UOCT vs. GLDI
UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both exchange-traded funds - UOCT is a Defined Outcome fund tracking the S&P 500 Index, while GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 5 years, UOCT returned 8.22%/yr vs 11.32%/yr for GLDI. At a 0.09 correlation, their price movements are largely independent. UOCT charges 0.79%/yr vs 0.65%/yr for GLDI.
Performance
UOCT vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, UOCT achieves a 5.12% return, which is significantly higher than GLDI's -2.88% return.
UOCT
- 1D
- 0.00%
- 1M
- 0.61%
- YTD
- 5.12%
- 6M
- 5.12%
- 1Y
- 14.04%
- 3Y*
- 11.35%
- 5Y*
- 8.22%
- 10Y*
- —
GLDI
- 1D
- -0.50%
- 1M
- -5.67%
- YTD
- -2.88%
- 6M
- -3.64%
- 1Y
- 14.20%
- 3Y*
- 18.11%
- 5Y*
- 11.32%
- 10Y*
- 8.00%
UOCT vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UOCT Innovator U.S. Equity Ultra Buffer ETF October | 5.12% | 10.67% | 8.98% | 18.66% | -4.33% | 5.83% | 8.00% | 10.89% | -6.38% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -2.88% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | 7.49% |
Correlation
The correlation between UOCT and GLDI is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018 | 0.09 |
Over the past year, UOCT and GLDI have become more correlated (0.30) than their long-term average of 0.09, meaning their price movements have been converging.
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Return for Risk
UOCT vs. GLDI — Risk / Return Rank
UOCT
GLDI
UOCT vs. GLDI - 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 UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.19 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 1.01 | +2.32 |
| Martin ratioReturn relative to average drawdown | 16.21 | 3.38 | +12.83 |
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Drawdowns
UOCT vs. GLDI - Drawdown Comparison
The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum GLDI drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for UOCT and GLDI.
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Drawdown Indicators
| UOCT | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -32.26% | +18.58% |
Max Drawdown (1Y)Largest decline over 1 year | -4.24% | -14.14% | +9.90% |
Max Drawdown (3Y)Largest decline over 3 years | -9.21% | -14.14% | +4.93% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -14.14% | +4.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.94% | — |
Current DrawdownCurrent decline from peak | -0.21% | -11.85% | +11.64% |
Average DrawdownAverage peak-to-trough decline | -1.52% | -13.99% | +12.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 4.21% | -3.34% |
Volatility
UOCT vs. GLDI - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) is 1.61%, while UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) has a volatility of 7.07%. This indicates that UOCT experiences smaller price fluctuations and is considered to be less risky than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UOCT | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 7.07% | -5.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.46% | 14.49% | -10.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.68% | 15.94% | -10.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.73% | 11.55% | -4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.65% | 11.53% | -3.88% |
UOCT vs. GLDI - Expense Ratio Comparison
UOCT has a 0.79% expense ratio, which is higher than GLDI's 0.65% expense ratio.
Dividends
UOCT vs. GLDI - Dividend Comparison
UOCT has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 26.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.24% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
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% | 0.00% |
Frequently Asked Questions
UOCT and GLDI have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDI has higher volatility (7.07%) compared to UOCT (1.61%). In terms of maximum drawdown, UOCT dropped -13.68% vs GLDI's -32.26%.
On 5-year performance, GLDI leads with 11.32% vs 8.22% for UOCT. On fees, GLDI is cheaper at 0.65% per year. On volatility, UOCT has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDI has performed better with a 11.32% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 0.79% for UOCT.
GLDI has the higher dividend yield at 26.24%, compared with 0.00% for UOCT.
UOCT is categorized as Defined Outcome, while GLDI is Gold. UOCT tracks S&P 500 Index, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: Innovator and UBS. Their fees differ too: 0.79% for UOCT and 0.65% for GLDI.
UOCT currently has the higher Sharpe Ratio (2.49 vs 0.90), 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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