UJUL vs. OCTB
UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and OCTB (Aptus October Buffer ETF) are both Defined Outcome funds. UJUL is passively managed, while OCTB is actively managed. Their correlation of 0.91 suggests significant overlap in exposure. UJUL charges 0.79%/yr vs 0.25%/yr for OCTB.
Performance
UJUL vs. OCTB - Performance Comparison
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Returns By Period
In the year-to-date period, UJUL achieves a 4.62% return, which is significantly lower than OCTB's 6.34% return.
UJUL
- 1D
- -0.01%
- 1M
- 1.17%
- YTD
- 4.62%
- 6M
- 5.11%
- 1Y
- 14.76%
- 3Y*
- 12.89%
- 5Y*
- 8.54%
- 10Y*
- —
OCTB
- 1D
- 0.15%
- 1M
- 2.19%
- YTD
- 6.34%
- 6M
- 6.87%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UJUL vs. OCTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UJUL Innovator U.S. Equity Ultra Buffer ETF - July | 4.62% | 1.95% |
OCTB Aptus October Buffer ETF | 6.34% | 2.37% |
Correlation
The correlation between UJUL and OCTB is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025 | 0.91 |
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Return for Risk
UJUL vs. OCTB — Risk / Return Rank
UJUL
OCTB
UJUL vs. OCTB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) and Aptus October Buffer ETF (OCTB). 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.
| UJUL | OCTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.57 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | — | — |
| Martin ratioReturn relative to average drawdown | 21.27 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UJUL | OCTB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.06 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 2.00 | -1.20 |
Drawdowns
UJUL vs. OCTB - Drawdown Comparison
The maximum UJUL drawdown since its inception was -14.11%, which is greater than OCTB's maximum drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for UJUL and OCTB.
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Drawdown Indicators
| UJUL | OCTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.11% | -4.79% | -9.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.98% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -11.38% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.38% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | -0.02% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -0.70% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | — | — |
Volatility
UJUL vs. OCTB - Volatility Comparison
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Volatility by Period
| UJUL | OCTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.02% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.63% | 7.18% | -1.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.12% | 7.18% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.94% | 7.18% | +1.76% |
UJUL vs. OCTB - Expense Ratio Comparison
UJUL has a 0.79% expense ratio, which is higher than OCTB's 0.25% expense ratio.
Dividends
UJUL vs. OCTB - Dividend Comparison
Neither UJUL nor OCTB has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OCTB Aptus October Buffer ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UJUL Innovator U.S. Equity Ultra Buffer ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.43% |
Frequently Asked Questions
With a correlation of 0.91, UJUL and OCTB 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.
On fees, OCTB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
OCTB is cheaper with a 0.25% expense ratio, compared with 0.79% for UJUL.
UJUL and OCTB have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Innovator and Aptus Capital Advisors. Their fees differ too: 0.79% for UJUL and 0.25% for OCTB.
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