YTD: 2.30%
• 6M: 3.00%
• 1Y: 5.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CAOS

• 1D: 0.12%
• 1M: -0.09%
• YTD: 0.82%
• 6M: 0.69%
• 1Y: 1.88%
• 3Y*: 4.26%
• 5Y*: —
• 10Y*: —

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

OCTJ vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OCTJ Innovator Premium Income 30 Barrier ETF - October	2.30%	5.70%	5.32%	3.01%
CAOS Alpha Architect Tail Risk ETF	0.82%	2.55%	5.33%	2.20%

Correlation

The correlation between OCTJ and CAOS is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	-0.16

The correlation between OCTJ and CAOS shifts across timeframes, from -0.27 (1 year) to -0.16 (all time), reflecting how their relationship changes across market environments.

OCTJ vs. CAOS - Sectors Allocation Comparison

Sectors	OCTJ	CAOS
Technology	33.6%	33.1%
Financial Services	12.4%	12.4%
Communication Services	10.5%	10.4%
Consumer Cyclical	10.0%	10.0%
Healthcare	9.5%	9.6%
Industrials	8.5%	8.5%
Consumer Defensive	5.3%	5.4%
Energy	4.0%	4.1%
Utilities	2.5%	2.6%
Real Estate	2.0%	2.0%
Basic Materials	1.9%	1.9%

Return for Risk

OCTJ vs. CAOS — Risk / Return Rank

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

OCTJ

OCTJ Risk / Return Rank: 81
OCTJ Sharpe Ratio Rank: 68
OCTJ Sortino Ratio Rank: 78
OCTJ Omega Ratio Rank: 81
OCTJ Calmar Ratio Rank: 85
OCTJ Martin Ratio Rank: 92

CAOS

CAOS Risk / Return Rank: 40
CAOS Sharpe Ratio Rank: 34
CAOS Sortino Ratio Rank: 37
CAOS Omega Ratio Rank: 39
CAOS Calmar Ratio Rank: 49
CAOS Martin Ratio Rank: 39

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.

OCTJ vs. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 30 Barrier ETF - October (OCTJ) and Alpha Architect Tail Risk ETF (CAOS). 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.

	OCTJ	CAOS	Difference
Sharpe ratio Return per unit of total volatility	2.21	1.24	+0.97
Sortino ratio Return per unit of downside risk	3.46	1.98	+1.48
Omega ratio Gain probability vs. loss probability	1.48	1.26	+0.23
Calmar ratio Return relative to maximum drawdown	4.65	2.49	+2.15
Martin ratio Return relative to average drawdown	23.63	6.22	+17.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OCTJ vs. CAOS - Sharpe Ratio Comparison

The current OCTJ Sharpe Ratio is 2.21, which is higher than the CAOS Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of OCTJ and CAOS, 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

	OCTJ	CAOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	1.24	+0.97
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	1.21	+0.26

Drawdowns

OCTJ vs. CAOS - Drawdown Comparison

The maximum OCTJ drawdown since its inception was -5.35%, which is greater than CAOS's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for OCTJ and CAOS.

Drawdown Indicators

	OCTJ	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-5.35%	-3.60%	-1.75%
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	-0.76%	-0.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.60%	—
Current Drawdown Current decline from peak	-0.00%	-1.07%	+1.07%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.90%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	0.30%	-0.06%

Volatility

OCTJ vs. CAOS - Volatility Comparison

Innovator Premium Income 30 Barrier ETF - October (OCTJ) has a higher volatility of 0.52% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.26%. This indicates that OCTJ's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCTJ	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.26%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	1.03%	+0.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	1.52%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.22%	4.26%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.22%	4.26%	-0.04%

OCTJ vs. CAOS - Expense Ratio Comparison

OCTJ has a 0.79% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

OCTJ vs. CAOS - Dividend Comparison

OCTJ's dividend yield for the trailing twelve months is around 5.20%, while CAOS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%
OCTJ Innovator Premium Income 30 Barrier ETF - October	5.20%	5.23%	6.27%	1.64%

Frequently Asked Questions

Can I hold both OCTJ and CAOS in my portfolio?

OCTJ and CAOS have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCTJ or CAOS?

OCTJ has higher volatility (0.52%) compared to CAOS (0.26%). In terms of maximum drawdown, OCTJ dropped -5.35% vs CAOS's -3.60%.

Which ETF is better, OCTJ or CAOS?

On 1-year performance, OCTJ leads with 5.77% vs 1.88% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTJ or CAOS?

Over the 1-year period, OCTJ has performed better with a 5.77% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTJ or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.79% for OCTJ.

Which ETF pays a higher dividend yield, OCTJ or CAOS?

OCTJ has the higher dividend yield at 5.20%, compared with 0.00% for CAOS.

What is the main difference between OCTJ and CAOS?

They also come from different issuers: Innovator and Alpha Architect. Their fees differ too: 0.79% for OCTJ and 0.63% for CAOS.

Which has better risk-adjusted returns?

OCTJ currently has the higher Sharpe Ratio (2.21 vs 1.24), 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.