KSEP vs. SBIT

Last updated Jul 14, 2026

KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - KSEP is a Defined Outcome fund actively managed by Innovator, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). KSEP is actively managed, while SBIT is passively managed. Over the past year, KSEP returned 18.91% vs 124.12% for SBIT. At a correlation of -0.49, they often move in opposite directions. KSEP charges 0.79%/yr vs 0.95%/yr for SBIT.

Performance

KSEP vs. SBIT - 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 Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSEP achieves a 10.60% return, which is significantly lower than SBIT's 44.00% return.

KSEP

• 1D: -0.19%
• 1M: 1.07%
• 6M: 7.55%
• YTD: 10.60%
• 1Y: 18.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIT

• 1D: 5.38%
• 1M: 1.44%
• 6M: 58.27%
• YTD: 44.00%
• 1Y: 124.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KSEP vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	10.60%	8.54%	1.64%
SBIT Proshares Ultrashort Bitcoin ETF	44.00%	-25.11%	-69.65%

Correlation

The correlation between KSEP and SBIT is -0.52, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.52
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	-0.49

The correlation between KSEP and SBIT has been stable across timeframes, ranging from -0.52 to -0.49 - a consistent structural relationship.

Return for Risk

KSEP vs. SBIT — Risk / Return Rank

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

KSEP

KSEP Risk / Return Rank: 82
KSEP Sharpe Ratio Rank: 75
KSEP Sortino Ratio Rank: 82
KSEP Omega Ratio Rank: 77
KSEP Calmar Ratio Rank: 88
KSEP Martin Ratio Rank: 87

SBIT

SBIT Risk / Return Rank: 52
SBIT Sharpe Ratio Rank: 51
SBIT Sortino Ratio Rank: 52
SBIT Omega Ratio Rank: 48
SBIT Calmar Ratio Rank: 66
SBIT Martin Ratio Rank: 45

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. SBIT - 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 Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.41	+0.49
Sortino ratio: Return per unit of downside risk	2.92	2.05	+0.87
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	3.99	2.60	+1.39
Martin ratio: Return relative to average drawdown	14.60	5.92	+8.68

KSEP vs. SBIT - Sharpe Ratio Comparison

The current KSEP Sharpe Ratio is 1.90, which is higher than the SBIT Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of KSEP and SBIT, 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. SBIT - Drawdown Comparison

The maximum KSEP drawdown since its inception was -14.92%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for KSEP and SBIT.

Drawdown Indicators

	KSEP	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-14.92%	-91.35%	+76.43%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-47.94%	+43.19%
Current Drawdown Current decline from peak	-0.19%	-77.15%	+76.96%
Average Drawdown Average peak-to-trough decline	-2.35%	-68.83%	+66.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	21.04%	-19.74%

Volatility

KSEP vs. SBIT - Volatility Comparison

The current volatility for Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) is 1.44%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 22.98%. This indicates that KSEP experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSEP	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	22.98%	-21.54%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	68.89%	-62.73%
Volatility (1Y) Calculated over the trailing 1-year period	9.99%	88.51%	-78.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.45%	96.89%	-85.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.45%	96.89%	-85.44%

KSEP vs. SBIT - Expense Ratio Comparison

KSEP has a 0.79% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

KSEP vs. SBIT - Dividend Comparison

KSEP has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 3.97%.

Position	TTM	2025	2024
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	3.97%	0.52%	1.00%

Frequently Asked Questions

Can I hold both KSEP and SBIT in my portfolio?

KSEP and SBIT have a correlation of -0.52, 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 SBIT?

SBIT has higher volatility (22.98%) compared to KSEP (1.44%). In terms of maximum drawdown, KSEP dropped -14.92% vs SBIT's -91.35%.

Which ETF is better, KSEP or SBIT?

On 1-year performance, SBIT leads with 124.12% vs 18.91% for KSEP. On fees, KSEP is cheaper at 0.79% per year. On volatility, KSEP has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KSEP or SBIT?

Over the 1-year period, SBIT has performed better with a 124.12% return vs 18.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KSEP or SBIT?

KSEP is cheaper with a 0.79% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 3.97%, compared with 0.00% for KSEP.

What is the main difference between KSEP and SBIT?

KSEP is categorized as Defined Outcome, while SBIT is Cryptocurrency. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for KSEP and 0.95% for SBIT.

Which has better risk-adjusted returns?

KSEP currently has the higher Sharpe Ratio (1.90 vs 1.41), 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.