KDEC vs. XTAP

Last updated Jul 14, 2026

KDEC (Innovator U.S. Small Cap Power Buffer ETF - December) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both exchange-traded funds - KDEC is a Defined Outcome fund actively managed by Innovator, while XTAP is a Leveraged Equities fund actively managed by Innovator. Both are actively managed. Over the past year, KDEC returned 16.14% vs 18.46% for XTAP. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KDEC vs. XTAP - 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 Accelerated Plus ETF (XTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KDEC achieves a 10.72% return, which is significantly lower than XTAP's 11.77% return.

KDEC

• 1D: -0.41%
• 1M: 1.02%
• 6M: 7.65%
• YTD: 10.72%
• 1Y: 16.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XTAP

• 1D: -0.27%
• 1M: 1.21%
• 6M: 11.36%
• YTD: 11.77%
• 1Y: 18.46%
• 3Y*: 16.75%
• 5Y*: 10.72%
• 10Y*: —

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

KDEC vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	10.72%	6.52%	-4.04%
XTAP Innovator U.S. Equity Accelerated Plus ETF	11.77%	17.58%	-0.22%

Correlation

The correlation between KDEC and XTAP is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	0.73

The correlation between KDEC and XTAP has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

Return for Risk

KDEC vs. XTAP — Risk / Return Rank

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

KDEC

KDEC Risk / Return Rank: 69
KDEC Sharpe Ratio Rank: 66
KDEC Sortino Ratio Rank: 70
KDEC Omega Ratio Rank: 64
KDEC Calmar Ratio Rank: 74
KDEC Martin Ratio Rank: 69

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP 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. XTAP - 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 Accelerated Plus ETF (XTAP). 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	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	1.72	3.90	-2.18
Sortino ratio: Return per unit of downside risk	2.53	6.49	-3.96
Omega ratio: Gain probability vs. loss probability	1.31	2.00	-0.69
Calmar ratio: Return relative to maximum drawdown	3.01	10.80	-7.79
Martin ratio: Return relative to average drawdown	9.94	57.33	-47.39

KDEC vs. XTAP - Sharpe Ratio Comparison

The current KDEC Sharpe Ratio is 1.72, which is lower than the XTAP Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of KDEC and XTAP, 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. XTAP - Drawdown Comparison

The maximum KDEC drawdown since its inception was -16.52%, smaller than the maximum XTAP drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for KDEC and XTAP.

Drawdown Indicators

	KDEC	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-22.13%	+5.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-1.72%	-3.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-0.54%	-0.27%	-0.27%
Average Drawdown Average peak-to-trough decline	-2.87%	-3.39%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.32%	+1.31%

Volatility

KDEC vs. XTAP - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) and Innovator U.S. Equity Accelerated Plus ETF (XTAP) have volatilities of 1.79% and 1.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KDEC	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	1.77%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	6.60%	3.81%	+2.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.45%	4.77%	+4.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.10%	14.55%	-2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.10%	14.29%	-2.19%

KDEC vs. XTAP - Expense Ratio Comparison

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

Dividends

KDEC vs. XTAP - Dividend Comparison

Neither KDEC nor XTAP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KDEC and XTAP in my portfolio?

KDEC and XTAP have a correlation of 0.67, 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 XTAP?

KDEC has higher volatility (1.79%) compared to XTAP (1.77%). In terms of maximum drawdown, KDEC dropped -16.52% vs XTAP's -22.13%.

Which ETF is better, KDEC or XTAP?

On 1-year performance, XTAP leads with 18.46% vs 16.14% for KDEC. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KDEC or XTAP?

Over the 1-year period, XTAP has performed better with a 18.46% return vs 16.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KDEC or XTAP?

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

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

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

What is the main difference between KDEC and XTAP?

KDEC is categorized as Defined Outcome, while XTAP is Leveraged Equities.

Which has better risk-adjusted returns?

XTAP currently has the higher Sharpe Ratio (3.90 vs 1.72), 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.