BSEP vs. KBUF

Last updated Aug 4, 2026

BSEP (Innovator U.S. Equity Buffer ETF - September) and KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) are both exchange-traded funds - BSEP is a Defined Outcome fund tracking the S&P 500 Index, while KBUF is a Options Trading fund actively managed by KraneShares. BSEP is passively managed, while KBUF is actively managed. Over the past year, BSEP returned 17.75% vs -3.49% for KBUF. Their 0.36 correlation means their historical movements had little consistent relationship. BSEP charges 0.79%/yr vs 0.95%/yr for KBUF.

Performance

BSEP vs. KBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - September (BSEP) and KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSEP achieves a 8.71% return, which is significantly higher than KBUF's -9.39% return.

BSEP

• 1D: 0.42%
• 1M: 1.49%
• 6M: 7.26%
• YTD: 8.71%
• 1Y: 17.75%
• 3Y*: 15.64%
• 5Y*: 10.78%
• 10Y*: —
• ALL TIME*: 12.13%

KBUF

• 1D: 0.45%
• 1M: 6.29%
• 6M: -11.08%
• YTD: -9.39%
• 1Y: -3.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BSEP Innovator U.S. Equity Buffer ETF - September	$220.42K	$181.95K	$235.40K
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	$6.79K	$35.72K	$167.86K

BSEP vs. KBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BSEP Innovator U.S. Equity Buffer ETF - September	8.71%	14.80%	13.04%
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-9.39%	18.04%	15.85%

Correlation

The correlation between BSEP and KBUF is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Feb 8, 2024	0.36

The correlation between BSEP and KBUF shifts across timeframes, from 0.36 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BSEP vs. KBUF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BSEP

BSEP Risk / Return Rank: 88
BSEP Sharpe Ratio Rank: 89
BSEP Sortino Ratio Rank: 90
BSEP Omega Ratio Rank: 90
BSEP Calmar Ratio Rank: 80
BSEP Martin Ratio Rank: 90

KBUF

KBUF Risk / Return Rank: 7
KBUF Sharpe Ratio Rank: 7
KBUF Sortino Ratio Rank: 7
KBUF Omega Ratio Rank: 7
KBUF Calmar Ratio Rank: 8
KBUF Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BSEP vs. KBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - September (BSEP) and KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF). 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	KBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.31	-0.26	+2.57
Sortino ratio: Return per unit of downside risk	3.33	-0.28	+3.61
Omega ratio: Gain probability vs. loss probability	1.45	0.97	+0.48
Calmar ratio: Return relative to maximum drawdown	3.12	-0.17	+3.29
Martin ratio: Return relative to average drawdown	15.46	-0.33	+15.80

BSEP vs. KBUF - Sharpe Ratio Comparison

The current BSEP Sharpe Ratio is 2.31, which is higher than the KBUF Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of BSEP and KBUF, 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. KBUF - Drawdown Comparison

The maximum BSEP drawdown since its inception was -23.98%, which is greater than KBUF's maximum drawdown of -21.14%. Use the drawdown chart below to compare losses from any high point for BSEP and KBUF.

Drawdown Indicators

	BSEP	KBUF	Difference
Max Drawdown Largest peak-to-trough decline	-23.98%	-21.14%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-21.14%	+15.44%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	—	—
Current Drawdown Current decline from peak	0.00%	-14.74%	+14.74%
Average Drawdown Average peak-to-trough decline	-2.69%	-5.07%	+2.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	10.46%	-9.31%

Volatility

BSEP vs. KBUF - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - September (BSEP) is 1.78%, while KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has a volatility of 3.46%. This indicates that BSEP experiences smaller price fluctuations and is considered to be less risky than KBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSEP	KBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	3.46%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	10.53%	-4.60%
Volatility (1Y) Calculated over the trailing 1-year period	7.74%	13.44%	-5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	14.18%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.64%	14.18%	-0.54%

BSEP vs. KBUF - Expense Ratio Comparison

BSEP has a 0.79% expense ratio, which is lower than KBUF's 0.95% expense ratio.

Dividends

BSEP vs. KBUF - Dividend Comparison

BSEP has not paid dividends to shareholders, while KBUF's dividend yield for the trailing twelve months is around 8.29%.

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%
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.29%	7.51%	3.53%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSEP and KBUF in my portfolio?

BSEP and KBUF have a correlation of 0.47, 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 KBUF?

KBUF has higher volatility (3.46%) compared to BSEP (1.78%). In terms of maximum drawdown, BSEP dropped -23.98% vs KBUF's -21.14%.

Which ETF is better, BSEP or KBUF?

On 1-year performance, BSEP leads with 17.75% vs -3.49% for KBUF. On fees, BSEP is cheaper at 0.79% per year. On volatility, BSEP has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSEP or KBUF?

Over the 1-year period, BSEP has performed better with a 17.75% return vs -3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSEP or KBUF?

BSEP is cheaper with a 0.79% expense ratio, compared with 0.95% for KBUF.

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

KBUF has the higher dividend yield at 8.29%, compared with 0.00% for BSEP.

What is the main difference between BSEP and KBUF?

BSEP is categorized as Defined Outcome, while KBUF is Options Trading. They also come from different issuers: Innovator and KraneShares. Their fees differ too: 0.79% for BSEP and 0.95% for KBUF.

Which has better risk-adjusted returns?

BSEP currently has the higher Sharpe Ratio (2.31 vs -0.26), 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.