BSEP vs. KBUF

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Buffer ETF - September (BSEP) and KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF).

BSEP and KBUF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BSEP is a passively managed fund by Innovator that tracks the performance of the S&P 500 Index. It was launched on Aug 30, 2019. KBUF is an actively managed fund by KraneShares. It was launched on Feb 7, 2024.

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.

BSEP vs. KBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BSEP Innovator U.S. Equity Buffer ETF - September	-2.37%	14.80%	12.96%
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-8.06%	18.04%	16.58%

Returns By Period

In the year-to-date period, BSEP achieves a -2.37% return, which is significantly higher than KBUF's -8.06% return.

BSEP

• 1D: 2.02%
• 1M: -3.16%
• YTD: -2.37%
• 6M: -0.42%
• 1Y: 15.10%
• 3Y*: 14.40%
• 5Y*: 9.46%
• 10Y*: —

KBUF

• 1D: 1.24%
• 1M: -4.42%
• YTD: -8.06%
• 6M: -12.68%
• 1Y: 0.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSEP vs. KBUF - Expense Ratio Comparison

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

KBUF

KraneShares 90% KWEB Defined Outcome January 2026 ETF

BSEP

Innovator U.S. Equity Buffer ETF - September

Return for Risk

BSEP vs. KBUF — Risk / Return Rank

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

BSEP

BSEP Risk / Return Rank: 72
BSEP Sharpe Ratio Rank: 66
BSEP Sortino Ratio Rank: 70
BSEP Omega Ratio Rank: 75
BSEP Calmar Ratio Rank: 67
BSEP Martin Ratio Rank: 81

KBUF

KBUF Risk / Return Rank: 12
KBUF Sharpe Ratio Rank: 12
KBUF Sortino Ratio Rank: 11
KBUF Omega Ratio Rank: 11
KBUF Calmar Ratio Rank: 12
KBUF Martin Ratio Rank: 12

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. 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.

	BSEP	KBUF	Difference
Sharpe ratio Return per unit of total volatility	1.18	0.02	+1.16
Sortino ratio Return per unit of downside risk	1.78	0.12	+1.66
Omega ratio Gain probability vs. loss probability	1.28	1.01	+0.27
Calmar ratio Return relative to maximum drawdown	1.73	-0.00	+1.73
Martin ratio Return relative to average drawdown	9.10	-0.01	+9.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSEP vs. KBUF - Sharpe Ratio Comparison

The current BSEP Sharpe Ratio is 1.18, which is higher than the KBUF Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of BSEP and KBUF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BSEP	KBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	0.02	+1.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.83	-0.03

Correlation

The correlation between BSEP and KBUF is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 8.17%.

	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	8.17%	7.51%	3.53%	0.00%	0.00%	0.00%	0.00%	0.00%

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 -14.55%. 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%	-14.55%	-9.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-14.55%	+5.56%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	—	—
Current Drawdown Current decline from peak	-3.79%	-13.49%	+9.70%
Average Drawdown Average peak-to-trough decline	-2.81%	-3.37%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	4.84%	-3.14%

Volatility

BSEP vs. KBUF - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - September (BSEP) is 3.82%, while KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has a volatility of 4.63%. 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	3.82%	4.63%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	9.20%	-3.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.84%	12.87%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.60%	14.08%	-2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	14.08%	-0.17%