KAPR vs. DAPR

Last updated Jun 4, 2026

KAPR (Innovator Russell 2000 Power Buffer ETF - April) and DAPR (FT Vest U.S. Equity Deep Buffer ETF - April) are both Defined Outcome funds - KAPR tracks the Russell 2000 Index while DAPR tracks the S&P 500. Both are passively managed. Over the past 5 years, KAPR returned 7.18%/yr vs 6.20%/yr for DAPR. A 0.72 correlation means they provide meaningful diversification when combined. KAPR charges 0.79%/yr vs 0.85%/yr for DAPR.

Performance

KAPR vs. DAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Russell 2000 Power Buffer ETF - April (KAPR) and FT Vest U.S. Equity Deep Buffer ETF - April (DAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KAPR achieves a 10.96% return, which is significantly higher than DAPR's 4.04% return.

KAPR

• 1D: -0.52%
• 1M: 1.70%
• YTD: 10.96%
• 6M: 11.76%
• 1Y: 22.85%
• 3Y*: 13.04%
• 5Y*: 7.18%
• 10Y*: —

DAPR

• 1D: -0.12%
• 1M: 1.93%
• YTD: 4.04%
• 6M: 4.78%
• 1Y: 10.07%
• 3Y*: 10.83%
• 5Y*: 6.20%
• 10Y*: —

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

KAPR vs. DAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KAPR Innovator Russell 2000 Power Buffer ETF - April	10.96%	7.42%	12.10%	15.36%	-8.14%	1.79%
DAPR FT Vest U.S. Equity Deep Buffer ETF - April	4.04%	5.74%	14.99%	9.84%	-6.84%	5.34%

Correlation

The correlation between KAPR and DAPR is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Apr 20, 2021	0.72

The correlation between KAPR and DAPR has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

KAPR vs. DAPR - Sectors Allocation Comparison

Sectors	KAPR	DAPR
Healthcare	17.7%	8.4%
Industrials	16.6%	8.1%
Financial Services	16.0%	11.9%
Technology	15.4%	36.2%
Consumer Cyclical	8.7%	10.1%
Energy	6.6%	3.5%
Real Estate	6.3%	1.9%
Basic Materials	4.8%	1.8%
Utilities	3.0%	2.3%
Consumer Defensive	2.6%	4.9%
Communication Services	2.3%	10.9%

Return for Risk

KAPR vs. DAPR — Risk / Return Rank

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

KAPR

KAPR Risk / Return Rank: 95
KAPR Sharpe Ratio Rank: 93
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 95
KAPR Calmar Ratio Rank: 96
KAPR Martin Ratio Rank: 97

DAPR

DAPR Risk / Return Rank: 96
DAPR Sharpe Ratio Rank: 94
DAPR Sortino Ratio Rank: 97
DAPR Omega Ratio Rank: 96
DAPR Calmar Ratio Rank: 97
DAPR Martin Ratio Rank: 98

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.

KAPR vs. DAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Russell 2000 Power Buffer ETF - April (KAPR) and FT Vest U.S. Equity Deep Buffer ETF - April (DAPR). 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.

	KAPR	DAPR	Difference
Sharpe ratio Return per unit of total volatility	3.53	3.66	-0.13
Sortino ratio Return per unit of downside risk	5.56	5.98	-0.41
Omega ratio Gain probability vs. loss probability	1.74	1.81	-0.08
Calmar ratio Return relative to maximum drawdown	9.12	11.99	-2.87
Martin ratio Return relative to average drawdown	43.03	59.41	-16.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KAPR vs. DAPR - Sharpe Ratio Comparison

The current KAPR Sharpe Ratio is 3.53, which is comparable to the DAPR Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of KAPR and DAPR, 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

	KAPR	DAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.53	3.66	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.76	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.77	+0.06

Drawdowns

KAPR vs. DAPR - Drawdown Comparison

The maximum KAPR drawdown since its inception was -16.91%, which is greater than DAPR's maximum drawdown of -10.51%. Use the drawdown chart below to compare losses from any high point for KAPR and DAPR.

Drawdown Indicators

	KAPR	DAPR	Difference
Max Drawdown Largest peak-to-trough decline	-16.91%	-10.51%	-6.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-0.84%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-16.84%	-10.51%	-6.33%
Max Drawdown (5Y) Largest decline over 5 years	-16.91%	-10.51%	-6.40%
Current Drawdown Current decline from peak	-0.52%	-0.12%	-0.40%
Average Drawdown Average peak-to-trough decline	-3.92%	-2.30%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.17%	+0.36%

Volatility

KAPR vs. DAPR - Volatility Comparison

Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a higher volatility of 2.30% compared to FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) at 1.03%. This indicates that KAPR's price experiences larger fluctuations and is considered to be riskier than DAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAPR	DAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	1.03%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	4.06%	1.88%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	2.78%	+3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	8.21%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.63%	8.16%	+3.47%

KAPR vs. DAPR - Expense Ratio Comparison

KAPR has a 0.79% expense ratio, which is lower than DAPR's 0.85% expense ratio.

Dividends

KAPR vs. DAPR - Dividend Comparison

Neither KAPR nor DAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KAPR and DAPR in my portfolio?

KAPR and DAPR have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KAPR or DAPR?

KAPR has higher volatility (2.30%) compared to DAPR (1.03%). In terms of maximum drawdown, KAPR dropped -16.91% vs DAPR's -10.51%.

Which ETF is better, KAPR or DAPR?

On 5-year performance, KAPR leads with 7.18% vs 6.20% for DAPR. On fees, KAPR is cheaper at 0.79% per year. On volatility, DAPR has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAPR or DAPR?

Over the 5-year period, KAPR has performed better with a 7.18% return vs 6.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAPR or DAPR?

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

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

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

What is the main difference between KAPR and DAPR?

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

Which has better risk-adjusted returns?

DAPR currently has the higher Sharpe Ratio (3.66 vs 3.53), 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.