UOCT vs. IAPR
UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and IAPR (Innovator International Developed Power Buffer ETF - April) are both Defined Outcome funds from Innovator - UOCT tracks the S&P 500 Index while IAPR tracks the MSCI EAFE. Both are passively managed. Over the past 5 years, UOCT returned 8.40%/yr vs 5.54%/yr for IAPR. Their 0.62 correlation means they have sometimes moved together and sometimes differently. UOCT charges 0.79%/yr vs 0.85%/yr for IAPR.
Performance
UOCT vs. IAPR - Performance Comparison
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Returns By Period
In the year-to-date period, UOCT achieves a 6.37% return, which is significantly lower than IAPR's 9.09% return.
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%
IAPR
- 1D
- -0.18%
- 1M
- 0.99%
- 6M
- 7.63%
- YTD
- 9.09%
- 1Y
- 16.05%
- 3Y*
- 10.26%
- 5Y*
- 5.54%
- 10Y*
- —
- ALL TIME*
- 5.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $189.79K | $218.29K | $300.44K | |
| $230.60K | $267.21K | $357.00K |
UOCT vs. IAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UOCT Innovator U.S. Equity Ultra Buffer ETF October | 6.37% | 10.67% | 8.98% | 18.66% | -4.33% | 4.53% |
IAPR Innovator International Developed Power Buffer ETF - April | 9.09% | 15.51% | 3.76% | 7.67% | -7.61% | 3.09% |
Correlation
The correlation between UOCT and IAPR is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | 0.62 |
The correlation between UOCT and IAPR shifts across timeframes, from 0.59 (3 years) to 0.70 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UOCT vs. IAPR — Risk / Return Rank
UOCT
IAPR
UOCT vs. IAPR - 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 International Developed Power Buffer ETF - April (IAPR). 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 | IAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.45 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 6.21 | -3.58 |
| Martin ratioReturn relative to average drawdown | 12.75 | 24.32 | -11.57 |
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Drawdowns
UOCT vs. IAPR - Drawdown Comparison
The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum IAPR drawdown of -17.73%. Use the drawdown chart below to compare losses from any high point for UOCT and IAPR.
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Drawdown Indicators
| UOCT | IAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -17.73% | +4.05% |
Max Drawdown (1Y)Largest decline over 1 year | -4.24% | -2.56% | -1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -9.21% | -9.46% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -9.21% | -17.73% | +8.52% |
Current DrawdownCurrent decline from peak | 0.00% | -0.18% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -1.50% | -3.78% | +2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.65% | +0.22% |
Volatility
UOCT vs. IAPR - Volatility Comparison
The current volatility for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) is 1.47%, while Innovator International Developed Power Buffer ETF - April (IAPR) has a volatility of 2.38%. This indicates that UOCT experiences smaller price fluctuations and is considered to be less risky than IAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UOCT | IAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 2.38% | -0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 4.42% | 6.30% | -1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.73% | 7.14% | -1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.76% | 8.94% | -2.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.62% | 8.77% | -1.15% |
UOCT vs. IAPR - Expense Ratio Comparison
UOCT has a 0.79% expense ratio, which is lower than IAPR's 0.85% expense ratio.
Dividends
UOCT vs. IAPR - Dividend Comparison
Neither UOCT nor IAPR has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IAPR Innovator International Developed Power Buffer ETF - April | 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
UOCT and IAPR have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAPR has higher volatility (2.38%) compared to UOCT (1.47%). In terms of maximum drawdown, UOCT dropped -13.68% vs IAPR's -17.73%.
On 5-year performance, UOCT leads with 8.40% vs 5.54% for IAPR. On fees, UOCT is cheaper at 0.79% per year. On volatility, UOCT has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UOCT has performed better with a 8.40% return vs 5.54%. 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 0.85% for IAPR.
UOCT and IAPR have nearly identical dividend yields, around 0.00%.
UOCT tracks S&P 500 Index, while IAPR tracks MSCI EAFE. Their fees differ too: 0.79% for UOCT and 0.85% for IAPR.
IAPR currently has the higher Sharpe Ratio (2.24 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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