PSEP vs. OCTW

Last updated Jun 23, 2026

PSEP (Innovator U.S. Equity Power Buffer ETF - September) and OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) are both Defined Outcome funds - PSEP tracks the S&P 500 Index while OCTW tracks the SPDR S&P 500 ETF Trust. Both are passively managed. Over the past 5 years, PSEP returned 9.30%/yr vs 8.83%/yr for OCTW. Their correlation of 0.86 suggests significant overlap in exposure. PSEP charges 0.79%/yr vs 0.74%/yr for OCTW.

Performance

PSEP vs. OCTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - September (PSEP) 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, PSEP achieves a 5.06% return, which is significantly higher than OCTW's 4.72% return.

PSEP

• 1D: -0.03%
• 1M: 0.59%
• YTD: 5.06%
• 6M: 5.05%
• 1Y: 14.82%
• 3Y*: 12.68%
• 5Y*: 9.30%
• 10Y*: —

OCTW

• 1D: -0.07%
• 1M: 0.52%
• YTD: 4.72%
• 6M: 4.74%
• 1Y: 12.26%
• 3Y*: 10.53%
• 5Y*: 8.83%
• 10Y*: —

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

PSEP vs. OCTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PSEP Innovator U.S. Equity Power Buffer ETF - September	5.06%	11.85%	12.44%	18.84%	-3.74%	8.85%	6.24%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	4.72%	9.68%	8.67%	17.57%	0.54%	6.48%	3.94%

Correlation

The correlation between PSEP and OCTW is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.86

The correlation between PSEP and OCTW has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

PSEP vs. OCTW - Sectors Allocation Comparison

Sectors	PSEP	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

PSEP vs. OCTW — Risk / Return Rank

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

PSEP

PSEP Risk / Return Rank: 85
PSEP Sharpe Ratio Rank: 85
PSEP Sortino Ratio Rank: 89
PSEP Omega Ratio Rank: 89
PSEP Calmar Ratio Rank: 74
PSEP Martin Ratio Rank: 89

OCTW

OCTW Risk / Return Rank: 82
OCTW Sharpe Ratio Rank: 81
OCTW Sortino Ratio Rank: 86
OCTW Omega Ratio Rank: 87
OCTW Calmar Ratio Rank: 70
OCTW Martin Ratio Rank: 85

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.

PSEP vs. OCTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - September (PSEP) 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.

	PSEP	OCTW	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.50	+0.14
Sortino ratio: Return per unit of downside risk	3.90	3.70	+0.20
Omega ratio: Gain probability vs. loss probability	1.54	1.52	+0.02
Calmar ratio: Return relative to maximum drawdown	3.64	3.37	+0.28
Martin ratio: Return relative to average drawdown	19.25	17.19	+2.06

PSEP vs. OCTW - Sharpe Ratio Comparison

The current PSEP Sharpe Ratio is 2.64, which is comparable to the OCTW Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of PSEP 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

PSEP vs. OCTW - Drawdown Comparison

The maximum PSEP drawdown since its inception was -17.90%, which is greater than OCTW's maximum drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for PSEP and OCTW.

Drawdown Indicators

	PSEP	OCTW	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-8.38%	-9.52%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-3.65%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-9.92%	-8.38%	-1.54%
Max Drawdown (5Y) Largest decline over 5 years	-9.92%	-8.38%	-1.54%
Current Drawdown Current decline from peak	-0.15%	-0.11%	-0.04%
Average Drawdown Average peak-to-trough decline	-1.55%	-0.81%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.71%	+0.06%

Volatility

PSEP vs. OCTW - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - September (PSEP) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) have volatilities of 1.26% and 1.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSEP	OCTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	1.22%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	3.89%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	4.93%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.62%	6.31%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	6.13%	+3.96%

PSEP vs. OCTW - Expense Ratio Comparison

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

Dividends

PSEP vs. OCTW - Dividend Comparison

Neither PSEP nor OCTW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PSEP and OCTW in my portfolio?

With a correlation of 0.92, PSEP 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, PSEP or OCTW?

PSEP has higher volatility (1.26%) compared to OCTW (1.22%). In terms of maximum drawdown, PSEP dropped -17.90% vs OCTW's -8.38%.

Which ETF is better, PSEP or OCTW?

On 5-year performance, PSEP leads with 9.30% vs 8.83% for OCTW. On fees, OCTW is cheaper at 0.74% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSEP or OCTW?

Over the 5-year period, PSEP has performed better with a 9.30% return vs 8.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSEP or OCTW?

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

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

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

What is the main difference between PSEP and OCTW?

PSEP tracks S&P 500 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 PSEP and 0.74% for OCTW.

Which has better risk-adjusted returns?

PSEP currently has the higher Sharpe Ratio (2.64 vs 2.50), 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.