KOCT vs. QTAP

Last updated Aug 2, 2026

KOCT (Innovator U.S. Small Cap Power Buffer ETF - October) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both exchange-traded funds - KOCT is a Defined Outcome fund tracking the Russell 2000 Price Return Index, while QTAP is a Leveraged Equities fund actively managed by Innovator. KOCT is passively managed, while QTAP is actively managed. Over the past 5 years, KOCT returned 6.87%/yr vs 12.30%/yr for QTAP. Their 0.66 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

KOCT vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KOCT achieves a 11.23% return, which is significantly lower than QTAP's 13.57% return.

KOCT

• 1D: 0.00%
• 1M: 0.39%
• 6M: 8.57%
• YTD: 11.23%
• 1Y: 23.07%
• 3Y*: 9.89%
• 5Y*: 6.87%
• 10Y*: —
• ALL TIME*: 6.51%

QTAP

• 1D: 0.27%
• 1M: 0.15%
• 6M: 12.76%
• YTD: 13.57%
• 1Y: 20.30%
• 3Y*: 18.84%
• 5Y*: 12.30%
• 10Y*: —
• ALL TIME*: 13.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	$1.75M	$948.54K	$494.45K
QTAP Innovator Growth Accelerated Plus ETF - April	$235.81K	$225.86K	$220.48K

KOCT vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	11.23%	10.14%	11.08%	9.02%	-7.87%	3.40%
QTAP Innovator Growth Accelerated Plus ETF - April	13.57%	19.36%	17.34%	43.32%	-25.87%	15.95%

Correlation

The correlation between KOCT and QTAP is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	0.66

The correlation between KOCT and QTAP has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

KOCT vs. QTAP - Sectors Allocation Comparison

Sectors	KOCT	QTAP
Healthcare	20.3%	5.1%
Financial Services	17.6%	0.2%
Technology	14.5%	50.7%
Industrials	14.1%	3.3%
Consumer Cyclical	9.2%	12.5%
Real Estate	6.7%	0.1%
Energy	5.5%	0.7%
Basic Materials	4.4%	1.3%
Utilities	2.8%	1.6%
Consumer Defensive	2.6%	8.7%
Communication Services	2.2%	15.8%

Return for Risk

KOCT vs. QTAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KOCT

KOCT Risk / Return Rank: 91
KOCT Sharpe Ratio Rank: 89
KOCT Sortino Ratio Rank: 91
KOCT Omega Ratio Rank: 89
KOCT Calmar Ratio Rank: 93
KOCT Martin Ratio Rank: 93

QTAP

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KOCT vs. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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.

	KOCT	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.95	-0.78
Sortino ratio: Return per unit of downside risk	3.31	4.74	-1.42
Omega ratio: Gain probability vs. loss probability	1.40	1.69	-0.28
Calmar ratio: Return relative to maximum drawdown	4.45	6.93	-2.48
Martin ratio: Return relative to average drawdown	16.72	33.23	-16.52

KOCT vs. QTAP - Sharpe Ratio Comparison

The current KOCT Sharpe Ratio is 2.17, which is comparable to the QTAP Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of KOCT and QTAP, 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

KOCT vs. QTAP - Drawdown Comparison

The maximum KOCT drawdown since its inception was -28.22%, roughly equal to the maximum QTAP drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for KOCT and QTAP.

Drawdown Indicators

	KOCT	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-28.22%	-29.44%	+1.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.95%	-2.81%	-2.14%
Max Drawdown (3Y) Largest decline over 3 years	-15.03%	-13.03%	-2.00%
Max Drawdown (5Y) Largest decline over 5 years	-16.63%	-29.44%	+12.81%
Current Drawdown Current decline from peak	-0.11%	-1.05%	+0.94%
Average Drawdown Average peak-to-trough decline	-4.15%	-4.91%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.59%	+0.73%

Volatility

KOCT vs. QTAP - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - October (KOCT) is 1.35%, while Innovator Growth Accelerated Plus ETF - April (QTAP) has a volatility of 2.75%. This indicates that KOCT experiences smaller price fluctuations and is considered to be less risky than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KOCT	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	2.75%	-1.40%
Volatility (6M) Calculated over the trailing 6-month period	6.51%	5.69%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	10.18%	6.61%	+3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	18.92%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.46%	18.57%	-4.11%

KOCT vs. QTAP - Expense Ratio Comparison

Both KOCT and QTAP have an expense ratio of 0.79%.

Dividends

KOCT vs. QTAP - Dividend Comparison

Neither KOCT nor QTAP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KOCT Innovator U.S. Small Cap Power Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.79%
QTAP Innovator Growth Accelerated Plus ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KOCT and QTAP in my portfolio?

KOCT and QTAP have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KOCT or QTAP?

QTAP has higher volatility (2.75%) compared to KOCT (1.35%). In terms of maximum drawdown, KOCT dropped -28.22% vs QTAP's -29.44%.

Which ETF is better, KOCT or QTAP?

On 5-year performance, QTAP leads with 12.30% vs 6.87% for KOCT. Both ETFs have the same 0.79% expense ratio. On volatility, KOCT has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KOCT or QTAP?

Over the 5-year period, QTAP has performed better with a 12.30% return vs 6.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KOCT or QTAP?

KOCT and QTAP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, KOCT or QTAP?

KOCT and QTAP have nearly identical dividend yields, around 0.00%.

What is the main difference between KOCT and QTAP?

KOCT is categorized as Defined Outcome, while QTAP is Leveraged Equities.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (2.95 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.