KSEP vs. KFEB

Last updated Jun 24, 2026

KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, KSEP returned 21.29% vs 25.17% for KFEB. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.79% expense ratio.

Performance

KSEP vs. KFEB - Performance Comparison

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

Returns By Period

In the year-to-date period, KSEP achieves a 9.93% return, which is significantly lower than KFEB's 13.02% return.

KSEP

• 1D: -0.33%
• 1M: 1.51%
• YTD: 9.93%
• 6M: 8.92%
• 1Y: 21.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KFEB

• 1D: -0.40%
• 1M: 1.83%
• YTD: 13.02%
• 6M: 10.79%
• 1Y: 25.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KSEP vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	9.93%	6.62%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	13.02%	9.19%

Correlation

The correlation between KSEP and KFEB is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.96

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

Return for Risk

KSEP vs. KFEB — Risk / Return Rank

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

KSEP

KSEP Risk / Return Rank: 79
KSEP Sharpe Ratio Rank: 72
KSEP Sortino Ratio Rank: 79
KSEP Omega Ratio Rank: 71
KSEP Calmar Ratio Rank: 87
KSEP Martin Ratio Rank: 86

KFEB

KFEB Risk / Return Rank: 81
KFEB Sharpe Ratio Rank: 79
KFEB Sortino Ratio Rank: 82
KFEB Omega Ratio Rank: 74
KFEB Calmar Ratio Rank: 86
KFEB Martin Ratio Rank: 84

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.

KSEP vs. KFEB - Risk-Adjusted Trends Comparison

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

	KSEP	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.29	-0.19
Sortino ratio: Return per unit of downside risk	3.17	3.30	-0.12
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	4.50	4.36	+0.14
Martin ratio: Return relative to average drawdown	16.34	15.88	+0.46

KSEP vs. KFEB - Sharpe Ratio Comparison

The current KSEP Sharpe Ratio is 2.10, which is comparable to the KFEB Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of KSEP and KFEB, 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

KSEP vs. KFEB - Drawdown Comparison

The maximum KSEP drawdown since its inception was -14.92%, which is greater than KFEB's maximum drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for KSEP and KFEB.

Drawdown Indicators

	KSEP	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-14.16%	-0.76%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-5.80%	+1.05%
Current Drawdown Current decline from peak	-0.33%	-0.40%	+0.07%
Average Drawdown Average peak-to-trough decline	-2.41%	-2.25%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.59%	-0.28%

Volatility

KSEP vs. KFEB - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) is 2.04%, while Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) has a volatility of 2.70%. This indicates that KSEP experiences smaller price fluctuations and is considered to be less risky than KFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSEP	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.70%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	6.34%	7.74%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	10.19%	11.07%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.61%	13.17%	-1.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.61%	13.17%	-1.56%

KSEP vs. KFEB - Expense Ratio Comparison

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

Dividends

KSEP vs. KFEB - Dividend Comparison

Neither KSEP nor KFEB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KSEP and KFEB in my portfolio?

With a correlation of 0.96, KSEP and KFEB 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, KSEP or KFEB?

KFEB has higher volatility (2.70%) compared to KSEP (2.04%). In terms of maximum drawdown, KSEP dropped -14.92% vs KFEB's -14.16%.

Which ETF is better, KSEP or KFEB?

On 1-year performance, KFEB leads with 25.17% vs 21.29% for KSEP. Both ETFs have the same 0.79% expense ratio. On volatility, KSEP has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSEP or KFEB?

Over the 1-year period, KFEB has performed better with a 25.17% return vs 21.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSEP or KFEB?

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

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

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

Which has better risk-adjusted returns?

KFEB currently has the higher Sharpe Ratio (2.29 vs 2.10), 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.