KNOV vs. KAPR

Last updated Jun 25, 2026

KNOV (Innovator U.S. Small Cap Power Buffer ETF - November) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds from Innovator. KNOV is actively managed, while KAPR is passively managed. Over the past year, KNOV returned 24.15% vs 22.53% for KAPR. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

KNOV vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KNOV achieves a 10.63% return, which is significantly lower than KAPR's 12.41% return.

KNOV

• 1D: 0.11%
• 1M: 1.94%
• YTD: 10.63%
• 6M: 9.40%
• 1Y: 24.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

• 1D: 0.06%
• 1M: 1.79%
• YTD: 12.41%
• 6M: 11.98%
• 1Y: 22.53%
• 3Y*: 13.58%
• 5Y*: 7.27%
• 10Y*: —

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

KNOV vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KNOV Innovator U.S. Small Cap Power Buffer ETF - November	10.63%	11.91%	0.87%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.41%	7.42%	1.21%

Correlation

The correlation between KNOV and KAPR is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.91

The correlation between KNOV and KAPR has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

KNOV vs. KAPR — Risk / Return Rank

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

KNOV

KNOV Risk / Return Rank: 81
KNOV Sharpe Ratio Rank: 77
KNOV Sortino Ratio Rank: 81
KNOV Omega Ratio Rank: 74
KNOV Calmar Ratio Rank: 88
KNOV Martin Ratio Rank: 86

KAPR

KAPR Risk / Return Rank: 96
KAPR Sharpe Ratio Rank: 95
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 97
KAPR Martin Ratio Rank: 97

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.

KNOV vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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.

	KNOV	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.13	3.40	-1.26
Sortino ratio: Return per unit of downside risk	3.12	5.27	-2.15
Omega ratio: Gain probability vs. loss probability	1.38	1.71	-0.33
Calmar ratio: Return relative to maximum drawdown	4.53	8.99	-4.46
Martin ratio: Return relative to average drawdown	15.77	42.18	-26.41

KNOV vs. KAPR - Sharpe Ratio Comparison

The current KNOV Sharpe Ratio is 2.13, which is lower than the KAPR Sharpe Ratio of 3.40. The chart below compares the historical Sharpe Ratios of KNOV and KAPR, 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

KNOV vs. KAPR - Drawdown Comparison

The maximum KNOV drawdown since its inception was -15.03%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for KNOV and KAPR.

Drawdown Indicators

	KNOV	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-16.91%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-5.36%	-2.52%	-2.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.91%	—
Current Drawdown Current decline from peak	-0.25%	-0.30%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.53%	-3.89%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	0.54%	+1.00%

Volatility

KNOV vs. KAPR - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - November (KNOV) and Innovator Russell 2000 Power Buffer ETF - April (KAPR) have volatilities of 2.46% and 2.53%, 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

	KNOV	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.53%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	4.57%	+2.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.40%	6.69%	+4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.75%	11.76%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.75%	11.64%	+1.11%

KNOV vs. KAPR - Expense Ratio Comparison

Both KNOV and KAPR have an expense ratio of 0.79%.

Dividends

KNOV vs. KAPR - Dividend Comparison

Neither KNOV nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KNOV and KAPR in my portfolio?

With a correlation of 0.90, KNOV and KAPR 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, KNOV or KAPR?

KAPR has higher volatility (2.53%) compared to KNOV (2.46%). In terms of maximum drawdown, KNOV dropped -15.03% vs KAPR's -16.91%.

Which ETF is better, KNOV or KAPR?

On 1-year performance, KNOV leads with 24.15% vs 22.53% for KAPR. 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, KNOV or KAPR?

Over the 1-year period, KNOV has performed better with a 24.15% return vs 22.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KNOV or KAPR?

KNOV and KAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, KNOV or KAPR?

KNOV and KAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.40 vs 2.13), 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.