UOCT vs. DMAX

Last updated Jun 5, 2026

UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds tracking the S&P 500 Index, from Innovator and iShares respectively. Both are passively managed. Over the past year, UOCT returned 14.28% vs 8.42% for DMAX. Their correlation of 0.83 suggests significant overlap in exposure. UOCT charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

UOCT vs. DMAX - 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 iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UOCT achieves a 5.22% return, which is significantly higher than DMAX's 2.40% return.

UOCT

• 1D: 0.13%
• 1M: 1.77%
• YTD: 5.22%
• 6M: 5.64%
• 1Y: 14.28%
• 3Y*: 11.73%
• 5Y*: 8.28%
• 10Y*: —

DMAX

• 1D: 0.05%
• 1M: 0.80%
• YTD: 2.40%
• 6M: 3.08%
• 1Y: 8.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UOCT vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
UOCT Innovator U.S. Equity Ultra Buffer ETF October	5.22%	10.60%
DMAX iShares Large Cap Max Buffer December ETF	2.40%	7.81%

Correlation

The correlation between UOCT and DMAX is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.83

The correlation between UOCT and DMAX has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

UOCT vs. DMAX — Risk / Return Rank

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

UOCT

UOCT Risk / Return Rank: 80
UOCT Sharpe Ratio Rank: 80
UOCT Sortino Ratio Rank: 82
UOCT Omega Ratio Rank: 85
UOCT Calmar Ratio Rank: 69
UOCT Martin Ratio Rank: 83

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 91
DMAX Martin Ratio Rank: 95

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. DMAX - 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 iShares Large Cap Max Buffer December ETF (DMAX). 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.

	UOCT	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.56	3.63	-1.07
Sortino ratio: Return per unit of downside risk	3.62	5.62	-2.00
Omega ratio: Gain probability vs. loss probability	1.51	1.78	-0.28
Calmar ratio: Return relative to maximum drawdown	3.39	5.98	-2.60
Martin ratio: Return relative to average drawdown	16.66	30.60	-13.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UOCT vs. DMAX - Sharpe Ratio Comparison

The current UOCT Sharpe Ratio is 2.56, which is comparable to the DMAX Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of UOCT and DMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UOCT	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	3.63	-1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	2.15	-1.20

Drawdowns

UOCT vs. DMAX - Drawdown Comparison

The maximum UOCT drawdown since its inception was -13.68%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for UOCT and DMAX.

Drawdown Indicators

	UOCT	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-3.37%	-10.31%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-1.41%	-2.83%
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%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.52%	-0.38%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.28%	+0.58%

Volatility

UOCT vs. DMAX - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF October (UOCT) has a higher volatility of 0.76% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.31%. This indicates that UOCT's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UOCT	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.31%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	4.27%	1.54%	+2.73%
Volatility (1Y) Calculated over the trailing 1-year period	5.60%	2.33%	+3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.69%	3.39%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	3.39%	+4.26%

UOCT vs. DMAX - Expense Ratio Comparison

UOCT has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

UOCT vs. DMAX - Dividend Comparison

UOCT has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%	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 DMAX in my portfolio?

UOCT and DMAX have a correlation of 0.81, 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 DMAX?

UOCT has higher volatility (0.76%) compared to DMAX (0.31%). In terms of maximum drawdown, UOCT dropped -13.68% vs DMAX's -3.37%.

Which ETF is better, UOCT or DMAX?

On 1-year performance, UOCT leads with 14.28% vs 8.42% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UOCT or DMAX?

Over the 1-year period, UOCT has performed better with a 14.28% return vs 8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UOCT or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for UOCT.

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

DMAX has the higher dividend yield at 1.15%, compared with 0.00% for UOCT.

What is the main difference between UOCT and DMAX?

Both ETFs track S&P 500 Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for UOCT and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.63 vs 2.56), 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.