KSEP vs. QB

Last updated Aug 4, 2026

KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds. KSEP is actively managed, while QB is passively managed. Over the past year, KSEP returned 22.33% vs 21.91% for QB. Their 0.56 correlation means they have sometimes moved together and sometimes differently. KSEP charges 0.79%/yr vs 0.58%/yr for QB.

Performance

KSEP vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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 QB's 14.64% return.

KSEP

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

QB

• 1D: 0.70%
• 1M: 3.21%
• 6M: 13.78%
• YTD: 14.64%
• 1Y: 21.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.42%

*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)
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	$31.44K	$42.04K	$89.83K
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	$54.65K	$36.90K	$152.33K

KSEP vs. QB - Yearly Performance Comparison

	2026 (YTD)	2025
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	11.62%	10.11%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	14.64%	6.10%

Correlation

The correlation between KSEP and QB is 0.56, 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.	0.56
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.56

The correlation between KSEP and QB has been stable across timeframes, ranging from 0.56 to 0.56 - a consistent structural relationship.

Return for Risk

KSEP vs. QB — 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

QB

QB Risk / Return Rank: 96
QB Sharpe Ratio Rank: 96
QB Sortino Ratio Rank: 96
QB Omega Ratio Rank: 97
QB Calmar Ratio Rank: 96
QB 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.

KSEP vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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	QB	Difference
Sharpe ratio: Return per unit of total volatility	2.32	3.03	-0.71
Sortino ratio: Return per unit of downside risk	3.56	4.51	-0.95
Omega ratio: Gain probability vs. loss probability	1.45	1.73	-0.27
Calmar ratio: Return relative to maximum drawdown	4.72	6.33	-1.62
Martin ratio: Return relative to average drawdown	18.46	30.39	-11.93

KSEP vs. QB - Sharpe Ratio Comparison

The current KSEP Sharpe Ratio is 2.32, which is comparable to the QB Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of KSEP and QB, 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. QB - Drawdown Comparison

The maximum KSEP drawdown since its inception was -14.92%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for KSEP and QB.

Drawdown Indicators

	KSEP	QB	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-3.47%	-11.45%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-3.47%	-1.28%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.28%	-0.42%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	0.72%	+0.49%

Volatility

KSEP vs. QB - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) is 0.89%, while ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) has a volatility of 2.38%. This indicates that KSEP experiences smaller price fluctuations and is considered to be less risky than QB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSEP	QB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	2.38%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	6.06%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	7.27%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.28%	7.02%	+4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.28%	7.02%	+4.26%

KSEP vs. QB - Expense Ratio Comparison

KSEP has a 0.79% expense ratio, which is higher than QB's 0.58% expense ratio.

Dividends

KSEP vs. QB - Dividend Comparison

KSEP has not paid dividends to shareholders, while QB's dividend yield for the trailing twelve months is around 0.76%.

Position	TTM	2025
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	0.00%	0.00%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.76%	0.48%

Frequently Asked Questions

Can I hold both KSEP and QB in my portfolio?

KSEP and QB have a correlation of 0.56, 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 QB?

QB has higher volatility (2.38%) compared to KSEP (0.89%). In terms of maximum drawdown, KSEP dropped -14.92% vs QB's -3.47%.

Which ETF is better, KSEP or QB?

On 1-year performance, KSEP leads with 22.33% vs 21.91% for QB. On fees, QB is cheaper at 0.58% per year. 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 QB?

Over the 1-year period, KSEP has performed better with a 22.33% return vs 21.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSEP or QB?

QB is cheaper with a 0.58% expense ratio, compared with 0.79% for KSEP.

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

QB has the higher dividend yield at 0.76%, compared with 0.00% for KSEP.

What is the main difference between KSEP and QB?

They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for KSEP and 0.58% for QB.

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (3.03 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.