Data as of Nov 4, 2026.
FOCT vs UNOV: Cap, Buffer & Days Left
As of Nov 4, 2026 UNOV can fall 5.7% before its buffer engages and FOCT 1.3%, and FOCT resets 16 days sooner.
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Net assets: $1.3bn on Nov 3, 2026 for FT Vest U.S. Equity Buffer ETF - October, and $112m on Nov 4, 2026 for Innovator U.S. Equity Ultra Buffer ETF - Nov.
FOCT: reference +0.5% since period start, fund +0.5%; buffer 0 to −10; cap +17.2%; Between buffer and cap. Data to Nov 4, 2026.
FOCT: reference +0.5% since period start, fund +0.5%; buffer 0 to −10; cap +17.2%; Between buffer and cap. Data to Nov 4, 2026.UNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.
UNOV: reference +1.4% since period start, fund +0.7%; buffer −5 to −35; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
UNOV costs 0.06 points a year less; their one-year returns differ by 2.4 points; FOCT is 12.1 times larger.
Points (pts) are percentage points.
| Measure | FOCT | UNOV |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.7% | +11.3% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 6.3% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.79% |
| Net assets, as of Nov 3, 2026 | $1.3bn | $107m |
| Holdings | ||
| Holdings in common | not published | |
How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed
Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →
Risk and return
Oct 30, 2020 to Oct 30, 2026 · 313 weekly returns · each against SPYFrom Oct 2020 to Oct 2026, FOCT returned more: +89.9% to +52.0%. UNOV swung less: 6.3% to 10.0%. UNOV fell less at its worst: −8.3% to −13.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FOCT | UNOV | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +89.9% | +52.0% | FOCT | Price change plus distributions, reinvested. | |
| Annualized | +11.2% | +7.2% | FOCT | Total return as a yearly rate. | |
| Price return | +89.9% | +52.0% | FOCT | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 10.0% | 6.3% | UNOV | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 6.4% | 4.2% | UNOV | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −13.7% | −8.3% | UNOV | Deepest fall from a high to the low after it. | |
| Upside capture | 49.1% | 26.4% | 100.0% | FOCT | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 66.0% | 41.8% | 100.0% | UNOV | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.61 | 0.35 | 1.00 | UNOV lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.92 | 0.76 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.79 | 0.61 | FOCT | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.22 | 0.92 | FOCT | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.130 | 0.111 | 0.133 | FOCT | Return above Treasury bills per unit of beta. |
| Calmar | 0.82 | 0.87 | UNOV (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.2% a year | −0.8% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.15 | −0.59 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.5% to +2.2% | −3.3% to +1.8% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.79 | −0.87 | FOCT | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.8% | 10.7% | 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, 313 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | FOCT | UNOV | FOCT | UNOV |
| 3 months | +2.9% | +2.6% | +3.3 pts | +3.0 pts |
| 6 months | +6.7% | +5.7% | +2.2 pts | +1.2 pts |
| 1 year | +13.7% | +11.3% | +0.1 pts | −2.2 pts |
| 3 years | +49.2% | +38.3% | −27.2 pts | −38.1 pts |
| Since launchNot the same days: FOCT Oct 2020 · UNOV Nov 2019 | +85.0% | +63.5% | −39.2 pts | −87.0 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.
Where each one stands today
FOCT resets first, on Oct 15, 2027, 345 days from now; UNOV runs to Oct 31, 2027, 361 days. FOCT can still gain 15.8% before its cap, UNOV 13.6%. A fall from here reaches FOCT’s buffer after 1.3% and UNOV’s after 5.7%. Both track SPY, so what separates them is where each is in its own period.
Client brief:
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FOCT
From its price on Nov 4, 2026, the fund can gain about 15.8% more before it reaches its cap. The fund's price can fall 1.3% 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: 10.0% of the 10.0% buffer still sits below today's SPY level. 345 days remained on Nov 4, 2026. On Oct 15, 2027 the period ends and a new cap is set.
UNOV
From its price on Nov 4, 2026, the fund can gain about 13.6% more before it reaches its cap. The fund's price can fall 5.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 6.3% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 361 days remained on Nov 4, 2026. On Oct 31, 2027 the period ends and a new cap is set.
Questions people ask
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How this is computed
It is a place in a set, not a rating or a recommendation.
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.
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ETFIQ, FOCT against UNOV, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/foct-vs-unov
ETFIQ. (Nov 4, 2026). FOCT against UNOV. Retrieved from https://etfiq.com/compare/buffer/foct-vs-unov
[FOCT against UNOV (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/foct-vs-unov)
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