FAPR vs. KAPR

Last updated Jun 24, 2026

FAPR (FT Vest U.S. Equity Buffer ETF - April) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds - FAPR tracks the S&P 500 while KAPR tracks the Russell 2000 Index. Both are passively managed. Over the past 5 years, FAPR returned 8.58%/yr vs 7.23%/yr for KAPR. A 0.75 correlation means they provide meaningful diversification when combined. FAPR charges 0.85%/yr vs 0.79%/yr for KAPR.

Performance

FAPR vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - April (FAPR) 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, FAPR achieves a 4.22% return, which is significantly lower than KAPR's 12.34% return.

FAPR

• 1D: -0.61%
• 1M: -0.33%
• YTD: 4.22%
• 6M: 4.27%
• 1Y: 11.10%
• 3Y*: 12.75%
• 5Y*: 8.58%
• 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)

FAPR vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FAPR FT Vest U.S. Equity Buffer ETF - April	4.22%	7.58%	18.14%	19.50%	-10.33%	8.50%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.34%	7.42%	12.10%	15.36%	-8.14%	1.18%

Correlation

The correlation between FAPR and KAPR is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 19, 2021	0.75

The correlation between FAPR and KAPR has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

FAPR vs. KAPR - Sectors Allocation Comparison

Sectors	FAPR	KAPR
Technology	39.0%	19.1%
Financial Services	11.1%	15.5%
Communication Services	10.6%	2.4%
Consumer Cyclical	9.9%	8.0%
Healthcare	8.3%	16.2%
Industrials	7.8%	17.9%
Consumer Defensive	4.5%	2.3%
Energy	3.1%	5.5%
Utilities	2.1%	2.8%
Real Estate	1.8%	5.9%
Basic Materials	1.7%	4.6%

Return for Risk

FAPR vs. KAPR — Risk / Return Rank

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

FAPR

FAPR Risk / Return Rank: 91
FAPR Sharpe Ratio Rank: 86
FAPR Sortino Ratio Rank: 90
FAPR Omega Ratio Rank: 92
FAPR Calmar Ratio Rank: 89
FAPR Martin Ratio Rank: 96

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.

FAPR vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - April (FAPR) 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.

	FAPR	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.56	3.50	-0.93
Sortino ratio: Return per unit of downside risk	3.84	5.43	-1.59
Omega ratio: Gain probability vs. loss probability	1.57	1.73	-0.16
Calmar ratio: Return relative to maximum drawdown	5.04	9.30	-4.26
Martin ratio: Return relative to average drawdown	32.27	43.60	-11.33

FAPR vs. KAPR - Sharpe Ratio Comparison

The current FAPR Sharpe Ratio is 2.56, which is comparable to the KAPR Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of FAPR 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

FAPR vs. KAPR - Drawdown Comparison

The maximum FAPR drawdown since its inception was -15.96%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for FAPR and KAPR.

Drawdown Indicators

	FAPR	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-15.96%	-16.91%	+0.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	-2.52%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-11.64%	-16.84%	+5.20%
Max Drawdown (5Y) Largest decline over 5 years	-15.96%	-16.91%	+0.95%
Current Drawdown Current decline from peak	-1.15%	-0.37%	-0.78%
Average Drawdown Average peak-to-trough decline	-2.69%	-3.89%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.54%	-0.20%

Volatility

FAPR vs. KAPR - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - April (FAPR) and Innovator Russell 2000 Power Buffer ETF - April (KAPR) have volatilities of 2.54% and 2.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAPR	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.53%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.71%	4.57%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	4.37%	6.70%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	11.76%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.43%	11.65%	-1.22%

FAPR vs. KAPR - Expense Ratio Comparison

FAPR has a 0.85% expense ratio, which is higher than KAPR's 0.79% expense ratio.

Dividends

FAPR vs. KAPR - Dividend Comparison

Neither FAPR nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FAPR and KAPR in my portfolio?

FAPR 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, FAPR or KAPR?

FAPR has higher volatility (2.54%) compared to KAPR (2.53%). In terms of maximum drawdown, FAPR dropped -15.96% vs KAPR's -16.91%.

Which ETF is better, FAPR or KAPR?

On 5-year performance, FAPR leads with 8.58% vs 7.23% for KAPR. On fees, KAPR is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAPR or KAPR?

Over the 5-year period, FAPR has performed better with a 8.58% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAPR or KAPR?

KAPR is cheaper with a 0.79% expense ratio, compared with 0.85% for FAPR.

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

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

What is the main difference between FAPR and KAPR?

FAPR tracks S&P 500, while KAPR tracks Russell 2000 Index. They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for FAPR and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.50 vs 2.56), 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.