UOCT vs. XTAP

Last updated Aug 1, 2026

UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - UOCT is a Defined Outcome fund tracking the S&P 500 Index, while XTAP is a Leveraged Equities fund actively managed by Innovator. UOCT is passively managed, while XTAP is actively managed. Over the past 5 years, UOCT returned 8.40%/yr vs 10.76%/yr for XTAP. Their correlation of 0.84 means they have usually moved in the same direction. Both charge a 0.79% expense ratio.

Performance

UOCT vs. XTAP - 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 Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UOCT achieves a 6.37% return, which is significantly lower than XTAP's 12.47% 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%

XTAP

• 1D: 0.47%
• 1M: 1.02%
• 6M: 11.93%
• YTD: 12.47%
• 1Y: 19.11%
• 3Y*: 16.76%
• 5Y*: 10.76%
• 10Y*: —
• ALL TIME*: 11.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
UOCT Innovator U.S. Equity Ultra Buffer ETF October	$230.60K	$267.21K	$357.00K
XTAP Innovator U.S. Equity Accelerated Plus ETF	$36.55K	$24.82K	$30.58K

UOCT vs. XTAP - 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%
XTAP Innovator U.S. Equity Accelerated Plus ETF	12.47%	17.58%	14.26%	23.46%	-14.68%	12.26%

Correlation

The correlation between UOCT and XTAP is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.84

The correlation between UOCT and XTAP has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

UOCT vs. XTAP - Sectors Allocation Comparison

Sectors	UOCT	XTAP
Technology	37.9%	39.1%
Financial Services	11.7%	10.9%
Communication Services	10.0%	10.7%
Consumer Cyclical	9.6%	9.9%
Healthcare	9.1%	8.3%
Industrials	8.4%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.0%	3.1%
Utilities	2.3%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

UOCT vs. XTAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UOCT

UOCT Risk / Return Rank: 83
UOCT Sharpe Ratio Rank: 83
UOCT Sortino Ratio Rank: 83
UOCT Omega Ratio Rank: 85
UOCT Calmar Ratio Rank: 75
UOCT Martin Ratio Rank: 87

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 98
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UOCT vs. XTAP - 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 Accelerated Plus ETF (XTAP). 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	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	1.95	3.73	-1.78
Sortino ratio: Return per unit of downside risk	2.73	6.04	-3.30
Omega ratio: Gain probability vs. loss probability	1.37	1.92	-0.55
Calmar ratio: Return relative to maximum drawdown	2.63	10.71	-8.08
Martin ratio: Return relative to average drawdown	12.75	54.76	-42.01

UOCT vs. XTAP - Sharpe Ratio Comparison

The current UOCT Sharpe Ratio is 1.95, which is lower than the XTAP Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of UOCT and XTAP, 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. XTAP - Drawdown Comparison

The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum XTAP drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for UOCT and XTAP.

Drawdown Indicators

	UOCT	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-22.13%	+8.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-1.72%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	-11.83%	+2.62%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-22.13%	+12.92%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.50%	-3.36%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.34%	+0.53%

Volatility

UOCT vs. XTAP - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) is 1.47%, while Innovator U.S. Equity Accelerated Plus ETF (XTAP) has a volatility of 1.60%. This indicates that UOCT experiences smaller price fluctuations and is considered to be less risky than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UOCT	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.60%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	4.42%	4.02%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	4.93%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.76%	14.53%	-7.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.62%	14.23%	-6.61%

UOCT vs. XTAP - Expense Ratio Comparison

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

Dividends

UOCT vs. XTAP - Dividend Comparison

Neither UOCT nor XTAP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
XTAP Innovator U.S. Equity Accelerated Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UOCT and XTAP in my portfolio?

UOCT and XTAP have a correlation of 0.82, 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 XTAP?

XTAP has higher volatility (1.60%) compared to UOCT (1.47%). In terms of maximum drawdown, UOCT dropped -13.68% vs XTAP's -22.13%.

Which ETF is better, UOCT or XTAP?

On 5-year performance, XTAP leads with 10.76% vs 8.40% for UOCT. Both ETFs have the same 0.79% expense ratio. 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.

Which ETF has performed better, UOCT or XTAP?

Over the 5-year period, XTAP has performed better with a 10.76% return vs 8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UOCT or XTAP?

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

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

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

What is the main difference between UOCT and XTAP?

UOCT is categorized as Defined Outcome, while XTAP is Leveraged Equities.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (3.73 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.