KSEP vs. KMAR

Last updated Aug 4, 2026

KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds from Innovator. KSEP is actively managed, while KMAR is passively managed. Over the past year, KSEP returned 22.33% vs 24.41% for KMAR. Their 0.95 correlation means they have historically moved very closely together. Both charge a 0.79% expense ratio.

Performance

KSEP vs. KMAR - 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 - March (KMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSEP achieves a 11.62% return, which is significantly lower than KMAR's 12.74% return.

KSEP

• 1D: 0.24%
• 1M: 0.96%
• 6M: 8.24%
• YTD: 11.62%
• 1Y: 22.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.49%

KMAR

• 1D: 0.84%
• 1M: 0.78%
• 6M: 9.45%
• YTD: 12.74%
• 1Y: 24.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.47%

*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)
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	$120.12K	$77.14K	$163.43K
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	$31.44K	$42.04K	$89.83K

KSEP vs. KMAR - Yearly Performance Comparison

	2026 (YTD)	2025
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	11.62%	9.80%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	12.74%	11.45%

Correlation

The correlation between KSEP and KMAR is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	0.95

The correlation between KSEP and KMAR has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

KSEP vs. KMAR — Risk / Return Rank

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

KSEP

KSEP Risk / Return Rank: 92
KSEP Sharpe Ratio Rank: 89
KSEP Sortino Ratio Rank: 92
KSEP Omega Ratio Rank: 91
KSEP Calmar Ratio Rank: 93
KSEP Martin Ratio Rank: 93

KMAR

KMAR Risk / Return Rank: 94
KMAR Sharpe Ratio Rank: 93
KMAR Sortino Ratio Rank: 94
KMAR Omega Ratio Rank: 93
KMAR Calmar Ratio Rank: 94
KMAR Martin Ratio Rank: 95

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.

KSEP vs. KMAR - 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 - March (KMAR). 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	KMAR	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.68	-0.36
Sortino ratio: Return per unit of downside risk	3.56	3.94	-0.38
Omega ratio: Gain probability vs. loss probability	1.45	1.52	-0.06
Calmar ratio: Return relative to maximum drawdown	4.72	5.01	-0.29
Martin ratio: Return relative to average drawdown	18.46	21.18	-2.72

KSEP vs. KMAR - Sharpe Ratio Comparison

The current KSEP Sharpe Ratio is 2.32, which is comparable to the KMAR Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of KSEP and KMAR, 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. KMAR - Drawdown Comparison

The maximum KSEP drawdown since its inception was -14.92%, which is greater than KMAR's maximum drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for KSEP and KMAR.

Drawdown Indicators

	KSEP	KMAR	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-11.32%	-3.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-4.89%	+0.14%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.28%	-1.26%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.16%	+0.05%

Volatility

KSEP vs. KMAR - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) is 0.89%, while Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) has a volatility of 1.82%. This indicates that KSEP experiences smaller price fluctuations and is considered to be less risky than KMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSEP	KMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.82%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	6.80%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	9.17%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.28%	11.78%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.28%	11.78%	-0.50%

KSEP vs. KMAR - Expense Ratio Comparison

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

Dividends

KSEP vs. KMAR - Dividend Comparison

Neither KSEP nor KMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KSEP and KMAR in my portfolio?

With a correlation of 0.94, KSEP and KMAR 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 KMAR?

KMAR has higher volatility (1.82%) compared to KSEP (0.89%). In terms of maximum drawdown, KSEP dropped -14.92% vs KMAR's -11.32%.

Which ETF is better, KSEP or KMAR?

On 1-year performance, KMAR leads with 24.41% vs 22.33% for KSEP. Both ETFs have the same 0.79% expense ratio. On volatility, KSEP has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSEP or KMAR?

Over the 1-year period, KMAR has performed better with a 24.41% return vs 22.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSEP or KMAR?

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

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

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

Which has better risk-adjusted returns?

KMAR currently has the higher Sharpe Ratio (2.68 vs 2.32), 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.