DECP vs. KAPR

Last updated Aug 6, 2026

DECP (PGIM S&P 500 Buffer 12 ETF - December) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. DECP is actively managed, while KAPR is passively managed. Over the past year, DECP returned 18.12% vs 22.24% for KAPR. Their 0.72 correlation means they have sometimes moved together and sometimes differently. DECP charges 0.50%/yr vs 0.79%/yr for KAPR.

Performance

DECP vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 12 ETF - December (DECP) 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, DECP achieves a 8.87% return, which is significantly lower than KAPR's 14.23% return.

DECP

• 1D: 0.53%
• 1M: 1.63%
• 6M: 8.00%
• YTD: 8.87%
• 1Y: 18.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.50%

KAPR

• 1D: -0.10%
• 1M: 0.79%
• 6M: 12.76%
• YTD: 14.23%
• 1Y: 22.24%
• 3Y*: 12.76%
• 5Y*: 7.97%
• 10Y*: —
• ALL TIME*: 9.44%

*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)
DECP PGIM S&P 500 Buffer 12 ETF - December	$124.04K	$131.41K	$270.75K
KAPR Innovator Russell 2000 Power Buffer ETF - April	$175.83K	$293.35K	$306.62K

DECP vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECP PGIM S&P 500 Buffer 12 ETF - December	8.87%	14.87%	5.64%
KAPR Innovator Russell 2000 Power Buffer ETF - April	14.23%	7.42%	6.63%

Correlation

The correlation between DECP and KAPR is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (All Time) Calculated using the full available price history since May 24, 2024	0.72

The correlation between DECP and KAPR has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

DECP vs. KAPR — Risk / Return Rank

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

DECP

DECP Risk / Return Rank: 76
DECP Sharpe Ratio Rank: 64
DECP Sortino Ratio Rank: 65
DECP Omega Ratio Rank: 81
DECP Calmar Ratio Rank: 80
DECP Martin Ratio Rank: 89

KAPR

KAPR Risk / Return Rank: 97
KAPR Sharpe Ratio Rank: 97
KAPR Sortino Ratio Rank: 97
KAPR Omega Ratio Rank: 97
KAPR Calmar Ratio Rank: 97
KAPR Martin Ratio Rank: 98

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.

DECP vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 12 ETF - December (DECP) 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.

	DECP	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.71	3.49	-1.78
Sortino ratio: Return per unit of downside risk	2.46	5.53	-3.07
Omega ratio: Gain probability vs. loss probability	1.38	1.75	-0.37
Calmar ratio: Return relative to maximum drawdown	3.29	8.88	-5.59
Martin ratio: Return relative to average drawdown	15.13	44.49	-29.36

DECP vs. KAPR - Sharpe Ratio Comparison

The current DECP Sharpe Ratio is 1.71, which is lower than the KAPR Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of DECP 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

DECP vs. KAPR - Drawdown Comparison

The maximum DECP drawdown since its inception was -12.12%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for DECP and KAPR.

Drawdown Indicators

	DECP	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-16.91%	+4.79%
Max Drawdown (1Y) Largest decline over 1 year	-5.54%	-2.52%	-3.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.91%	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-1.09%	-3.82%	+2.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	0.50%	+0.70%

Volatility

DECP vs. KAPR - Volatility Comparison

PGIM S&P 500 Buffer 12 ETF - December (DECP) has a higher volatility of 2.16% compared to Innovator Russell 2000 Power Buffer ETF - April (KAPR) at 1.61%. This indicates that DECP's price experiences larger fluctuations and is considered to be riskier than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECP	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	1.61%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	4.82%	+4.34%
Volatility (1Y) Calculated over the trailing 1-year period	10.66%	6.41%	+4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.80%	11.68%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.80%	11.56%	-0.76%

DECP vs. KAPR - Expense Ratio Comparison

DECP has a 0.50% expense ratio, which is lower than KAPR's 0.79% expense ratio.

Dividends

DECP vs. KAPR - Dividend Comparison

Neither DECP nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DECP and KAPR in my portfolio?

DECP and KAPR have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECP or KAPR?

DECP has higher volatility (2.16%) compared to KAPR (1.61%). In terms of maximum drawdown, DECP dropped -12.12% vs KAPR's -16.91%.

Which ETF is better, DECP or KAPR?

On 1-year performance, KAPR leads with 22.24% vs 18.12% for DECP. On fees, DECP is cheaper at 0.50% per year. On volatility, KAPR has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECP or KAPR?

Over the 1-year period, KAPR has performed better with a 22.24% return vs 18.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECP or KAPR?

DECP is cheaper with a 0.50% expense ratio, compared with 0.79% for KAPR.

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

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

What is the main difference between DECP and KAPR?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for DECP and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.49 vs 1.71), 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.