UOCT vs. SCHD

Last updated Jun 24, 2026

UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - UOCT is a Defined Outcome fund tracking the S&P 500 Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 5 years, UOCT returned 8.11%/yr vs 8.71%/yr for SCHD. A 0.66 correlation means they provide meaningful diversification when combined. UOCT charges 0.79%/yr vs 0.06%/yr for SCHD.

Performance

UOCT vs. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UOCT achieves a 4.63% return, which is significantly lower than SCHD's 17.72% return.

UOCT

• 1D: -0.46%
• 1M: 0.15%
• YTD: 4.63%
• 6M: 4.35%
• 1Y: 12.78%
• 3Y*: 11.18%
• 5Y*: 8.11%
• 10Y*: —

SCHD

• 1D: 0.41%
• 1M: -2.47%
• YTD: 17.72%
• 6M: 17.25%
• 1Y: 24.56%
• 3Y*: 14.60%
• 5Y*: 8.71%
• 10Y*: 12.72%

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

UOCT vs. SCHD - 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%
SCHD Schwab U.S. Dividend Equity ETF	17.72%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-10.64%

Correlation

The correlation between UOCT and SCHD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.66

Over the past year, the correlation between UOCT and SCHD has dropped to 0.34 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

UOCT vs. SCHD - Sectors Allocation Comparison

Sectors	UOCT	SCHD
Technology	38.4%	19.4%
Financial Services	11.0%	9.1%
Communication Services	10.8%	6.0%
Consumer Cyclical	10.0%	6.7%
Healthcare	8.4%	18.4%
Industrials	7.9%	7.4%
Consumer Defensive	4.6%	18.5%
Energy	3.2%	14.6%
Utilities	2.1%	0.0%
Real Estate	1.8%	-
Basic Materials	1.7%	1.2%

Return for Risk

UOCT vs. SCHD — Risk / Return Rank

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

UOCT

UOCT Risk / Return Rank: 76
UOCT Sharpe Ratio Rank: 77
UOCT Sortino Ratio Rank: 78
UOCT Omega Ratio Rank: 81
UOCT Calmar Ratio Rank: 66
UOCT Martin Ratio Rank: 80

SCHD

SCHD Risk / Return Rank: 77
SCHD Sharpe Ratio Rank: 72
SCHD Sortino Ratio Rank: 80
SCHD Omega Ratio Rank: 70
SCHD Calmar Ratio Rank: 90
SCHD Martin Ratio Rank: 71

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. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.23	+0.04
Sortino ratio: Return per unit of downside risk	3.18	3.40	-0.22
Omega ratio: Gain probability vs. loss probability	1.44	1.40	+0.04
Calmar ratio: Return relative to maximum drawdown	3.03	5.35	-2.32
Martin ratio: Return relative to average drawdown	14.74	12.94	+1.80

UOCT vs. SCHD - Sharpe Ratio Comparison

The current UOCT Sharpe Ratio is 2.27, which is comparable to the SCHD Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of UOCT and SCHD, 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. SCHD - Drawdown Comparison

The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum SCHD drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for UOCT and SCHD.

Drawdown Indicators

	UOCT	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-33.37%	+19.69%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-4.61%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	-16.13%	+6.92%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-16.85%	+7.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.37%	—
Current Drawdown Current decline from peak	-0.67%	-2.47%	+1.80%
Average Drawdown Average peak-to-trough decline	-1.52%	-3.31%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	1.90%	-1.03%

Volatility

UOCT vs. SCHD - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) is 1.68%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 3.58%. This indicates that UOCT experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UOCT	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	3.58%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	4.48%	7.73%	-3.25%
Volatility (1Y) Calculated over the trailing 1-year period	5.69%	11.07%	-5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	14.36%	-7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	16.71%	-9.06%

UOCT vs. SCHD - Expense Ratio Comparison

UOCT has a 0.79% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

UOCT vs. SCHD - Dividend Comparison

UOCT has not paid dividends to shareholders, while SCHD's dividend yield for the trailing twelve months is around 3.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.30%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
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

Can I hold both UOCT and SCHD in my portfolio?

UOCT and SCHD have a correlation of 0.34, 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 SCHD?

SCHD has higher volatility (3.58%) compared to UOCT (1.68%). In terms of maximum drawdown, UOCT dropped -13.68% vs SCHD's -33.37%.

Which ETF is better, UOCT or SCHD?

On 5-year performance, SCHD leads with 8.71% vs 8.11% for UOCT. On fees, SCHD is cheaper at 0.06% 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.

Which ETF has performed better, UOCT or SCHD?

Over the 5-year period, SCHD has performed better with a 8.71% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UOCT or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.79% for UOCT.

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

SCHD has the higher dividend yield at 3.30%, compared with 0.00% for UOCT.

What is the main difference between UOCT and SCHD?

UOCT is categorized as Defined Outcome, while SCHD is Dividend. UOCT tracks S&P 500 Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Innovator and Charles Schwab. Their fees differ too: 0.79% for UOCT and 0.06% for SCHD.

Which has better risk-adjusted returns?

UOCT currently has the higher Sharpe Ratio (2.27 vs 2.23), 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.