UOCT vs. POCT

Last updated Jun 23, 2026

UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and POCT (Innovator U.S. Equity Power Buffer ETF October) are both Defined Outcome funds from Innovator - UOCT tracks the S&P 500 Index while POCT tracks the Cboe S&P 500 15% Buffer Protect October Series Index. Both are passively managed. Over the past 5 years, UOCT returned 8.22%/yr vs 9.75%/yr for POCT. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

UOCT vs. POCT - 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 Innovator U.S. Equity Power Buffer ETF October (POCT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with UOCT having a 5.12% return and POCT slightly higher at 5.35%.

UOCT

• 1D: 0.00%
• 1M: 0.61%
• YTD: 5.12%
• 6M: 5.12%
• 1Y: 14.04%
• 3Y*: 11.35%
• 5Y*: 8.22%
• 10Y*: —

POCT

• 1D: -0.02%
• 1M: 0.54%
• YTD: 5.35%
• 6M: 5.34%
• 1Y: 14.53%
• 3Y*: 11.75%
• 5Y*: 9.75%
• 10Y*: —

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

UOCT vs. POCT - 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%
POCT Innovator U.S. Equity Power Buffer ETF October	5.35%	11.00%	9.54%	20.12%	-1.26%	9.46%	10.40%	12.80%	-7.15%

Correlation

The correlation between UOCT and POCT is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.87

The correlation between UOCT and POCT has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

UOCT vs. POCT - Sectors Allocation Comparison

Sectors	UOCT	POCT
Technology	38.4%	38.4%
Financial Services	11.0%	11.0%
Communication Services	10.8%	10.8%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	8.4%
Industrials	7.9%	7.9%
Consumer Defensive	4.6%	4.6%
Energy	3.2%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UOCT vs. POCT — 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: 81
UOCT Sortino Ratio Rank: 83
UOCT Omega Ratio Rank: 85
UOCT Calmar Ratio Rank: 69
UOCT Martin Ratio Rank: 83

POCT

POCT Risk / Return Rank: 79
POCT Sharpe Ratio Rank: 77
POCT Sortino Ratio Rank: 80
POCT Omega Ratio Rank: 83
POCT Calmar Ratio Rank: 69
POCT Martin Ratio Rank: 84

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. POCT - 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 U.S. Equity Power Buffer ETF October (POCT). 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	POCT	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.37	+0.12
Sortino ratio: Return per unit of downside risk	3.50	3.38	+0.12
Omega ratio: Gain probability vs. loss probability	1.49	1.47	+0.02
Calmar ratio: Return relative to maximum drawdown	3.33	3.32	+0.01
Martin ratio: Return relative to average drawdown	16.21	16.85	-0.64

UOCT vs. POCT - Sharpe Ratio Comparison

The current UOCT Sharpe Ratio is 2.49, which is comparable to the POCT Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of UOCT and POCT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UOCT vs. POCT - Drawdown Comparison

The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum POCT drawdown of -18.80%. Use the drawdown chart below to compare losses from any high point for UOCT and POCT.

Drawdown Indicators

	UOCT	POCT	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-18.80%	+5.12%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-4.40%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	-10.22%	+1.01%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-10.22%	+1.01%
Current Drawdown Current decline from peak	-0.21%	-0.41%	+0.20%
Average Drawdown Average peak-to-trough decline	-1.52%	-1.49%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.86%	+0.01%

Volatility

UOCT vs. POCT - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) is 1.61%, while Innovator U.S. Equity Power Buffer ETF October (POCT) has a volatility of 1.72%. This indicates that UOCT experiences smaller price fluctuations and is considered to be less risky than POCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UOCT	POCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	1.72%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	4.95%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	5.68%	6.18%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	7.97%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	10.21%	-2.56%

UOCT vs. POCT - Expense Ratio Comparison

Both UOCT and POCT have an expense ratio of 0.79%.

Dividends

UOCT vs. POCT - Dividend Comparison

Neither UOCT nor POCT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
POCT Innovator U.S. Equity Power Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.21%
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 POCT in my portfolio?

UOCT and POCT have a correlation of 0.89, 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 POCT?

POCT has higher volatility (1.72%) compared to UOCT (1.61%). In terms of maximum drawdown, UOCT dropped -13.68% vs POCT's -18.80%.

Which ETF is better, UOCT or POCT?

On 5-year performance, POCT leads with 9.75% vs 8.22% for UOCT. Both ETFs have the same 0.79% expense ratio. 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.

Which ETF has performed better, UOCT or POCT?

Over the 5-year period, POCT has performed better with a 9.75% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UOCT or POCT?

UOCT and POCT have the same expense ratio: 0.79% per year.

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

UOCT and POCT have nearly identical dividend yields, around 0.00%.

What is the main difference between UOCT and POCT?

UOCT tracks S&P 500 Index, while POCT tracks Cboe S&P 500 15% Buffer Protect October Series Index.

Which has better risk-adjusted returns?

UOCT currently has the higher Sharpe Ratio (2.49 vs 2.37), 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.