KAUG vs. KAPR

Last updated Jun 4, 2026

KAUG (Innovator U.S. Small Cap Power Buffer ETF) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds from Innovator. KAUG is actively managed, while KAPR is passively managed. Over the past year, KAUG returned 15.76% vs 22.85% for KAPR. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

KAUG vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF (KAUG) 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, KAUG achieves a 7.07% return, which is significantly lower than KAPR's 10.96% return.

KAUG

• 1D: -0.10%
• 1M: 1.31%
• YTD: 7.07%
• 6M: 7.39%
• 1Y: 15.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

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

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

KAUG vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	7.07%	5.52%	2.80%
KAPR Innovator Russell 2000 Power Buffer ETF - April	10.96%	7.42%	2.84%

Correlation

The correlation between KAUG and KAPR is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 2, 2024	0.92

The correlation between KAUG and KAPR has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

Return for Risk

KAUG vs. KAPR — Risk / Return Rank

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

KAUG

KAUG Risk / Return Rank: 68
KAUG Sharpe Ratio Rank: 59
KAUG Sortino Ratio Rank: 63
KAUG Omega Ratio Rank: 62
KAUG Calmar Ratio Rank: 79
KAUG Martin Ratio Rank: 76

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

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.

KAUG vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF (KAUG) 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.

	KAUG	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.98	3.53	-1.55
Sortino ratio: Return per unit of downside risk	2.92	5.56	-2.64
Omega ratio: Gain probability vs. loss probability	1.38	1.74	-0.36
Calmar ratio: Return relative to maximum drawdown	4.02	9.12	-5.10
Martin ratio: Return relative to average drawdown	14.54	43.03	-28.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KAUG vs. KAPR - Sharpe Ratio Comparison

The current KAUG Sharpe Ratio is 1.98, which is lower than the KAPR Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of KAUG 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.

Sharpe Ratios by Period

	KAUG	KAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	3.53	-1.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.83	-0.06

Drawdowns

KAUG vs. KAPR - Drawdown Comparison

The maximum KAUG drawdown since its inception was -15.66%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for KAUG and KAPR.

Drawdown Indicators

	KAUG	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-15.66%	-16.91%	+1.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-2.52%	-1.42%
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	-0.10%	-0.52%	+0.42%
Average Drawdown Average peak-to-trough decline	-2.85%	-3.92%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.53%	+0.56%

Volatility

KAUG vs. KAPR - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF (KAUG) is 0.98%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.30%. This indicates that KAUG experiences smaller price fluctuations and is considered to be less risky than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAUG	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	2.30%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	4.06%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	8.02%	6.54%	+1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.21%	11.75%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.21%	11.63%	-0.42%

KAUG vs. KAPR - Expense Ratio Comparison

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

Dividends

KAUG vs. KAPR - Dividend Comparison

Neither KAUG nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KAUG and KAPR in my portfolio?

KAUG and KAPR have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KAUG or KAPR?

KAPR has higher volatility (2.30%) compared to KAUG (0.98%). In terms of maximum drawdown, KAUG dropped -15.66% vs KAPR's -16.91%.

Which ETF is better, KAUG or KAPR?

On 1-year performance, KAPR leads with 22.85% vs 15.76% for KAUG. Both ETFs have the same 0.79% expense ratio. On volatility, KAUG has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAUG or KAPR?

Over the 1-year period, KAPR has performed better with a 22.85% return vs 15.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAUG or KAPR?

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

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

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

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.53 vs 1.98), 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.