UOCT vs. AIOO

Last updated Jul 12, 2026

UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. UOCT is passively managed, while AIOO is actively managed. Over the past year, UOCT returned 11.76% vs 5.15% for AIOO. A 0.72 correlation means they provide meaningful diversification when combined. UOCT charges 0.79%/yr vs 0.64%/yr for AIOO.

Performance

UOCT vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF October (UOCT) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UOCT achieves a 6.00% return, which is significantly higher than AIOO's 2.48% return.

UOCT

• 1D: 0.19%
• 1M: 1.31%
• 6M: 5.36%
• YTD: 6.00%
• 1Y: 11.76%
• 3Y*: 11.43%
• 5Y*: 8.35%
• 10Y*: —

AIOO

• 1D: 0.08%
• 1M: 0.38%
• 6M: 2.19%
• YTD: 2.48%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UOCT vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
UOCT Innovator U.S. Equity Ultra Buffer ETF October	6.00%	6.15%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.48%	2.65%

Correlation

The correlation between UOCT and AIOO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.72

The correlation between UOCT and AIOO has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

UOCT vs. AIOO — Risk / Return Rank

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

UOCT

UOCT Risk / Return Rank: 81
UOCT Sharpe Ratio Rank: 83
UOCT Sortino Ratio Rank: 83
UOCT Omega Ratio Rank: 85
UOCT Calmar Ratio Rank: 69
UOCT Martin Ratio Rank: 84

AIOO

AIOO Risk / Return Rank: 94
AIOO Sharpe Ratio Rank: 92
AIOO Sortino Ratio Rank: 94
AIOO Omega Ratio Rank: 92
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

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.

UOCT vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

	UOCT	AIOO	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.55	-0.46
Sortino ratio: Return per unit of downside risk	2.94	3.95	-1.01
Omega ratio: Gain probability vs. loss probability	1.41	1.49	-0.08
Calmar ratio: Return relative to maximum drawdown	2.76	7.09	-4.33
Martin ratio: Return relative to average drawdown	13.39	20.48	-7.10

UOCT vs. AIOO - Sharpe Ratio Comparison

The current UOCT Sharpe Ratio is 2.09, which is comparable to the AIOO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of UOCT and AIOO, 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

UOCT vs. AIOO - Drawdown Comparison

The maximum UOCT drawdown since its inception was -13.68%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for UOCT and AIOO.

Drawdown Indicators

	UOCT	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-0.74%	-12.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-0.74%	-3.50%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.51%	-0.18%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.26%	+0.61%

Volatility

UOCT vs. AIOO - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF October (UOCT) has a higher volatility of 1.50% compared to AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) at 0.73%. This indicates that UOCT's price experiences larger fluctuations and is considered to be riskier than AIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UOCT	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	0.73%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	4.45%	1.42%	+3.03%
Volatility (1Y) Calculated over the trailing 1-year period	5.59%	2.06%	+3.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	2.05%	+4.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.63%	2.05%	+5.58%

UOCT vs. AIOO - Expense Ratio Comparison

UOCT has a 0.79% expense ratio, which is higher than AIOO's 0.64% expense ratio.

Dividends

UOCT vs. AIOO - Dividend Comparison

Neither UOCT nor AIOO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UOCT Innovator U.S. Equity Ultra Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.33%

Frequently Asked Questions

Can I hold both UOCT and AIOO in my portfolio?

UOCT and AIOO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UOCT or AIOO?

UOCT has higher volatility (1.50%) compared to AIOO (0.73%). In terms of maximum drawdown, UOCT dropped -13.68% vs AIOO's -0.74%.

Which ETF is better, UOCT or AIOO?

On 1-year performance, UOCT leads with 11.76% vs 5.15% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, AIOO has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UOCT or AIOO?

Over the 1-year period, UOCT has performed better with a 11.76% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UOCT or AIOO?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for UOCT.

Which ETF pays a higher dividend yield, UOCT or AIOO?

UOCT and AIOO have nearly identical dividend yields, around 0.00%.

What is the main difference between UOCT and AIOO?

They also come from different issuers: Innovator and Allianz. Their fees differ too: 0.79% for UOCT and 0.64% for AIOO.

Which has better risk-adjusted returns?

AIOO currently has the higher Sharpe Ratio (2.55 vs 2.09), 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.