PBAP vs. HOCT

Last updated Jun 3, 2026

PBAP (PGIM US Large-Cap Buffer 20 ETF - April) and HOCT (Innovator Premium Income 9 Buffer ETF - October) are both Options Trading funds. Both are actively managed. PBAP charges 0.50%/yr vs 0.79%/yr for HOCT.

Performance

PBAP vs. HOCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and Innovator Premium Income 9 Buffer ETF - October (HOCT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PBAP

• 1D: 0.00%
• 1M: 1.19%
• YTD: 6.83%
• 6M: 7.73%
• 1Y: 13.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOCT

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBAP vs. HOCT - Yearly Performance Comparison

	2026 (YTD)
PBAP PGIM US Large-Cap Buffer 20 ETF - April	6.23%
HOCT Innovator Premium Income 9 Buffer ETF - October	0.00%

Return for Risk

PBAP vs. HOCT — Risk / Return Rank

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

PBAP

PBAP Risk / Return Rank: 98
PBAP Sharpe Ratio Rank: 96
PBAP Sortino Ratio Rank: 98
PBAP Omega Ratio Rank: 98
PBAP Calmar Ratio Rank: 97
PBAP Martin Ratio Rank: 99

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.

PBAP vs. HOCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 20 ETF - April (PBAP) and Innovator Premium Income 9 Buffer ETF - October (HOCT). 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.

	PBAP	HOCT	Difference
Sharpe ratio Return per unit of total volatility	4.41	—	—
Sortino ratio Return per unit of downside risk	7.56	—	—
Omega ratio Gain probability vs. loss probability	2.20	—	—
Calmar ratio Return relative to maximum drawdown	11.84	—	—
Martin ratio Return relative to average drawdown	85.46	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PBAP	HOCT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	—	—

Drawdowns

PBAP vs. HOCT - Drawdown Comparison

The maximum PBAP drawdown since its inception was -9.70%, which is greater than HOCT's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for PBAP and HOCT.

Drawdown Indicators

	PBAP	HOCT	Difference
Max Drawdown Largest peak-to-trough decline	-9.70%	0.00%	-9.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.17%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.79%	0.00%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	—	—

Volatility

Volatility by Period

	PBAP	HOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	0.00%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.11%	0.00%	+7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.11%	0.00%	+7.11%

PBAP vs. HOCT - Expense Ratio Comparison

PBAP has a 0.50% expense ratio, which is lower than HOCT's 0.79% expense ratio.

Dividends

PBAP vs. HOCT - Dividend Comparison

Neither PBAP nor HOCT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Which ETF is better, PBAP or HOCT?

On fees, PBAP is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBAP or HOCT?

PBAP is cheaper with a 0.50% expense ratio, compared with 0.79% for HOCT.

Which ETF pays a higher dividend yield, PBAP or HOCT?

PBAP and HOCT have nearly identical dividend yields, around 0.00%.

What is the main difference between PBAP and HOCT?

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