FDEC vs. KSEP

Last updated Jun 4, 2026

FDEC (FT Vest U.S. Equity Buffer ETF - December) and KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) are both Defined Outcome funds. Both are actively managed. Over the past year, FDEC returned 20.01% vs 20.63% for KSEP. A 0.74 correlation means they provide meaningful diversification when combined. FDEC charges 0.85%/yr vs 0.79%/yr for KSEP.

Performance

FDEC vs. KSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - December (FDEC) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDEC achieves a 6.38% return, which is significantly lower than KSEP's 8.77% return.

FDEC

• 1D: -0.19%
• 1M: 2.64%
• YTD: 6.38%
• 6M: 7.86%
• 1Y: 20.01%
• 3Y*: 15.93%
• 5Y*: 10.58%
• 10Y*: —

KSEP

• 1D: -0.28%
• 1M: 1.76%
• YTD: 8.77%
• 6M: 8.72%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDEC vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FDEC FT Vest U.S. Equity Buffer ETF - December	6.38%	14.82%	3.40%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	8.77%	8.54%	3.08%

Correlation

The correlation between FDEC and KSEP 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 (All Time) Calculated using the full available price history since Sep 4, 2024	0.74

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

Return for Risk

FDEC vs. KSEP — Risk / Return Rank

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

FDEC

FDEC Risk / Return Rank: 81
FDEC Sharpe Ratio Rank: 81
FDEC Sortino Ratio Rank: 85
FDEC Omega Ratio Rank: 85
FDEC Calmar Ratio Rank: 70
FDEC Martin Ratio Rank: 85

KSEP

KSEP Risk / Return Rank: 71
KSEP Sharpe Ratio Rank: 62
KSEP Sortino Ratio Rank: 69
KSEP Omega Ratio Rank: 63
KSEP Calmar Ratio Rank: 83
KSEP Martin Ratio Rank: 81

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.

FDEC vs. KSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - December (FDEC) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). 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.

	FDEC	KSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.04	+0.59
Sortino ratio: Return per unit of downside risk	3.83	3.10	+0.73
Omega ratio: Gain probability vs. loss probability	1.52	1.37	+0.14
Calmar ratio: Return relative to maximum drawdown	3.44	4.36	-0.91
Martin ratio: Return relative to average drawdown	17.84	15.77	+2.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDEC vs. KSEP - Sharpe Ratio Comparison

The current FDEC Sharpe Ratio is 2.64, which is comparable to the KSEP Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of FDEC and KSEP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDEC	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.04	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.03	+0.01

Drawdowns

FDEC vs. KSEP - Drawdown Comparison

The maximum FDEC drawdown since its inception was -15.67%, which is greater than KSEP's maximum drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for FDEC and KSEP.

Drawdown Indicators

	FDEC	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-14.92%	-0.75%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-4.75%	-1.08%
Max Drawdown (3Y) Largest decline over 3 years	-13.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.67%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.28%	+0.09%
Average Drawdown Average peak-to-trough decline	-2.57%	-2.45%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.31%	-0.19%

Volatility

FDEC vs. KSEP - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - December (FDEC) is 1.27%, while Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) has a volatility of 1.63%. This indicates that FDEC experiences smaller price fluctuations and is considered to be less risky than KSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEC	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.63%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	5.92%	6.27%	-0.35%
Volatility (1Y) Calculated over the trailing 1-year period	7.62%	10.16%	-2.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.21%	11.65%	-0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	11.65%	-0.64%

FDEC vs. KSEP - Expense Ratio Comparison

FDEC has a 0.85% expense ratio, which is higher than KSEP's 0.79% expense ratio.

Dividends

FDEC vs. KSEP - Dividend Comparison

Neither FDEC nor KSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FDEC and KSEP in my portfolio?

FDEC and KSEP 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, FDEC or KSEP?

KSEP has higher volatility (1.63%) compared to FDEC (1.27%). In terms of maximum drawdown, FDEC dropped -15.67% vs KSEP's -14.92%.

Which ETF is better, FDEC or KSEP?

On 1-year performance, KSEP leads with 20.63% vs 20.01% for FDEC. On fees, KSEP is cheaper at 0.79% per year. On volatility, FDEC has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEC or KSEP?

Over the 1-year period, KSEP has performed better with a 20.63% return vs 20.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEC or KSEP?

KSEP is cheaper with a 0.79% expense ratio, compared with 0.85% for FDEC.

Which ETF pays a higher dividend yield, FDEC or KSEP?

FDEC and KSEP have nearly identical dividend yields, around 0.00%.

What is the main difference between FDEC and KSEP?

They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for FDEC and 0.79% for KSEP.

Which has better risk-adjusted returns?

FDEC currently has the higher Sharpe Ratio (2.64 vs 2.04), 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.