KJAN vs. KSEP

Last updated Jun 3, 2026

KJAN (Innovator U.S. Small Cap Power Buffer ETF - January) and KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) are both Defined Outcome funds from Innovator. KJAN is passively managed, while KSEP is actively managed. Over the past year, KJAN returned 23.26% vs 21.98% for KSEP. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

KJAN vs. KSEP - Performance Comparison

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

Returns By Period

In the year-to-date period, KJAN achieves a 8.47% return, which is significantly lower than KSEP's 9.07% return.

KJAN

• 1D: 0.10%
• 1M: 1.75%
• YTD: 8.47%
• 6M: 9.50%
• 1Y: 23.26%
• 3Y*: 12.83%
• 5Y*: 7.76%
• 10Y*: —

KSEP

• 1D: 0.13%
• 1M: 1.74%
• YTD: 9.07%
• 6M: 9.85%
• 1Y: 21.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KJAN vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KJAN Innovator U.S. Small Cap Power Buffer ETF - January	8.47%	10.90%	3.35%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	9.07%	8.54%	3.08%

Correlation

The correlation between KJAN and KSEP is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.97

The correlation between KJAN and KSEP has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

KJAN vs. KSEP — Risk / Return Rank

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

KJAN

KJAN Risk / Return Rank: 71
KJAN Sharpe Ratio Rank: 63
KJAN Sortino Ratio Rank: 68
KJAN Omega Ratio Rank: 63
KJAN Calmar Ratio Rank: 81
KJAN Martin Ratio Rank: 78

KSEP

KSEP Risk / Return Rank: 73
KSEP Sharpe Ratio Rank: 64
KSEP Sortino Ratio Rank: 71
KSEP Omega Ratio Rank: 64
KSEP Calmar Ratio Rank: 84
KSEP Martin Ratio Rank: 82

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.

KJAN vs. KSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). 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.

	KJAN	KSEP	Difference
Sharpe ratio Return per unit of total volatility	2.17	2.17	-0.01
Sortino ratio Return per unit of downside risk	3.17	3.28	-0.11
Omega ratio Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio Return relative to maximum drawdown	4.37	4.62	-0.25
Martin ratio Return relative to average drawdown	15.41	16.76	-1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KJAN vs. KSEP - Sharpe Ratio Comparison

The current KJAN Sharpe Ratio is 2.17, which is comparable to the KSEP Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of KJAN and KSEP, 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

	KJAN	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.17	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.04	-0.49

Drawdowns

KJAN vs. KSEP - Drawdown Comparison

The maximum KJAN drawdown since its inception was -28.94%, which is greater than KSEP's maximum drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for KJAN and KSEP.

Drawdown Indicators

	KJAN	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-28.94%	-14.92%	-14.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.42%	-4.75%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.83%	—	—
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-4.11%	-2.46%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.31%	+0.23%

Volatility

KJAN vs. KSEP - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - January (KJAN) has a higher volatility of 1.93% compared to Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) at 1.64%. This indicates that KJAN's price experiences larger fluctuations and is considered to be riskier than KSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJAN	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	1.64%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	6.29%	+0.74%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	10.15%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	11.66%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	11.66%	+3.77%

KJAN vs. KSEP - Expense Ratio Comparison

Both KJAN and KSEP have an expense ratio of 0.79%.

Dividends

KJAN vs. KSEP - Dividend Comparison

Neither KJAN nor KSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KJAN and KSEP in my portfolio?

With a correlation of 0.97, KJAN and KSEP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KJAN or KSEP?

KJAN has higher volatility (1.93%) compared to KSEP (1.64%). In terms of maximum drawdown, KJAN dropped -28.94% vs KSEP's -14.92%.

Which ETF is better, KJAN or KSEP?

On 1-year performance, KJAN leads with 23.26% vs 21.98% for KSEP. Both ETFs have the same 0.79% expense ratio. On volatility, KSEP has been the lower-risk option at 1.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KJAN or KSEP?

Over the 1-year period, KJAN has performed better with a 23.26% return vs 21.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KJAN or KSEP?

KJAN and KSEP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, KJAN or KSEP?

KJAN and KSEP have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

KSEP currently has the higher Sharpe Ratio (2.17 vs 2.17), 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.