KAUG vs. QTAP

Last updated Aug 1, 2026

KAUG (Innovator U.S. Small Cap Power Buffer ETF) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both exchange-traded funds - KAUG is a Defined Outcome fund actively managed by Innovator, while QTAP is a Leveraged Equities fund actively managed by Innovator. Both are actively managed. Over the past year, KAUG returned 17.74% vs 20.30% for QTAP. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

KAUG vs. QTAP - 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 Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KAUG achieves a 8.59% return, which is significantly lower than QTAP's 13.57% return.

KAUG

• 1D: 0.10%
• 1M: 0.56%
• 6M: 6.47%
• YTD: 8.59%
• 1Y: 17.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.49%

QTAP

• 1D: 0.27%
• 1M: 0.15%
• 6M: 12.76%
• YTD: 13.57%
• 1Y: 20.30%
• 3Y*: 18.84%
• 5Y*: 12.30%
• 10Y*: —
• ALL TIME*: 13.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KAUG Innovator U.S. Small Cap Power Buffer ETF	$320.24K	$293.83K	$502.19K
QTAP Innovator Growth Accelerated Plus ETF - April	$235.81K	$225.86K	$220.48K

KAUG vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	8.59%	5.52%	0.81%
QTAP Innovator Growth Accelerated Plus ETF - April	13.57%	19.36%	8.39%

Correlation

The correlation between KAUG and QTAP is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (All Time) Calculated using the full available price history since Aug 1, 2024	0.63

The correlation between KAUG and QTAP has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.

Return for Risk

KAUG vs. QTAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KAUG

KAUG Risk / Return Rank: 92
KAUG Sharpe Ratio Rank: 89
KAUG Sortino Ratio Rank: 92
KAUG Omega Ratio Rank: 92
KAUG Calmar Ratio Rank: 92
KAUG Martin Ratio Rank: 93

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 96
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP Martin Ratio Rank: 97

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KAUG vs. QTAP - 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 Growth Accelerated Plus ETF - April (QTAP). 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.

	KAUG	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.95	-0.75
Sortino ratio: Return per unit of downside risk	3.32	4.74	-1.42
Omega ratio: Gain probability vs. loss probability	1.45	1.69	-0.23
Calmar ratio: Return relative to maximum drawdown	4.21	6.93	-2.72
Martin ratio: Return relative to average drawdown	17.09	33.23	-16.14

KAUG vs. QTAP - Sharpe Ratio Comparison

The current KAUG Sharpe Ratio is 2.20, which is comparable to the QTAP Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of KAUG and QTAP, 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

KAUG vs. QTAP - Drawdown Comparison

The maximum KAUG drawdown since its inception was -15.66%, smaller than the maximum QTAP drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for KAUG and QTAP.

Drawdown Indicators

	KAUG	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-15.66%	-29.44%	+13.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-2.81%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.44%	—
Current Drawdown Current decline from peak	0.00%	-1.05%	+1.05%
Average Drawdown Average peak-to-trough decline	-2.69%	-4.91%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.59%	+0.38%

Volatility

KAUG vs. QTAP - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF (KAUG) is 0.28%, while Innovator Growth Accelerated Plus ETF - April (QTAP) has a volatility of 2.75%. This indicates that KAUG experiences smaller price fluctuations and is considered to be less risky than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KAUG	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	2.75%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	4.77%	5.69%	-0.92%
Volatility (1Y) Calculated over the trailing 1-year period	7.53%	6.61%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.85%	18.92%	-8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.85%	18.57%	-7.72%

KAUG vs. QTAP - Expense Ratio Comparison

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

Dividends

KAUG vs. QTAP - Dividend Comparison

Neither KAUG nor QTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KAUG and QTAP in my portfolio?

KAUG and QTAP have a correlation of 0.55, 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 QTAP?

QTAP has higher volatility (2.75%) compared to KAUG (0.28%). In terms of maximum drawdown, KAUG dropped -15.66% vs QTAP's -29.44%.

Which ETF is better, KAUG or QTAP?

On 1-year performance, QTAP leads with 20.30% vs 17.74% for KAUG. Both ETFs have the same 0.79% expense ratio. On volatility, KAUG has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAUG or QTAP?

Over the 1-year period, QTAP has performed better with a 20.30% return vs 17.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAUG or QTAP?

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

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

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

What is the main difference between KAUG and QTAP?

KAUG is categorized as Defined Outcome, while QTAP is Leveraged Equities.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (2.95 vs 2.20), 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.