PSMD vs. KAPR

Last updated Jul 14, 2026

PSMD (Pacer Swan SOS Moderate (December) ETF) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. PSMD is actively managed, while KAPR is passively managed. Over the past 5 years, PSMD returned 9.18%/yr vs 7.95%/yr for KAPR. A 0.72 correlation means they provide meaningful diversification when combined. PSMD charges 0.75%/yr vs 0.79%/yr for KAPR.

Performance

PSMD vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Swan SOS Moderate (December) ETF (PSMD) 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, PSMD achieves a 5.98% return, which is significantly lower than KAPR's 12.71% return.

PSMD

• 1D: -0.28%
• 1M: 0.95%
• 6M: 4.94%
• YTD: 5.98%
• 1Y: 12.56%
• 3Y*: 11.84%
• 5Y*: 9.18%
• 10Y*: —

KAPR

• 1D: -0.39%
• 1M: 0.83%
• 6M: 11.41%
• YTD: 12.71%
• 1Y: 20.87%
• 3Y*: 12.42%
• 5Y*: 7.95%
• 10Y*: —

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

PSMD vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PSMD Pacer Swan SOS Moderate (December) ETF	5.98%	11.45%	12.78%	17.46%	-4.47%	11.23%	0.55%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.71%	7.42%	12.10%	15.36%	-8.14%	2.48%	0.16%

Correlation

The correlation between PSMD and KAPR is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.72

The correlation between PSMD and KAPR has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

PSMD vs. KAPR - Sectors Allocation Comparison

Sectors	PSMD	KAPR
Technology	34.1%	19.1%
Financial Services	12.6%	15.5%
Communication Services	11.2%	2.4%
Consumer Cyclical	10.6%	8.0%
Healthcare	9.4%	16.2%
Industrials	8.0%	17.9%
Consumer Defensive	5.0%	2.3%
Energy	3.2%	5.5%
Utilities	2.3%	2.8%
Real Estate	1.9%	5.9%
Basic Materials	1.8%	4.6%

Return for Risk

PSMD vs. KAPR — Risk / Return Rank

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

PSMD

PSMD Risk / Return Rank: 85
PSMD Sharpe Ratio Rank: 86
PSMD Sortino Ratio Rank: 89
PSMD Omega Ratio Rank: 90
PSMD Calmar Ratio Rank: 71
PSMD Martin Ratio Rank: 88

KAPR

KAPR Risk / Return Rank: 97
KAPR Sharpe Ratio Rank: 96
KAPR Sortino Ratio Rank: 97
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 97
KAPR Martin Ratio Rank: 98

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.

PSMD vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Moderate (December) ETF (PSMD) 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.

	PSMD	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.19	3.20	-1.00
Sortino ratio: Return per unit of downside risk	3.26	5.00	-1.74
Omega ratio: Gain probability vs. loss probability	1.45	1.67	-0.22
Calmar ratio: Return relative to maximum drawdown	2.85	8.33	-5.47
Martin ratio: Return relative to average drawdown	14.78	39.37	-24.59

PSMD vs. KAPR - Sharpe Ratio Comparison

The current PSMD Sharpe Ratio is 2.19, which is lower than the KAPR Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of PSMD 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

PSMD vs. KAPR - Drawdown Comparison

The maximum PSMD drawdown since its inception was -11.96%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for PSMD and KAPR.

Drawdown Indicators

	PSMD	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-11.96%	-16.91%	+4.95%
Max Drawdown (1Y) Largest decline over 1 year	-4.42%	-2.52%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-10.70%	-16.84%	+6.14%
Max Drawdown (5Y) Largest decline over 5 years	-11.96%	-16.91%	+4.95%
Current Drawdown Current decline from peak	-0.28%	-0.56%	+0.28%
Average Drawdown Average peak-to-trough decline	-1.64%	-3.86%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.53%	+0.32%

Volatility

PSMD vs. KAPR - Volatility Comparison

Pacer Swan SOS Moderate (December) ETF (PSMD) and Innovator Russell 2000 Power Buffer ETF - April (KAPR) have volatilities of 1.95% and 1.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSMD	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	1.89%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	4.90%	4.64%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	5.76%	6.57%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.64%	11.74%	-3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.44%	11.60%	-3.16%

PSMD vs. KAPR - Expense Ratio Comparison

PSMD has a 0.75% expense ratio, which is lower than KAPR's 0.79% expense ratio.

Dividends

PSMD vs. KAPR - Dividend Comparison

Neither PSMD nor KAPR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
KAPR Innovator Russell 2000 Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSMD Pacer Swan SOS Moderate (December) ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%

Frequently Asked Questions

Can I hold both PSMD and KAPR in my portfolio?

PSMD and KAPR have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSMD or KAPR?

PSMD has higher volatility (1.95%) compared to KAPR (1.89%). In terms of maximum drawdown, PSMD dropped -11.96% vs KAPR's -16.91%.

Which ETF is better, PSMD or KAPR?

On 5-year performance, PSMD leads with 9.18% vs 7.95% for KAPR. On fees, PSMD is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSMD or KAPR?

Over the 5-year period, PSMD has performed better with a 9.18% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSMD or KAPR?

PSMD is cheaper with a 0.75% expense ratio, compared with 0.79% for KAPR.

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

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

What is the main difference between PSMD and KAPR?

They also come from different issuers: Pacer and Innovator. Their fees differ too: 0.75% for PSMD and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.20 vs 2.19), 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.