Data as of Nov 4, 2026.
DDFO vs TOCT: Cap, Buffer & Days Left
As of Nov 4, 2026 TOCT can fall 5.5% before its buffer engages and DDFO 0.7%.
askIQ about this page
askIQ about DDFO and TOCT
Net assets on Nov 4, 2026: $176m for Innovator Equity Dual Directional 15 Buffer ETF - Oct and $14m for Innovator Equity Defined Protection ETF - Oct 2027.
DDFO: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +10.7%; Between buffer and cap. Data to Nov 4, 2026.
DDFO: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +10.7%; Between buffer and cap. Data to Nov 4, 2026.TOCT: reference +15.1% since period start, fund +4.9%; buffer Floor; cap +12.8%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
Both cost 0.79% a year; their one-year returns differ by 4.1 points; DDFO is 12.6 times larger.
Points (pts) are percentage points.
| Measure | DDFO | TOCT |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.2% | +4.1% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 13.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.79% | 0.79% |
| Net assets | $176m | $14m |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Oct 10, 2025 to Oct 30, 2026 · 55 weekly returns · each against SPYFrom Oct 2025 to Oct 2026, DDFO returned more: +8.9% to +4.2%. TOCT swung less: 2.5% to 3.6%. TOCT fell less at its worst: −2.0% to −2.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | DDFO | TOCT | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +8.9% | +4.2% | +17.0% | DDFO | Price change plus distributions, reinvested. |
| Annualized | +8.4% | +3.9% | +16.0% | DDFO | Total return as a yearly rate. |
| Price return | +8.9% | +4.2% | +15.7% | DDFO | Price change alone, distributions left out. |
| Risk | |||||
| Volatility | 3.6% | 2.5% | 11.9% | TOCT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 2.1% | 1.7% | 6.9% | TOCT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −2.5% | −2.0% | −8.4% | TOCT | Deepest fall from a high to the low after it. |
| Upside capture | 25.0% | 15.0% | 100.0% | DDFO | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 25.6% | 22.0% | 100.0% | TOCT | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.28 | 0.19 | 1.00 | TOCT lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.84 | 0.83 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.19 | 0.04 | 0.99 | DDFO | Return above Treasury bills per unit of volatility. |
| Sortino | 2.06 | 0.07 | 1.71 | DDFO | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.154 | 0.006 | 0.117 | DDFO | Return above Treasury bills per unit of beta. |
| Calmar | 3.40 | 1.95 | 1.90 | DDFO | Annualized return divided by the max drawdown. |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +1.0% a year | −2.1% a year | 0.0% | TOCT significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.72 | −2.06 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.8% to +3.9% | −4.2% to −0.1% | DDFO's includes zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.85 | −1.20 | DDFO | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.7% | 9.7% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 55 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | DDFO | TOCT | DDFO | TOCT |
| 3 months | +1.5% | +0.7% | +1.9 pts | +1.1 pts |
| 6 months | +3.5% | +1.9% | −1.0 pts | −2.6 pts |
| 1 year | +8.2% | +4.1% | −5.4 pts | −9.4 pts |
| Since launchDDFO Oct 2025 · TOCT Oct 2025 | +8.5% | +4.1% | −6.2 pts | −10.7 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. TOCT is a floor fund, which caps how far a holder can fall. DDFO is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
TOCT is already at its cap, so more rise in the index adds nothing to it before the period ends.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
DDFO resets first, on Sep 30, 2027, 330 days from now; TOCT runs to Sep 30, 2027, 330 days. DDFO can still gain 9.9% before its cap, TOCT 6.6%. A fall from here reaches DDFO’s buffer after 0.7% and TOCT’s after 5.5%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
DDFO
From its price on Nov 4, 2026, the fund can gain about 9.9% more before it reaches its cap. The fund's price can fall 0.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.
TOCT
SPY had already risen past this fund's cap of +12.8% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 6.6% as the period runs out. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 13.1% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, DDFO against TOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/ddfo-vs-toct
ETFIQ. (Nov 4, 2026). DDFO against TOCT. Retrieved from https://etfiq.com/compare/buffer/ddfo-vs-toct
[DDFO against TOCT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/ddfo-vs-toct)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.