UOCT vs. BUFF
UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and BUFF (Innovator Laddered Allocation Power Buffer ETF) are both Defined Outcome funds from Innovator - UOCT tracks the S&P 500 Index while BUFF tracks the FTSE Laddered Power Buffer Strategy Index. Both are passively managed. Over the past 5 years, UOCT returned 8.40%/yr vs 8.65%/yr for BUFF. Their 0.79 correlation means they have sometimes moved together and sometimes differently. UOCT charges 0.79%/yr vs 0.89%/yr for BUFF.
Performance
UOCT vs. BUFF - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with UOCT having a 6.37% return and BUFF slightly lower at 6.26%.
UOCT
- 1D
- 0.51%
- 1M
- 0.93%
- 6M
- 5.62%
- YTD
- 6.37%
- 1Y
- 12.03%
- 3Y*
- 11.31%
- 5Y*
- 8.40%
- 10Y*
- —
- ALL TIME*
- 7.23%
BUFF
- 1D
- 0.26%
- 1M
- 0.67%
- 6M
- 5.31%
- YTD
- 6.26%
- 1Y
- 12.03%
- 3Y*
- 11.19%
- 5Y*
- 8.65%
- 10Y*
- —
- ALL TIME*
- 8.63%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.70M | $5.20M | $4.32M | |
| $230.60K | $267.21K | $357.00K |
UOCT vs. BUFF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UOCT Innovator U.S. Equity Ultra Buffer ETF October | 6.37% | 10.67% | 8.98% | 18.66% | -4.33% | 5.83% | 8.00% | 10.89% | -6.38% |
BUFF Innovator Laddered Allocation Power Buffer ETF | 6.26% | 11.02% | 12.05% | 16.51% | -4.44% | 8.37% | -12.08% | 32.32% | -5.49% |
Correlation
The correlation between UOCT and BUFF is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018 | 0.79 |
The correlation between UOCT and BUFF has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.
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Return for Risk
UOCT vs. BUFF — Risk / Return Rank
UOCT
BUFF
UOCT vs. BUFF - 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 Innovator Laddered Allocation Power Buffer ETF (BUFF). 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 | BUFF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.42 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 3.15 | -0.52 |
| Martin ratioReturn relative to average drawdown | 12.75 | 16.12 | -3.38 |
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Drawdowns
UOCT vs. BUFF - Drawdown Comparison
The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum BUFF drawdown of -46.23%. Use the drawdown chart below to compare losses from any high point for UOCT and BUFF.
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Drawdown Indicators
| UOCT | BUFF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -46.23% | +32.55% |
Max Drawdown (1Y)Largest decline over 1 year | -4.24% | -3.58% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -9.21% | -10.24% | +1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -10.24% | +1.03% |
Current DrawdownCurrent decline from peak | 0.00% | -0.15% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -6.09% | +4.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.70% | +0.17% |
Volatility
UOCT vs. BUFF - Volatility Comparison
Innovator U.S. Equity Ultra Buffer ETF October (UOCT) and Innovator Laddered Allocation Power Buffer ETF (BUFF) have volatilities of 1.47% and 1.47%, 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.
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Volatility by Period
| UOCT | BUFF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 1.47% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 4.42% | 4.22% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.73% | 5.31% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.76% | 8.45% | -1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.62% | 17.54% | -9.92% |
UOCT vs. BUFF - Expense Ratio Comparison
UOCT has a 0.79% expense ratio, which is lower than BUFF's 0.89% expense ratio.
Dividends
UOCT vs. BUFF - Dividend Comparison
Neither UOCT nor BUFF has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BUFF Innovator Laddered Allocation Power Buffer ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.78% | 1.26% | 1.74% | 1.55% | 0.18% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UOCT and BUFF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BUFF has higher volatility (1.47%) compared to UOCT (1.47%). In terms of maximum drawdown, UOCT dropped -13.68% vs BUFF's -46.23%.
On 5-year performance, BUFF leads with 8.65% vs 8.40% for UOCT. On fees, UOCT is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BUFF has performed better with a 8.65% return vs 8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UOCT is cheaper with a 0.79% expense ratio, compared with 0.89% for BUFF.
UOCT and BUFF have nearly identical dividend yields, around 0.00%.
UOCT tracks S&P 500 Index, while BUFF tracks FTSE Laddered Power Buffer Strategy Index. Their fees differ too: 0.79% for UOCT and 0.89% for BUFF.
BUFF currently has the higher Sharpe Ratio (2.13 vs 1.95), 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.
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