KSEP vs. PQAP

Last updated Jun 4, 2026

KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, KSEP returned 20.63% vs 21.47% for PQAP. A 0.70 correlation means they provide meaningful diversification when combined. KSEP charges 0.79%/yr vs 0.50%/yr for PQAP.

Performance

KSEP vs. PQAP - 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 PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSEP achieves a 8.77% return, which is significantly lower than PQAP's 12.09% return.

KSEP

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

PQAP

• 1D: -0.12%
• 1M: 2.44%
• YTD: 12.09%
• 6M: 13.01%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KSEP vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	8.77%	8.44%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between KSEP and PQAP is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.70

The correlation between KSEP and PQAP has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.

Return for Risk

KSEP vs. PQAP — Risk / Return Rank

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

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

PQAP

PQAP Risk / Return Rank: 98
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 98
PQAP Omega Ratio Rank: 98
PQAP Calmar Ratio Rank: 98
PQAP Martin Ratio Rank: 98

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. PQAP - 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 PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). 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.

	KSEP	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	2.04	4.86	-2.81
Sortino ratio: Return per unit of downside risk	3.10	8.47	-5.37
Omega ratio: Gain probability vs. loss probability	1.37	2.20	-0.83
Calmar ratio: Return relative to maximum drawdown	4.36	15.50	-11.14
Martin ratio: Return relative to average drawdown	15.77	86.25	-70.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSEP vs. PQAP - Sharpe Ratio Comparison

The current KSEP Sharpe Ratio is 2.04, which is lower than the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of KSEP and PQAP, 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

	KSEP	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	4.86	-2.81
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	1.76	-0.74

Drawdowns

KSEP vs. PQAP - Drawdown Comparison

The maximum KSEP drawdown since its inception was -14.92%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for KSEP and PQAP.

Drawdown Indicators

	KSEP	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-10.79%	-4.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-1.39%	-3.36%
Current Drawdown Current decline from peak	-0.28%	-0.12%	-0.16%
Average Drawdown Average peak-to-trough decline	-2.45%	-0.60%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	0.25%	+1.06%

Volatility

KSEP vs. PQAP - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) has a higher volatility of 1.63% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 1.02%. This indicates that KSEP's price experiences larger fluctuations and is considered to be riskier than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSEP	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	1.02%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	6.27%	3.09%	+3.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	4.45%	+5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	11.03%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.65%	11.03%	+0.62%

KSEP vs. PQAP - Expense Ratio Comparison

KSEP has a 0.79% expense ratio, which is higher than PQAP's 0.50% expense ratio.

Dividends

KSEP vs. PQAP - Dividend Comparison

KSEP has not paid dividends to shareholders, while PQAP's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	0.00%	0.00%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%

Frequently Asked Questions

Can I hold both KSEP and PQAP in my portfolio?

KSEP and PQAP have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSEP or PQAP?

KSEP has higher volatility (1.63%) compared to PQAP (1.02%). In terms of maximum drawdown, KSEP dropped -14.92% vs PQAP's -10.79%.

Which ETF is better, KSEP or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 20.63% for KSEP. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSEP or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 20.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSEP or PQAP?

PQAP is cheaper with a 0.50% expense ratio, compared with 0.79% for KSEP.

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

PQAP has the higher dividend yield at 0.02%, compared with 0.00% for KSEP.

What is the main difference between KSEP and PQAP?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for KSEP and 0.50% for PQAP.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 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.