LOUP vs. KSEP

Last updated Jun 24, 2026

LOUP (Innovator Deepwater Frontier Tech ETF) and KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) are both exchange-traded funds - LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index, while KSEP is a Defined Outcome fund actively managed by Innovator. LOUP is passively managed, while KSEP is actively managed. Over the past year, LOUP returned 61.21% vs 21.29% for KSEP. A 0.69 correlation means they provide meaningful diversification when combined. LOUP charges 0.70%/yr vs 0.79%/yr for KSEP.

Performance

LOUP vs. KSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Deepwater Frontier Tech ETF (LOUP) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LOUP achieves a 21.99% return, which is significantly higher than KSEP's 9.93% return.

LOUP

• 1D: -3.56%
• 1M: 4.72%
• YTD: 21.99%
• 6M: 19.67%
• 1Y: 61.21%
• 3Y*: 34.83%
• 5Y*: 11.19%
• 10Y*: —

KSEP

• 1D: -0.33%
• 1M: 1.51%
• YTD: 9.93%
• 6M: 8.92%
• 1Y: 21.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LOUP vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LOUP Innovator Deepwater Frontier Tech ETF	21.99%	43.24%	15.50%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	9.93%	8.54%	1.64%

Correlation

The correlation between LOUP and KSEP is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	0.69

The correlation between LOUP and KSEP has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

LOUP vs. KSEP — Risk / Return Rank

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

LOUP

LOUP Risk / Return Rank: 60
LOUP Sharpe Ratio Rank: 68
LOUP Sortino Ratio Rank: 58
LOUP Omega Ratio Rank: 56
LOUP Calmar Ratio Rank: 62
LOUP Martin Ratio Rank: 58

KSEP

KSEP Risk / Return Rank: 79
KSEP Sharpe Ratio Rank: 72
KSEP Sortino Ratio Rank: 79
KSEP Omega Ratio Rank: 71
KSEP Calmar Ratio Rank: 87
KSEP Martin Ratio Rank: 86

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.

LOUP vs. KSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Deepwater Frontier Tech ETF (LOUP) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). 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.

	LOUP	KSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.10	-0.04
Sortino ratio: Return per unit of downside risk	2.58	3.17	-0.59
Omega ratio: Gain probability vs. loss probability	1.33	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.93	4.50	-1.57
Martin ratio: Return relative to average drawdown	9.65	16.34	-6.69

LOUP vs. KSEP - Sharpe Ratio Comparison

The current LOUP Sharpe Ratio is 2.06, which is comparable to the KSEP Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of LOUP and KSEP, 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

LOUP vs. KSEP - Drawdown Comparison

The maximum LOUP drawdown since its inception was -58.68%, which is greater than KSEP's maximum drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for LOUP and KSEP.

Drawdown Indicators

	LOUP	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-58.68%	-14.92%	-43.76%
Max Drawdown (1Y) Largest decline over 1 year	-21.00%	-4.75%	-16.25%
Max Drawdown (3Y) Largest decline over 3 years	-35.23%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.63%	—	—
Current Drawdown Current decline from peak	-6.64%	-0.33%	-6.31%
Average Drawdown Average peak-to-trough decline	-19.94%	-2.41%	-17.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	1.31%	+5.05%

Volatility

LOUP vs. KSEP - Volatility Comparison

Innovator Deepwater Frontier Tech ETF (LOUP) has a higher volatility of 12.01% compared to Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) at 2.04%. This indicates that LOUP's price experiences larger fluctuations and is considered to be riskier than KSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LOUP	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.01%	2.04%	+9.97%
Volatility (6M) Calculated over the trailing 6-month period	23.40%	6.34%	+17.06%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	10.19%	+19.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.66%	11.61%	+21.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.05%	11.61%	+20.44%

LOUP vs. KSEP - Expense Ratio Comparison

LOUP has a 0.70% expense ratio, which is lower than KSEP's 0.79% expense ratio.

Dividends

LOUP vs. KSEP - Dividend Comparison

Neither LOUP nor KSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both LOUP and KSEP in my portfolio?

LOUP and KSEP have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LOUP or KSEP?

LOUP has higher volatility (12.01%) compared to KSEP (2.04%). In terms of maximum drawdown, LOUP dropped -58.68% vs KSEP's -14.92%.

Which ETF is better, LOUP or KSEP?

On 1-year performance, LOUP leads with 61.21% vs 21.29% for KSEP. On fees, LOUP is cheaper at 0.70% per year. On volatility, KSEP has been the lower-risk option at 2.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LOUP or KSEP?

Over the 1-year period, LOUP has performed better with a 61.21% return vs 21.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LOUP or KSEP?

LOUP is cheaper with a 0.70% expense ratio, compared with 0.79% for KSEP.

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

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

What is the main difference between LOUP and KSEP?

LOUP is categorized as Technology Equities, while KSEP is Defined Outcome. Their fees differ too: 0.70% for LOUP and 0.79% for KSEP.

Which has better risk-adjusted returns?

KSEP currently has the higher Sharpe Ratio (2.10 vs 2.06), 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.