BSEP vs. KAPR

Last updated Jun 24, 2026

BSEP (Innovator U.S. Equity Buffer ETF - September) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds from Innovator - BSEP tracks the S&P 500 Index while KAPR tracks the Russell 2000 Index. Both are passively managed. Over the past 5 years, BSEP returned 10.46%/yr vs 7.23%/yr for KAPR. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

BSEP vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSEP achieves a 6.18% return, which is significantly lower than KAPR's 12.34% return.

BSEP

• 1D: -0.55%
• 1M: 0.14%
• YTD: 6.18%
• 6M: 5.70%
• 1Y: 18.44%
• 3Y*: 15.76%
• 5Y*: 10.46%
• 10Y*: —

KAPR

• 1D: -0.37%
• 1M: 1.73%
• YTD: 12.34%
• 6M: 12.09%
• 1Y: 23.29%
• 3Y*: 13.56%
• 5Y*: 7.23%
• 10Y*: —

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

BSEP vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BSEP Innovator U.S. Equity Buffer ETF - September	6.18%	14.80%	16.96%	20.94%	-9.20%	14.64%	29.08%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.34%	7.42%	12.10%	15.36%	-8.14%	2.48%	18.61%

Correlation

The correlation between BSEP and KAPR is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 1, 2020	0.75

The correlation between BSEP and KAPR has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

BSEP vs. KAPR - Sectors Allocation Comparison

Sectors	BSEP	KAPR
Technology	38.4%	19.1%
Financial Services	11.0%	15.5%
Communication Services	10.8%	2.4%
Consumer Cyclical	10.0%	8.0%
Healthcare	8.4%	16.2%
Industrials	7.9%	17.9%
Consumer Defensive	4.6%	2.3%
Energy	3.2%	5.5%
Utilities	2.1%	2.8%
Real Estate	1.8%	5.9%
Basic Materials	1.7%	4.6%

Return for Risk

BSEP vs. KAPR — Risk / Return Rank

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

BSEP

BSEP Risk / Return Rank: 81
BSEP Sharpe Ratio Rank: 81
BSEP Sortino Ratio Rank: 83
BSEP Omega Ratio Rank: 84
BSEP Calmar Ratio Rank: 70
BSEP Martin Ratio Rank: 85

KAPR

KAPR Risk / Return Rank: 96
KAPR Sharpe Ratio Rank: 95
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 97
KAPR Martin Ratio Rank: 97

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.

BSEP vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - September (BSEP) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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.

	BSEP	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.38	3.50	-1.12
Sortino ratio: Return per unit of downside risk	3.40	5.43	-2.03
Omega ratio: Gain probability vs. loss probability	1.46	1.73	-0.27
Calmar ratio: Return relative to maximum drawdown	3.25	9.30	-6.05
Martin ratio: Return relative to average drawdown	16.09	43.60	-27.50

BSEP vs. KAPR - Sharpe Ratio Comparison

The current BSEP Sharpe Ratio is 2.38, which is lower than the KAPR Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of BSEP and KAPR, 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

BSEP vs. KAPR - Drawdown Comparison

The maximum BSEP drawdown since its inception was -23.98%, which is greater than KAPR's maximum drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for BSEP and KAPR.

Drawdown Indicators

	BSEP	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-23.98%	-16.91%	-7.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-2.52%	-3.18%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	-16.84%	+3.48%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-16.91%	+1.89%
Current Drawdown Current decline from peak	-0.80%	-0.37%	-0.43%
Average Drawdown Average peak-to-trough decline	-2.73%	-3.89%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.54%	+0.61%

Volatility

BSEP vs. KAPR - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - September (BSEP) is 1.96%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.53%. This indicates that BSEP experiences smaller price fluctuations and is considered to be less risky than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSEP	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	2.53%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	4.57%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	6.70%	+1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	11.76%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	11.65%	+2.08%

BSEP vs. KAPR - Expense Ratio Comparison

Both BSEP and KAPR have an expense ratio of 0.79%.

Dividends

BSEP vs. KAPR - Dividend Comparison

Neither BSEP nor KAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%
KAPR Innovator Russell 2000 Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSEP and KAPR in my portfolio?

BSEP and KAPR have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSEP or KAPR?

KAPR has higher volatility (2.53%) compared to BSEP (1.96%). In terms of maximum drawdown, BSEP dropped -23.98% vs KAPR's -16.91%.

Which ETF is better, BSEP or KAPR?

On 5-year performance, BSEP leads with 10.46% vs 7.23% for KAPR. Both ETFs have the same 0.79% expense ratio. On volatility, BSEP has been the lower-risk option at 1.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSEP or KAPR?

Over the 5-year period, BSEP has performed better with a 10.46% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSEP or KAPR?

BSEP and KAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, BSEP or KAPR?

BSEP and KAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between BSEP and KAPR?

BSEP tracks S&P 500 Index, while KAPR tracks Russell 2000 Index.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.50 vs 2.38), 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.