PBSE vs. KAPR

Last updated Jun 4, 2026

PBSE (PGIM S&P 500 Buffer 20 ETF - September) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. PBSE is actively managed, while KAPR is passively managed. Over the past year, PBSE returned 12.86% vs 22.85% for KAPR. A 0.74 correlation means they provide meaningful diversification when combined. PBSE charges 0.50%/yr vs 0.79%/yr for KAPR.

Performance

PBSE vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM S&P 500 Buffer 20 ETF - September (PBSE) 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, PBSE achieves a 4.31% return, which is significantly lower than KAPR's 10.96% return.

PBSE

• 1D: -0.05%
• 1M: 1.42%
• YTD: 4.31%
• 6M: 5.00%
• 1Y: 12.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

• 1D: -0.52%
• 1M: 1.70%
• YTD: 10.96%
• 6M: 11.76%
• 1Y: 22.85%
• 3Y*: 13.04%
• 5Y*: 7.18%
• 10Y*: —

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

PBSE vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBSE PGIM S&P 500 Buffer 20 ETF - September	4.31%	10.97%	5.75%
KAPR Innovator Russell 2000 Power Buffer ETF - April	10.96%	7.42%	5.19%

Correlation

The correlation between PBSE and KAPR is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since May 16, 2024	0.74

The correlation between PBSE and KAPR has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Return for Risk

PBSE vs. KAPR — Risk / Return Rank

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

PBSE

PBSE Risk / Return Rank: 88
PBSE Sharpe Ratio Rank: 87
PBSE Sortino Ratio Rank: 91
PBSE Omega Ratio Rank: 92
PBSE Calmar Ratio Rank: 80
PBSE Martin Ratio Rank: 91

KAPR

KAPR Risk / Return Rank: 95
KAPR Sharpe Ratio Rank: 93
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 95
KAPR Calmar Ratio Rank: 96
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.

PBSE vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM S&P 500 Buffer 20 ETF - September (PBSE) 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.

	PBSE	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.86	3.53	-0.67
Sortino ratio: Return per unit of downside risk	4.26	5.56	-1.30
Omega ratio: Gain probability vs. loss probability	1.60	1.74	-0.13
Calmar ratio: Return relative to maximum drawdown	4.10	9.12	-5.03
Martin ratio: Return relative to average drawdown	21.83	43.03	-21.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBSE vs. KAPR - Sharpe Ratio Comparison

The current PBSE Sharpe Ratio is 2.86, which is comparable to the KAPR Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of PBSE 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.

Sharpe Ratios by Period

	PBSE	KAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	3.53	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	0.83	+0.74

Drawdowns

PBSE vs. KAPR - Drawdown Comparison

The maximum PBSE drawdown since its inception was -8.35%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for PBSE and KAPR.

Drawdown Indicators

	PBSE	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-16.91%	+8.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-2.52%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.91%	—
Current Drawdown Current decline from peak	-0.05%	-0.52%	+0.47%
Average Drawdown Average peak-to-trough decline	-0.63%	-3.92%	+3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.53%	+0.06%

Volatility

PBSE vs. KAPR - Volatility Comparison

The current volatility for PGIM S&P 500 Buffer 20 ETF - September (PBSE) is 0.46%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.30%. This indicates that PBSE 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

	PBSE	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	2.30%	-1.84%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	4.06%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	6.54%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	11.75%	-5.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.66%	11.63%	-4.97%

PBSE vs. KAPR - Expense Ratio Comparison

PBSE has a 0.50% expense ratio, which is lower than KAPR's 0.79% expense ratio.

Dividends

PBSE vs. KAPR - Dividend Comparison

Neither PBSE nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PBSE and KAPR in my portfolio?

PBSE and KAPR have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBSE or KAPR?

KAPR has higher volatility (2.30%) compared to PBSE (0.46%). In terms of maximum drawdown, PBSE dropped -8.35% vs KAPR's -16.91%.

Which ETF is better, PBSE or KAPR?

On 1-year performance, KAPR leads with 22.85% vs 12.86% for PBSE. On fees, PBSE is cheaper at 0.50% per year. On volatility, PBSE has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBSE or KAPR?

Over the 1-year period, KAPR has performed better with a 22.85% return vs 12.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBSE or KAPR?

PBSE is cheaper with a 0.50% expense ratio, compared with 0.79% for KAPR.

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

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

What is the main difference between PBSE and KAPR?

They also come from different issuers: PGIM and Innovator. Their fees differ too: 0.50% for PBSE and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.53 vs 2.86), 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.