OCTW vs. KAPR

Last updated Jun 24, 2026

OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds - OCTW tracks the SPDR S&P 500 ETF Trust while KAPR tracks the Russell 2000 Index. Both are passively managed. Over the past 5 years, OCTW returned 8.71%/yr vs 7.23%/yr for KAPR. A 0.67 correlation means they provide meaningful diversification when combined. OCTW charges 0.74%/yr vs 0.79%/yr for KAPR.

Performance

OCTW vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) 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, OCTW achieves a 4.26% return, which is significantly lower than KAPR's 12.34% return.

OCTW

• 1D: -0.44%
• 1M: 0.07%
• YTD: 4.26%
• 6M: 4.06%
• 1Y: 11.24%
• 3Y*: 10.37%
• 5Y*: 8.71%
• 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)

OCTW vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	4.26%	9.68%	8.67%	17.57%	0.54%	6.48%	3.94%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.34%	7.42%	12.10%	15.36%	-8.14%	2.48%	3.67%

Correlation

The correlation between OCTW and KAPR is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 1, 2020	0.67

The correlation between OCTW and KAPR has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

OCTW vs. KAPR - Sectors Allocation Comparison

Sectors	OCTW	KAPR
Technology	38.4%	19.1%
Financial Services	11.0%	15.5%
Communication Services	10.8%	2.4%
Consumer Cyclical	10.0%	8.0%
Healthcare	8.4%	16.2%
Industrials	7.9%	17.9%
Consumer Defensive	4.6%	2.3%
Energy	3.2%	5.5%
Utilities	2.1%	2.8%
Real Estate	1.8%	5.9%
Basic Materials	1.7%	4.6%

Return for Risk

OCTW vs. KAPR — Risk / Return Rank

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

OCTW

OCTW Risk / Return Rank: 79
OCTW Sharpe Ratio Rank: 78
OCTW Sortino Ratio Rank: 83
OCTW Omega Ratio Rank: 84
OCTW Calmar Ratio Rank: 67
OCTW Martin Ratio Rank: 83

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.

OCTW vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) 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.

	OCTW	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.29	3.50	-1.20
Sortino ratio: Return per unit of downside risk	3.38	5.43	-2.05
Omega ratio: Gain probability vs. loss probability	1.47	1.73	-0.26
Calmar ratio: Return relative to maximum drawdown	3.09	9.30	-6.21
Martin ratio: Return relative to average drawdown	15.75	43.60	-27.85

OCTW vs. KAPR - Sharpe Ratio Comparison

The current OCTW Sharpe Ratio is 2.29, which is lower than the KAPR Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of OCTW 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

OCTW vs. KAPR - Drawdown Comparison

The maximum OCTW drawdown since its inception was -8.38%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for OCTW and KAPR.

Drawdown Indicators

	OCTW	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-8.38%	-16.91%	+8.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-2.52%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-8.38%	-16.84%	+8.46%
Max Drawdown (5Y) Largest decline over 5 years	-8.38%	-16.91%	+8.53%
Current Drawdown Current decline from peak	-0.55%	-0.37%	-0.18%
Average Drawdown Average peak-to-trough decline	-0.81%	-3.89%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.54%	+0.18%

Volatility

OCTW vs. KAPR - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) is 1.31%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.53%. This indicates that OCTW 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

	OCTW	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	2.53%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	4.57%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	4.94%	6.70%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	11.76%	-5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.14%	11.65%	-5.51%

OCTW vs. KAPR - Expense Ratio Comparison

OCTW has a 0.74% expense ratio, which is lower than KAPR's 0.79% expense ratio.

Dividends

OCTW vs. KAPR - Dividend Comparison

Neither OCTW nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OCTW and KAPR in my portfolio?

OCTW and KAPR have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCTW or KAPR?

KAPR has higher volatility (2.53%) compared to OCTW (1.31%). In terms of maximum drawdown, OCTW dropped -8.38% vs KAPR's -16.91%.

Which ETF is better, OCTW or KAPR?

On 5-year performance, OCTW leads with 8.71% vs 7.23% for KAPR. On fees, OCTW is cheaper at 0.74% per year. On volatility, OCTW has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTW or KAPR?

Over the 5-year period, OCTW has performed better with a 8.71% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTW or KAPR?

OCTW is cheaper with a 0.74% expense ratio, compared with 0.79% for KAPR.

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

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

What is the main difference between OCTW and KAPR?

OCTW tracks SPDR S&P 500 ETF Trust, while KAPR tracks Russell 2000 Index. They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for OCTW and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.50 vs 2.29), 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.