PDEC vs. KSEP

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - December (PDEC) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP).

PDEC and KSEP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PDEC is a passively managed fund by Innovator that tracks the performance of the S&P 500. It was launched on Nov 29, 2019. KSEP is an actively managed fund by Innovator. It was launched on Aug 30, 2024.

Performance

PDEC vs. KSEP - Performance Comparison

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

PDEC vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PDEC Innovator U.S. Equity Power Buffer ETF - December	-1.52%	12.91%	1.35%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	1.59%	8.54%	3.08%

Returns By Period

In the year-to-date period, PDEC achieves a -1.52% return, which is significantly lower than KSEP's 1.59% return.

PDEC

• 1D: 0.52%
• 1M: -2.02%
• YTD: -1.52%
• 6M: 1.57%
• 1Y: 13.38%
• 3Y*: 10.75%
• 5Y*: 7.50%
• 10Y*: —

KSEP

• 1D: 0.46%
• 1M: -2.01%
• YTD: 1.59%
• 6M: 3.29%
• 1Y: 15.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PDEC vs. KSEP - Expense Ratio Comparison

Both PDEC and KSEP have an expense ratio of 0.79%.

PDEC

Innovator U.S. Equity Power Buffer ETF - December

KSEP

Innovator U.S. Small Cap Power Buffer ETF - September

Return for Risk

PDEC vs. KSEP — Risk / Return Rank

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

PDEC

PDEC Risk / Return Rank: 74
PDEC Sharpe Ratio Rank: 69
PDEC Sortino Ratio Rank: 73
PDEC Omega Ratio Rank: 75
PDEC Calmar Ratio Rank: 70
PDEC Martin Ratio Rank: 83

KSEP

KSEP Risk / Return Rank: 64
KSEP Sharpe Ratio Rank: 62
KSEP Sortino Ratio Rank: 66
KSEP Omega Ratio Rank: 59
KSEP Calmar Ratio Rank: 63
KSEP Martin Ratio Rank: 71

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.

PDEC vs. KSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - December (PDEC) 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.

	PDEC	KSEP	Difference
Sharpe ratio Return per unit of total volatility	1.29	1.18	+0.12
Sortino ratio Return per unit of downside risk	1.94	1.78	+0.16
Omega ratio Gain probability vs. loss probability	1.30	1.23	+0.06
Calmar ratio Return relative to maximum drawdown	1.97	1.83	+0.14
Martin ratio Return relative to average drawdown	10.20	8.40	+1.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDEC vs. KSEP - Sharpe Ratio Comparison

The current PDEC Sharpe Ratio is 1.29, which is comparable to the KSEP Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of PDEC and KSEP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PDEC	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.18	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.71	+0.01

Correlation

The correlation between PDEC and KSEP is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PDEC vs. KSEP - Dividend Comparison

Neither PDEC nor KSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

PDEC vs. KSEP - Drawdown Comparison

The maximum PDEC drawdown since its inception was -19.31%, which is greater than KSEP's maximum drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for PDEC and KSEP.

Drawdown Indicators

	PDEC	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-19.31%	-14.92%	-4.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-8.33%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-11.53%	—	—
Current Drawdown Current decline from peak	-2.54%	-2.40%	-0.14%
Average Drawdown Average peak-to-trough decline	-2.07%	-2.69%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.81%	-0.47%

Volatility

PDEC vs. KSEP - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - December (PDEC) is 3.24%, while Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) has a volatility of 4.06%. This indicates that PDEC experiences smaller price fluctuations and is considered to be less risky than KSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDEC	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	4.06%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	5.40%	7.38%	-1.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	13.16%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.87%	12.07%	-3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.07%	12.07%	-1.00%