LOCT vs. KLIP

Last updated Aug 2, 2026

LOCT (Innovator Premium Income 15 Buffer ETF - October) and KLIP (KraneShares China Internet and Covered Call Strategy ETF) are both exchange-traded funds - LOCT is a Options Trading fund actively managed by Innovator, while KLIP is a China Equities fund actively managed by KraneShares. Both are actively managed. Over the past year, LOCT returned 5.50% vs -3.45% for KLIP. Their 0.32 correlation means their historical movements had little consistent relationship. LOCT charges 0.79%/yr vs 0.95%/yr for KLIP.

Performance

LOCT vs. KLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - October (LOCT) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LOCT achieves a 3.09% return, which is significantly higher than KLIP's -7.10% return.

LOCT

• 1D: 0.05%
• 1M: 0.35%
• 6M: 2.73%
• YTD: 3.09%
• 1Y: 5.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.95%

KLIP

• 1D: 0.31%
• 1M: 6.50%
• 6M: -11.47%
• YTD: -7.10%
• 1Y: -3.45%
• 3Y*: 6.19%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.43%

*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)
KLIP KraneShares China Internet and Covered Call Strategy ETF	$623.83K	$609.30K	$993.79K
LOCT Innovator Premium Income 15 Buffer ETF - October	$39.58K	$38.15K	$92.15K

LOCT vs. KLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LOCT Innovator Premium Income 15 Buffer ETF - October	3.09%	5.56%	5.21%	2.86%
KLIP KraneShares China Internet and Covered Call Strategy ETF	-7.10%	16.92%	3.37%	6.46%

Correlation

The correlation between LOCT and KLIP is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.32

Return for Risk

LOCT vs. KLIP — Risk / Return Rank

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

LOCT

LOCT Risk / Return Rank: 95
LOCT Sharpe Ratio Rank: 94
LOCT Sortino Ratio Rank: 95
LOCT Omega Ratio Rank: 96
LOCT Calmar Ratio Rank: 93
LOCT Martin Ratio Rank: 96

KLIP

KLIP Risk / Return Rank: 7
KLIP Sharpe Ratio Rank: 7
KLIP Sortino Ratio Rank: 7
KLIP Omega Ratio Rank: 7
KLIP Calmar Ratio Rank: 8
KLIP Martin Ratio Rank: 8

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.

LOCT vs. KLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - October (LOCT) and KraneShares China Internet and Covered Call Strategy ETF (KLIP). 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.

	LOCT	KLIP	Difference
Sharpe ratio: Return per unit of total volatility	2.58	-0.26	+2.84
Sortino ratio: Return per unit of downside risk	3.95	-0.25	+4.20
Omega ratio: Gain probability vs. loss probability	1.63	0.97	+0.66
Calmar ratio: Return relative to maximum drawdown	4.50	-0.20	+4.69
Martin ratio: Return relative to average drawdown	24.00	-0.46	+24.47

LOCT vs. KLIP - Sharpe Ratio Comparison

The current LOCT Sharpe Ratio is 2.58, which is higher than the KLIP Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of LOCT and KLIP, 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

LOCT vs. KLIP - Drawdown Comparison

The maximum LOCT drawdown since its inception was -4.69%, smaller than the maximum KLIP drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for LOCT and KLIP.

Drawdown Indicators

	LOCT	KLIP	Difference
Max Drawdown Largest peak-to-trough decline	-4.69%	-21.48%	+16.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.23%	-21.48%	+20.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.48%	—
Current Drawdown Current decline from peak	0.00%	-12.44%	+12.44%
Average Drawdown Average peak-to-trough decline	-0.14%	-4.32%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	9.19%	-8.96%

Volatility

LOCT vs. KLIP - Volatility Comparison

The current volatility for Innovator Premium Income 15 Buffer ETF - October (LOCT) is 0.15%, while KraneShares China Internet and Covered Call Strategy ETF (KLIP) has a volatility of 2.40%. This indicates that LOCT experiences smaller price fluctuations and is considered to be less risky than KLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOCT	KLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	2.40%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	1.56%	13.02%	-11.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	16.59%	-14.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.50%	17.99%	-14.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.50%	17.99%	-14.49%

LOCT vs. KLIP - Expense Ratio Comparison

LOCT has a 0.79% expense ratio, which is lower than KLIP's 0.95% expense ratio.

Dividends

LOCT vs. KLIP - Dividend Comparison

LOCT's dividend yield for the trailing twelve months is around 5.16%, less than KLIP's 27.63% yield.

Position	TTM	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.63%	25.14%	54.26%	61.22%
LOCT Innovator Premium Income 15 Buffer ETF - October	5.16%	5.12%	6.27%	1.64%

Frequently Asked Questions

Can I hold both LOCT and KLIP in my portfolio?

LOCT and KLIP have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LOCT or KLIP?

KLIP has higher volatility (2.40%) compared to LOCT (0.15%). In terms of maximum drawdown, LOCT dropped -4.69% vs KLIP's -21.48%.

Which ETF is better, LOCT or KLIP?

On 1-year performance, LOCT leads with 5.50% vs -3.45% for KLIP. On fees, LOCT is cheaper at 0.79% per year. On volatility, LOCT has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LOCT or KLIP?

Over the 1-year period, LOCT has performed better with a 5.50% return vs -3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LOCT or KLIP?

LOCT is cheaper with a 0.79% expense ratio, compared with 0.95% for KLIP.

Which ETF pays a higher dividend yield, LOCT or KLIP?

KLIP has the higher dividend yield at 27.63%, compared with 5.16% for LOCT.

What is the main difference between LOCT and KLIP?

LOCT is categorized as Options Trading, while KLIP is China Equities. They also come from different issuers: Innovator and KraneShares. Their fees differ too: 0.79% for LOCT and 0.95% for KLIP.

Which has better risk-adjusted returns?

LOCT currently has the higher Sharpe Ratio (2.58 vs -0.26), 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.