POCT vs. OCTW

Last updated Jul 12, 2026

POCT (Innovator U.S. Equity Power Buffer ETF October) and OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) are both Defined Outcome funds - POCT tracks the Cboe S&P 500 15% Buffer Protect October Series Index while OCTW tracks the SPDR S&P 500 ETF Trust. Both are passively managed. Over the past 5 years, POCT returned 9.89%/yr vs 8.95%/yr for OCTW. Their correlation of 0.88 suggests significant overlap in exposure. POCT charges 0.79%/yr vs 0.74%/yr for OCTW.

Performance

POCT vs. OCTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF October (POCT) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, POCT achieves a 6.28% return, which is significantly higher than OCTW's 5.56% return.

POCT

• 1D: 0.19%
• 1M: 1.26%
• 6M: 5.54%
• YTD: 6.28%
• 1Y: 12.32%
• 3Y*: 11.73%
• 5Y*: 9.89%
• 10Y*: —

OCTW

• 1D: 0.22%
• 1M: 1.19%
• 6M: 4.84%
• YTD: 5.56%
• 1Y: 10.67%
• 3Y*: 10.60%
• 5Y*: 8.95%
• 10Y*: —

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

POCT vs. OCTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
POCT Innovator U.S. Equity Power Buffer ETF October	6.28%	11.00%	9.54%	20.12%	-1.26%	9.46%	5.34%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	5.56%	9.68%	8.67%	17.57%	0.54%	6.48%	3.94%

Correlation

The correlation between POCT and OCTW is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.88

The correlation between POCT and OCTW has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.

POCT vs. OCTW - Sectors Allocation Comparison

Sectors	POCT	OCTW
Technology	38.4%	38.4%
Financial Services	11.0%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

POCT vs. OCTW — Risk / Return Rank

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

POCT

POCT Risk / Return Rank: 80
POCT Sharpe Ratio Rank: 79
POCT Sortino Ratio Rank: 81
POCT Omega Ratio Rank: 84
POCT Calmar Ratio Rank: 70
POCT Martin Ratio Rank: 86

OCTW

OCTW Risk / Return Rank: 84
OCTW Sharpe Ratio Rank: 84
OCTW Sortino Ratio Rank: 87
OCTW Omega Ratio Rank: 88
OCTW Calmar Ratio Rank: 71
OCTW Martin Ratio Rank: 87

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.

POCT vs. OCTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF October (POCT) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	POCT	OCTW	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.15	-0.14
Sortino ratio: Return per unit of downside risk	2.88	3.17	-0.29
Omega ratio: Gain probability vs. loss probability	1.40	1.44	-0.04
Calmar ratio: Return relative to maximum drawdown	2.80	2.88	-0.08
Martin ratio: Return relative to average drawdown	14.10	14.64	-0.55

POCT vs. OCTW - Sharpe Ratio Comparison

The current POCT Sharpe Ratio is 2.01, which is comparable to the OCTW Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of POCT and OCTW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

POCT vs. OCTW - Drawdown Comparison

The maximum POCT drawdown since its inception was -18.80%, which is greater than OCTW's maximum drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for POCT and OCTW.

Drawdown Indicators

	POCT	OCTW	Difference
Max Drawdown Largest peak-to-trough decline	-18.80%	-8.38%	-10.42%
Max Drawdown (1Y) Largest decline over 1 year	-4.40%	-3.65%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-10.22%	-8.38%	-1.84%
Max Drawdown (5Y) Largest decline over 5 years	-10.22%	-8.38%	-1.84%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.49%	-0.81%	-0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.72%	+0.15%

Volatility

POCT vs. OCTW - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF October (POCT) has a higher volatility of 1.70% compared to AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) at 1.32%. This indicates that POCT's price experiences larger fluctuations and is considered to be riskier than OCTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POCT	OCTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	1.32%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	4.96%	3.91%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.13%	4.91%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.98%	6.32%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.18%	6.12%	+4.06%

POCT vs. OCTW - Expense Ratio Comparison

POCT has a 0.79% expense ratio, which is higher than OCTW's 0.74% expense ratio.

Dividends

POCT vs. OCTW - Dividend Comparison

Neither POCT nor OCTW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
POCT Innovator U.S. Equity Power Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.21%

Frequently Asked Questions

Can I hold both POCT and OCTW in my portfolio?

With a correlation of 0.94, POCT and OCTW 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, POCT or OCTW?

POCT has higher volatility (1.70%) compared to OCTW (1.32%). In terms of maximum drawdown, POCT dropped -18.80% vs OCTW's -8.38%.

Which ETF is better, POCT or OCTW?

On 5-year performance, POCT leads with 9.89% vs 8.95% for OCTW. On fees, OCTW is cheaper at 0.74% per year. On volatility, OCTW has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, POCT or OCTW?

Over the 5-year period, POCT has performed better with a 9.89% return vs 8.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, POCT or OCTW?

OCTW is cheaper with a 0.74% expense ratio, compared with 0.79% for POCT.

Which ETF pays a higher dividend yield, POCT or OCTW?

POCT and OCTW have nearly identical dividend yields, around 0.00%.

What is the main difference between POCT and OCTW?

POCT tracks Cboe S&P 500 15% Buffer Protect October Series Index, while OCTW tracks SPDR S&P 500 ETF Trust. They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for POCT and 0.74% for OCTW.

Which has better risk-adjusted returns?

OCTW currently has the higher Sharpe Ratio (2.15 vs 2.01), 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.