KDEC vs. BAPR

Last updated Jun 23, 2026

KDEC (Innovator U.S. Small Cap Power Buffer ETF - December) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds from Innovator. KDEC is actively managed, while BAPR is passively managed. Over the past year, KDEC returned 19.36% vs 19.95% for BAPR. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KDEC vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) and Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with KDEC having a 10.52% return and BAPR slightly higher at 10.78%.

KDEC

• 1D: 0.16%
• 1M: 2.02%
• YTD: 10.52%
• 6M: 9.04%
• 1Y: 19.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAPR

• 1D: -0.05%
• 1M: 0.61%
• YTD: 10.78%
• 6M: 10.81%
• 1Y: 19.95%
• 3Y*: 14.74%
• 5Y*: 11.03%
• 10Y*: —

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

KDEC vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	10.52%	6.52%	-4.04%
BAPR Innovator U.S. Equity Buffer ETF - April	10.78%	8.28%	-1.37%

Correlation

The correlation between KDEC and BAPR is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	0.77

The correlation between KDEC and BAPR has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

Return for Risk

KDEC vs. BAPR — Risk / Return Rank

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

KDEC

KDEC Risk / Return Rank: 66
KDEC Sharpe Ratio Rank: 64
KDEC Sortino Ratio Rank: 67
KDEC Omega Ratio Rank: 60
KDEC Calmar Ratio Rank: 73
KDEC Martin Ratio Rank: 67

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 94
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 97
BAPR Calmar Ratio Rank: 97
BAPR 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.

KDEC vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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.

	KDEC	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.04	3.49	-1.45
Sortino ratio: Return per unit of downside risk	2.96	5.76	-2.81
Omega ratio: Gain probability vs. loss probability	1.36	1.83	-0.48
Calmar ratio: Return relative to maximum drawdown	3.61	10.37	-6.76
Martin ratio: Return relative to average drawdown	11.91	51.30	-39.39

KDEC vs. BAPR - Sharpe Ratio Comparison

The current KDEC Sharpe Ratio is 2.04, which is lower than the BAPR Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of KDEC and BAPR, 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

KDEC vs. BAPR - Drawdown Comparison

The maximum KDEC drawdown since its inception was -16.52%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for KDEC and BAPR.

Drawdown Indicators

	KDEC	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-23.91%	+7.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-1.93%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	0.00%	-0.26%	+0.26%
Average Drawdown Average peak-to-trough decline	-2.97%	-2.58%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.39%	+1.24%

Volatility

KDEC vs. BAPR - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) has a higher volatility of 2.24% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 1.93%. This indicates that KDEC's price experiences larger fluctuations and is considered to be riskier than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KDEC	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	1.93%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	4.85%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	5.76%	+3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	11.51%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.29%	13.09%	-0.80%

KDEC vs. BAPR - Expense Ratio Comparison

Both KDEC and BAPR have an expense ratio of 0.79%.

Dividends

KDEC vs. BAPR - Dividend Comparison

Neither KDEC nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KDEC and BAPR in my portfolio?

KDEC and BAPR have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KDEC or BAPR?

KDEC has higher volatility (2.24%) compared to BAPR (1.93%). In terms of maximum drawdown, KDEC dropped -16.52% vs BAPR's -23.91%.

Which ETF is better, KDEC or BAPR?

On 1-year performance, BAPR leads with 19.95% vs 19.36% for KDEC. Both ETFs have the same 0.79% expense ratio. On volatility, BAPR has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KDEC or BAPR?

Over the 1-year period, BAPR has performed better with a 19.95% return vs 19.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KDEC or BAPR?

KDEC and BAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, KDEC or BAPR?

KDEC and BAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.49 vs 2.04), 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.