UOCT vs. DBO
UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - UOCT is a Defined Outcome fund tracking the S&P 500 Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 5 years, UOCT returned 8.11%/yr vs 9.10%/yr for DBO. At a 0.13 correlation, their price movements are largely independent. UOCT charges 0.79%/yr vs 0.78%/yr for DBO.
Performance
UOCT vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, UOCT achieves a 4.63% return, which is significantly lower than DBO's 43.93% return.
UOCT
- 1D
- -0.46%
- 1M
- 0.15%
- YTD
- 4.63%
- 6M
- 4.35%
- 1Y
- 12.78%
- 3Y*
- 11.18%
- 5Y*
- 8.11%
- 10Y*
- —
DBO
- 1D
- -4.15%
- 1M
- -21.96%
- YTD
- 43.93%
- 6M
- 41.96%
- 1Y
- 37.25%
- 3Y*
- 12.72%
- 5Y*
- 9.10%
- 10Y*
- 8.76%
UOCT vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UOCT Innovator U.S. Equity Ultra Buffer ETF October | 4.63% | 10.67% | 8.98% | 18.66% | -4.33% | 5.83% | 8.00% | 10.89% | -6.38% |
DBO Invesco DB Oil Fund | 43.93% | -11.71% | 7.85% | -4.44% | 13.04% | 60.74% | -20.99% | 28.05% | -36.16% |
Correlation
The correlation between UOCT and DBO is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018 | 0.13 |
The correlation between UOCT and DBO shifts across timeframes, from -0.20 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UOCT vs. DBO — Risk / Return Rank
UOCT
DBO
UOCT vs. DBO - 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 Invesco DB Oil Fund (DBO). 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 | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.20 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 1.43 | +1.60 |
| Martin ratioReturn relative to average drawdown | 14.74 | 4.33 | +10.41 |
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Drawdowns
UOCT vs. DBO - Drawdown Comparison
The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for UOCT and DBO.
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Drawdown Indicators
| UOCT | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -90.18% | +76.50% |
Max Drawdown (1Y)Largest decline over 1 year | -4.24% | -26.22% | +21.98% |
Max Drawdown (3Y)Largest decline over 3 years | -9.21% | -28.20% | +18.99% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -37.68% | +28.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -0.67% | -62.12% | +61.45% |
Average DrawdownAverage peak-to-trough decline | -1.52% | -62.22% | +60.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 8.63% | -7.76% |
Volatility
UOCT vs. DBO - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) is 1.68%, while Invesco DB Oil Fund (DBO) has a volatility of 10.78%. This indicates that UOCT experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UOCT | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 10.78% | -9.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.48% | 29.70% | -25.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 34.63% | -28.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.73% | 32.59% | -25.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.65% | 31.84% | -24.19% |
UOCT vs. DBO - Expense Ratio Comparison
UOCT has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.
Dividends
UOCT vs. DBO - Dividend Comparison
UOCT has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.44%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 2.44% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
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% |
Frequently Asked Questions
UOCT and DBO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (10.78%) compared to UOCT (1.68%). In terms of maximum drawdown, UOCT dropped -13.68% vs DBO's -90.18%.
On 5-year performance, DBO leads with 9.10% vs 8.11% for UOCT. On fees, DBO is cheaper at 0.78% per year. On volatility, UOCT has been the lower-risk option at 1.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBO has performed better with a 9.10% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for UOCT.
DBO has the higher dividend yield at 2.44%, compared with 0.00% for UOCT.
UOCT is categorized as Defined Outcome, while DBO is Oil & Gas. UOCT tracks S&P 500 Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for UOCT and 0.78% for DBO.
UOCT currently has the higher Sharpe Ratio (2.27 vs 1.09), 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.
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