Data as of Nov 4, 2026.
PBOC vs UOCT: Cap, Buffer & Days Left
As of Nov 4, 2026 UOCT can fall 5.7% before its buffer engages and PBOC 1.2%.
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Net assets on Nov 4, 2026: $64m for PGIM S&P 500 Buffer 20 ETF - October and $271m for Innovator U.S. Equity Ultra Buffer ETF - Oct.
PBOC: reference +0.6% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.
PBOC: reference +0.6% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.UOCT: reference +0.5% since period start, fund +0.7%; buffer −5 to −35; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.
UOCT: reference +0.5% since period start, fund +0.7%; buffer −5 to −35; cap +15.3%; Between buffer and cap. Data to Nov 4, 2026.Pair scorecard
PBOC costs 0.29 points a year less; their one-year returns differ by 0.3 points; UOCT is 4.2 times larger.
Points (pts) are percentage points.
| Measure | PBOC | UOCT |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.0% | +10.3% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 5.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $64m | $271m |
| 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
May 24, 2024 to Oct 30, 2026 · 127 weekly returns · each against SPYFrom May 2024 to Oct 2026, PBOC returned slightly more: +25.5% to +24.3%. PBOC swung slightly less: 5.9% to 6.3%. PBOC fell less at its worst: −7.1% to −8.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PBOC | UOCT | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +25.5% | +24.3% | PBOC (slight) | Price change plus distributions, reinvested. | |
| Annualized | +9.7% | +9.3% | PBOC (slight) | Total return as a yearly rate. | |
| Price return | +25.5% | +24.3% | PBOC (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 5.9% | 6.3% | PBOC (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 3.9% | 4.1% | PBOC (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −7.1% | −8.3% | PBOC | Deepest fall from a high to the low after it. | |
| Upside capture | 31.5% | 32.0% | 100.0% | Tie | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 40.8% | 43.0% | 100.0% | PBOC (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.39 | 0.40 | 1.00 | Tie | How far it moves for each 1% its benchmark moves. |
| R squared | 0.95 | 0.86 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.90 | 0.77 | PBOC | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.35 | 1.19 | PBOC | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.135 | 0.123 | 0.126 | PBOC (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 1.38 | 1.12 | PBOC | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.3% a year | −0.1% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.40 | −0.09 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.3% to +1.9% | −3.2% to +2.9% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.82 | −0.85 | PBOC (slight) | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.0% | 9.1% | 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, 127 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | PBOC | UOCT | PBOC | UOCT |
| 3 months | +1.9% | +1.9% | +2.3 pts | +2.3 pts |
| 6 months | +4.7% | +5.1% | +0.2 pts | +0.6 pts |
| 1 year | +10.0% | +10.3% | −3.5 pts | −3.3 pts |
| 3 years | – | +37.9% | – | −38.5 pts |
| Since launchNot the same days: PBOC May 2024 · UOCT Oct 2018 | +26.4% | +77.5% | −18.4 pts | −85.4 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
Where each one stands today
PBOC resets first, on Sep 30, 2027, 330 days from now; UOCT runs to Sep 30, 2027, 330 days. PBOC can still gain 11.6% before its cap, UOCT 14.4%. A fall from here reaches PBOC’s buffer after 1.2% and UOCT’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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PBOC
From its price on Nov 4, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 1.2% 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: 20.0% of the 20.0% 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.
UOCT
From its price on Nov 4, 2026, the fund can gain about 14.4% 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 5.5% 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.
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, PBOC against UOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/pboc-vs-uoct
ETFIQ. (Nov 4, 2026). PBOC against UOCT. Retrieved from https://etfiq.com/compare/buffer/pboc-vs-uoct
[PBOC against UOCT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/pboc-vs-uoct)
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