KAPR vs. UOCT

Last updated Jun 4, 2026

KAPR (Innovator Russell 2000 Power Buffer ETF - April) and UOCT (Innovator U.S. Equity Ultra Buffer ETF October) are both Defined Outcome funds from Innovator - KAPR tracks the Russell 2000 Index while UOCT tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, KAPR returned 7.18%/yr vs 8.25%/yr for UOCT. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KAPR vs. UOCT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Russell 2000 Power Buffer ETF - April (KAPR) and Innovator U.S. Equity Ultra Buffer ETF October (UOCT). 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 UOCT's 5.08% return.

KAPR

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

UOCT

• 1D: -0.12%
• 1M: 2.03%
• YTD: 5.08%
• 6M: 5.38%
• 1Y: 14.21%
• 3Y*: 11.66%
• 5Y*: 8.25%
• 10Y*: —

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

KAPR vs. UOCT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KAPR Innovator Russell 2000 Power Buffer ETF - April	10.96%	7.42%	12.10%	15.36%	-8.14%	2.48%	21.17%
UOCT Innovator U.S. Equity Ultra Buffer ETF October	5.08%	10.67%	8.98%	18.66%	-4.33%	5.83%	18.54%

Correlation

The correlation between KAPR and UOCT is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 2, 2020	0.70

The correlation between KAPR and UOCT has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.

KAPR vs. UOCT - Sectors Allocation Comparison

Sectors	KAPR	UOCT
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. UOCT — 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

UOCT

UOCT Risk / Return Rank: 78
UOCT Sharpe Ratio Rank: 78
UOCT Sortino Ratio Rank: 80
UOCT Omega Ratio Rank: 84
UOCT Calmar Ratio Rank: 68
UOCT Martin Ratio Rank: 82

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. UOCT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Russell 2000 Power Buffer ETF - April (KAPR) and Innovator U.S. Equity Ultra Buffer ETF October (UOCT). 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	UOCT	Difference
Sharpe ratio: Return per unit of total volatility	3.53	2.55	+0.98
Sortino ratio: Return per unit of downside risk	5.56	3.61	+1.96
Omega ratio: Gain probability vs. loss probability	1.74	1.51	+0.23
Calmar ratio: Return relative to maximum drawdown	9.12	3.37	+5.75
Martin ratio: Return relative to average drawdown	43.03	16.57	+26.46
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. UOCT - Sharpe Ratio Comparison

The current KAPR Sharpe Ratio is 3.53, which is higher than the UOCT Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of KAPR and UOCT, 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	UOCT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.53	2.55	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	1.24	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.95	-0.12

Drawdowns

KAPR vs. UOCT - Drawdown Comparison

The maximum KAPR drawdown since its inception was -16.91%, which is greater than UOCT's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for KAPR and UOCT.

Drawdown Indicators

	KAPR	UOCT	Difference
Max Drawdown Largest peak-to-trough decline	-16.91%	-13.68%	-3.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-4.24%	+1.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.84%	-9.21%	-7.63%
Max Drawdown (5Y) Largest decline over 5 years	-16.91%	-9.21%	-7.70%
Current Drawdown Current decline from peak	-0.52%	-0.12%	-0.40%
Average Drawdown Average peak-to-trough decline	-3.92%	-1.52%	-2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.86%	-0.33%

Volatility

KAPR vs. UOCT - Volatility Comparison

Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a higher volatility of 2.30% compared to Innovator U.S. Equity Ultra Buffer ETF October (UOCT) at 0.81%. This indicates that KAPR's price experiences larger fluctuations and is considered to be riskier than UOCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAPR	UOCT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	0.81%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	4.06%	4.27%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	6.54%	5.60%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	6.69%	+5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.63%	7.65%	+3.98%

KAPR vs. UOCT - Expense Ratio Comparison

Both KAPR and UOCT have an expense ratio of 0.79%.

Dividends

KAPR vs. UOCT - Dividend Comparison

Neither KAPR nor UOCT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KAPR Innovator Russell 2000 Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UOCT Innovator U.S. Equity Ultra Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.33%

Frequently Asked Questions

Can I hold both KAPR and UOCT in my portfolio?

KAPR and UOCT have a correlation of 0.71, 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 UOCT?

KAPR has higher volatility (2.30%) compared to UOCT (0.81%). In terms of maximum drawdown, KAPR dropped -16.91% vs UOCT's -13.68%.

Which ETF is better, KAPR or UOCT?

On 5-year performance, UOCT leads with 8.25% vs 7.18% for KAPR. Both ETFs have the same 0.79% expense ratio. On volatility, UOCT has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAPR or UOCT?

Over the 5-year period, UOCT has performed better with a 8.25% return vs 7.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAPR or UOCT?

KAPR and UOCT have the same expense ratio: 0.79% per year.

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

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

What is the main difference between KAPR and UOCT?

KAPR tracks Russell 2000 Index, while UOCT tracks S&P 500 Index.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.53 vs 2.55), 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.