KAUG vs. ZFEB
KAUG (Innovator U.S. Small Cap Power Buffer ETF) and ZFEB (Innovator Equity Defined Protection ETF - 1 Yr February) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, KAUG returned 16.29% vs 7.56% for ZFEB. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.
Performance
KAUG vs. ZFEB - Performance Comparison
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Returns By Period
In the year-to-date period, KAUG achieves a 7.80% return, which is significantly higher than ZFEB's 2.25% return.
KAUG
- 1D
- 0.14%
- 1M
- 1.04%
- YTD
- 7.80%
- 6M
- 6.75%
- 1Y
- 16.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZFEB
- 1D
- -0.04%
- 1M
- 0.06%
- YTD
- 2.25%
- 6M
- 2.39%
- 1Y
- 7.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KAUG vs. ZFEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
KAUG Innovator U.S. Small Cap Power Buffer ETF | 7.80% | 3.67% |
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February | 2.25% | 6.19% |
Correlation
The correlation between KAUG and ZFEB is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025 | 0.68 |
The correlation between KAUG and ZFEB has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.
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Return for Risk
KAUG vs. ZFEB — Risk / Return Rank
KAUG
ZFEB
KAUG vs. ZFEB - 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 Equity Defined Protection ETF - 1 Yr February (ZFEB). 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 | ZFEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.77 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 4.15 | 5.63 | -1.48 |
| Martin ratioReturn relative to average drawdown | 15.12 | 27.27 | -12.15 |
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Drawdowns
KAUG vs. ZFEB - Drawdown Comparison
The maximum KAUG drawdown since its inception was -15.66%, which is greater than ZFEB's maximum drawdown of -3.00%. Use the drawdown chart below to compare losses from any high point for KAUG and ZFEB.
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Drawdown Indicators
| KAUG | ZFEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.66% | -3.00% | -12.66% |
Max Drawdown (1Y)Largest decline over 1 year | -3.94% | -1.35% | -2.59% |
Current DrawdownCurrent decline from peak | 0.00% | -0.17% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.36% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 0.28% | +0.80% |
Volatility
KAUG vs. ZFEB - Volatility Comparison
Innovator U.S. Small Cap Power Buffer ETF (KAUG) has a higher volatility of 1.05% compared to Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) at 0.56%. This indicates that KAUG's price experiences larger fluctuations and is considered to be riskier than ZFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KAUG | ZFEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.05% | 0.56% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 5.08% | 1.51% | +3.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.99% | 2.18% | +5.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.17% | 2.86% | +8.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.17% | 2.86% | +8.31% |
KAUG vs. ZFEB - Expense Ratio Comparison
Both KAUG and ZFEB have an expense ratio of 0.79%.
Dividends
KAUG vs. ZFEB - Dividend Comparison
Neither KAUG nor ZFEB has paid dividends to shareholders.
Frequently Asked Questions
KAUG and ZFEB have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KAUG has higher volatility (1.05%) compared to ZFEB (0.56%). In terms of maximum drawdown, KAUG dropped -15.66% vs ZFEB's -3.00%.
On 1-year performance, KAUG leads with 16.29% vs 7.56% for ZFEB. Both ETFs have the same 0.79% expense ratio. On volatility, ZFEB has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KAUG has performed better with a 16.29% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KAUG and ZFEB have the same expense ratio: 0.79% per year.
KAUG and ZFEB have nearly identical dividend yields, around 0.00%.
ZFEB currently has the higher Sharpe Ratio (3.48 vs 2.05), 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.
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