ZJUN vs. BOCT

Last updated Jun 24, 2026

ZJUN (Innovator Equity Defined Protection ETF - 1 Yr June) and BOCT (Innovator U.S. Equity Buffer ETF October) are both Defined Outcome funds from Innovator. ZJUN is actively managed, while BOCT is passively managed. Over the past year, ZJUN returned 5.27% vs 18.25% for BOCT. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

ZJUN vs. BOCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr June (ZJUN) and Innovator U.S. Equity Buffer ETF October (BOCT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZJUN achieves a 1.66% return, which is significantly lower than BOCT's 6.25% return.

ZJUN

• 1D: -0.24%
• 1M: -0.40%
• YTD: 1.66%
• 6M: 1.72%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOCT

• 1D: -0.71%
• 1M: -0.03%
• YTD: 6.25%
• 6M: 5.87%
• 1Y: 18.25%
• 3Y*: 13.66%
• 5Y*: 10.27%
• 10Y*: —

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

ZJUN vs. BOCT - Yearly Performance Comparison

	2026 (YTD)	2025
ZJUN Innovator Equity Defined Protection ETF - 1 Yr June	1.66%	4.15%
BOCT Innovator U.S. Equity Buffer ETF October	6.25%	12.95%

Correlation

The correlation between ZJUN and BOCT is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.80

The correlation between ZJUN and BOCT has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

ZJUN vs. BOCT — Risk / Return Rank

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

ZJUN

ZJUN Risk / Return Rank: 91
ZJUN Sharpe Ratio Rank: 87
ZJUN Sortino Ratio Rank: 92
ZJUN Omega Ratio Rank: 93
ZJUN Calmar Ratio Rank: 89
ZJUN Martin Ratio Rank: 94

BOCT

BOCT Risk / Return Rank: 74
BOCT Sharpe Ratio Rank: 74
BOCT Sortino Ratio Rank: 74
BOCT Omega Ratio Rank: 78
BOCT Calmar Ratio Rank: 65
BOCT Martin Ratio Rank: 79

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.

ZJUN vs. BOCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr June (ZJUN) and Innovator U.S. Equity Buffer ETF October (BOCT). 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.

	ZJUN	BOCT	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.19	+0.39
Sortino ratio: Return per unit of downside risk	3.97	3.06	+0.91
Omega ratio: Gain probability vs. loss probability	1.59	1.42	+0.17
Calmar ratio: Return relative to maximum drawdown	4.92	3.01	+1.91
Martin ratio: Return relative to average drawdown	25.50	14.26	+11.24

ZJUN vs. BOCT - Sharpe Ratio Comparison

The current ZJUN Sharpe Ratio is 2.58, which is comparable to the BOCT Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ZJUN and BOCT, 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

ZJUN vs. BOCT - Drawdown Comparison

The maximum ZJUN drawdown since its inception was -1.08%, smaller than the maximum BOCT drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for ZJUN and BOCT.

Drawdown Indicators

	ZJUN	BOCT	Difference
Max Drawdown Largest peak-to-trough decline	-1.08%	-24.54%	+23.46%
Max Drawdown (1Y) Largest decline over 1 year	-1.08%	-6.09%	+5.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.29%	—
Current Drawdown Current decline from peak	-0.75%	-1.08%	+0.33%
Average Drawdown Average peak-to-trough decline	-0.10%	-2.59%	+2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	1.28%	-1.07%

Volatility

ZJUN vs. BOCT - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr June (ZJUN) is 1.03%, while Innovator U.S. Equity Buffer ETF October (BOCT) has a volatility of 2.64%. This indicates that ZJUN experiences smaller price fluctuations and is considered to be less risky than BOCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJUN	BOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	2.64%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	6.48%	-4.74%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	8.40%	-6.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.04%	11.15%	-9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.04%	13.80%	-11.76%

ZJUN vs. BOCT - Expense Ratio Comparison

Both ZJUN and BOCT have an expense ratio of 0.79%.

Dividends

ZJUN vs. BOCT - Dividend Comparison

Neither ZJUN nor BOCT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BOCT Innovator U.S. Equity Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%
ZJUN Innovator Equity Defined Protection ETF - 1 Yr June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZJUN and BOCT in my portfolio?

ZJUN and BOCT have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZJUN or BOCT?

BOCT has higher volatility (2.64%) compared to ZJUN (1.03%). In terms of maximum drawdown, ZJUN dropped -1.08% vs BOCT's -24.54%.

Which ETF is better, ZJUN or BOCT?

On 1-year performance, BOCT leads with 18.25% vs 5.27% for ZJUN. Both ETFs have the same 0.79% expense ratio. On volatility, ZJUN has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZJUN or BOCT?

Over the 1-year period, BOCT has performed better with a 18.25% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZJUN or BOCT?

ZJUN and BOCT have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, ZJUN or BOCT?

ZJUN and BOCT have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ZJUN currently has the higher Sharpe Ratio (2.58 vs 2.19), 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.