KJUL vs. KSEP

Last updated Jun 4, 2026

KJUL (Innovator Russell 2000 Power Buffer ETF - July) and KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) are both Defined Outcome funds from Innovator. KJUL is passively managed, while KSEP is actively managed. Over the past year, KJUL returned 18.66% vs 20.63% for KSEP. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

KJUL vs. KSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Russell 2000 Power Buffer ETF - July (KJUL) 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, KJUL achieves a 6.53% return, which is significantly lower than KSEP's 8.77% return.

KJUL

• 1D: -0.10%
• 1M: 1.15%
• YTD: 6.53%
• 6M: 7.06%
• 1Y: 18.66%
• 3Y*: 10.66%
• 5Y*: 4.93%
• 10Y*: —

KSEP

• 1D: -0.28%
• 1M: 1.76%
• YTD: 8.77%
• 6M: 8.72%
• 1Y: 20.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KJUL vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KJUL Innovator Russell 2000 Power Buffer ETF - July	6.53%	7.70%	3.51%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	8.77%	8.54%	3.08%

Correlation

The correlation between KJUL and KSEP is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.96

The correlation between KJUL and KSEP has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

KJUL vs. KSEP — Risk / Return Rank

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

KJUL

KJUL Risk / Return Rank: 81
KJUL Sharpe Ratio Rank: 72
KJUL Sortino Ratio Rank: 78
KJUL Omega Ratio Rank: 77
KJUL Calmar Ratio Rank: 90
KJUL Martin Ratio Rank: 89

KSEP

KSEP Risk / Return Rank: 71
KSEP Sharpe Ratio Rank: 62
KSEP Sortino Ratio Rank: 69
KSEP Omega Ratio Rank: 63
KSEP Calmar Ratio Rank: 83
KSEP Martin Ratio Rank: 81

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.

KJUL vs. KSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Russell 2000 Power Buffer ETF - July (KJUL) 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.

	KJUL	KSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.04	+0.30
Sortino ratio: Return per unit of downside risk	3.50	3.10	+0.40
Omega ratio: Gain probability vs. loss probability	1.46	1.37	+0.08
Calmar ratio: Return relative to maximum drawdown	5.47	4.36	+1.12
Martin ratio: Return relative to average drawdown	20.24	15.77	+4.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KJUL vs. KSEP - Sharpe Ratio Comparison

The current KJUL Sharpe Ratio is 2.35, which is comparable to the KSEP Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of KJUL 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

	KJUL	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	2.04	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	1.03	-0.46

Drawdowns

KJUL vs. KSEP - Drawdown Comparison

The maximum KJUL drawdown since its inception was -16.69%, which is greater than KSEP's maximum drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for KJUL and KSEP.

Drawdown Indicators

	KJUL	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-14.92%	-1.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.42%	-4.75%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.69%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.28%	+0.18%
Average Drawdown Average peak-to-trough decline	-4.00%	-2.45%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.31%	-0.39%

Volatility

KJUL vs. KSEP - Volatility Comparison

The current volatility for Innovator Russell 2000 Power Buffer ETF - July (KJUL) is 0.61%, while Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) has a volatility of 1.63%. This indicates that KJUL experiences smaller price fluctuations and is considered to be less risky than KSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KJUL	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	1.63%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	4.77%	6.27%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	8.06%	10.16%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.31%	11.65%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.67%	11.65%	+0.02%

KJUL vs. KSEP - Expense Ratio Comparison

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

Dividends

KJUL vs. KSEP - Dividend Comparison

Neither KJUL nor KSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KJUL and KSEP in my portfolio?

With a correlation of 0.94, KJUL 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, KJUL or KSEP?

KSEP has higher volatility (1.63%) compared to KJUL (0.61%). In terms of maximum drawdown, KJUL dropped -16.69% vs KSEP's -14.92%.

Which ETF is better, KJUL or KSEP?

On 1-year performance, KSEP leads with 20.63% vs 18.66% for KJUL. Both ETFs have the same 0.79% expense ratio. On volatility, KJUL has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KJUL or KSEP?

Over the 1-year period, KSEP has performed better with a 20.63% return vs 18.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KJUL or KSEP?

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

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

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

Which has better risk-adjusted returns?

KJUL currently has the higher Sharpe Ratio (2.35 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.