NOCT vs. KAPR

Last updated Jun 24, 2026

NOCT (Innovator Growth-100 Power Buffer ETF - October) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds from Innovator. NOCT is actively managed, while KAPR is passively managed. Over the past 5 years, NOCT returned 10.00%/yr vs 7.23%/yr for KAPR. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

NOCT vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - October (NOCT) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOCT achieves a 6.77% return, which is significantly lower than KAPR's 12.34% return.

NOCT

• 1D: -0.83%
• 1M: -0.13%
• YTD: 6.77%
• 6M: 6.34%
• 1Y: 15.56%
• 3Y*: 14.27%
• 5Y*: 10.00%
• 10Y*: —

KAPR

• 1D: -0.37%
• 1M: 1.73%
• YTD: 12.34%
• 6M: 12.09%
• 1Y: 23.29%
• 3Y*: 13.56%
• 5Y*: 7.23%
• 10Y*: —

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

NOCT vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NOCT Innovator Growth-100 Power Buffer ETF - October	6.77%	12.81%	12.10%	30.67%	-13.42%	12.10%	17.54%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.34%	7.42%	12.10%	15.36%	-8.14%	2.48%	18.61%

Correlation

The correlation between NOCT and KAPR 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 (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Apr 1, 2020	0.63

The correlation between NOCT and KAPR has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.

Return for Risk

NOCT vs. KAPR — Risk / Return Rank

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

NOCT

NOCT Risk / Return Rank: 68
NOCT Sharpe Ratio Rank: 68
NOCT Sortino Ratio Rank: 68
NOCT Omega Ratio Rank: 74
NOCT Calmar Ratio Rank: 59
NOCT Martin Ratio Rank: 72

KAPR

KAPR Risk / Return Rank: 96
KAPR Sharpe Ratio Rank: 95
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 97
KAPR Martin Ratio Rank: 97

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.

NOCT vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - October (NOCT) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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.

	NOCT	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.02	3.50	-1.47
Sortino ratio: Return per unit of downside risk	2.84	5.43	-2.60
Omega ratio: Gain probability vs. loss probability	1.40	1.73	-0.33
Calmar ratio: Return relative to maximum drawdown	2.68	9.30	-6.62
Martin ratio: Return relative to average drawdown	12.33	43.60	-31.27

NOCT vs. KAPR - Sharpe Ratio Comparison

The current NOCT Sharpe Ratio is 2.02, which is lower than the KAPR Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of NOCT and KAPR, 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

NOCT vs. KAPR - Drawdown Comparison

The maximum NOCT drawdown since its inception was -16.21%, roughly equal to the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for NOCT and KAPR.

Drawdown Indicators

	NOCT	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-16.21%	-16.91%	+0.70%
Max Drawdown (1Y) Largest decline over 1 year	-5.84%	-2.52%	-3.32%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	-16.84%	+4.14%
Max Drawdown (5Y) Largest decline over 5 years	-16.21%	-16.91%	+0.70%
Current Drawdown Current decline from peak	-1.08%	-0.37%	-0.71%
Average Drawdown Average peak-to-trough decline	-2.33%	-3.89%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	0.54%	+0.72%

Volatility

NOCT vs. KAPR - Volatility Comparison

The current volatility for Innovator Growth-100 Power Buffer ETF - October (NOCT) is 2.36%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.53%. This indicates that NOCT experiences smaller price fluctuations and is considered to be less risky than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOCT	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	2.53%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	6.13%	4.57%	+1.56%
Volatility (1Y) Calculated over the trailing 1-year period	7.74%	6.70%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.98%	11.76%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	11.65%	-0.46%

NOCT vs. KAPR - Expense Ratio Comparison

Both NOCT and KAPR have an expense ratio of 0.79%.

Dividends

NOCT vs. KAPR - Dividend Comparison

Neither NOCT nor KAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KAPR Innovator Russell 2000 Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOCT Innovator Growth-100 Power Buffer ETF - October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%

Frequently Asked Questions

Can I hold both NOCT and KAPR in my portfolio?

NOCT and KAPR 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, NOCT or KAPR?

KAPR has higher volatility (2.53%) compared to NOCT (2.36%). In terms of maximum drawdown, NOCT dropped -16.21% vs KAPR's -16.91%.

Which ETF is better, NOCT or KAPR?

On 5-year performance, NOCT leads with 10.00% vs 7.23% for KAPR. Both ETFs have the same 0.79% expense ratio. On volatility, NOCT has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOCT or KAPR?

Over the 5-year period, NOCT has performed better with a 10.00% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOCT or KAPR?

NOCT and KAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, NOCT or KAPR?

NOCT and KAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.50 vs 2.02), 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.