SEPM vs. KAPR

Last updated Jun 5, 2026

SEPM (FT Vest U.S. Equity Max Buffer ETF - September) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. SEPM is actively managed, while KAPR is passively managed. Over the past year, SEPM returned 7.70% vs 22.23% for KAPR. A 0.72 correlation means they provide meaningful diversification when combined. SEPM charges 0.85%/yr vs 0.79%/yr for KAPR.

Performance

SEPM vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - September (SEPM) 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, SEPM achieves a 3.00% return, which is significantly lower than KAPR's 10.16% return.

SEPM

• 1D: 0.03%
• 1M: 0.86%
• YTD: 3.00%
• 6M: 3.43%
• 1Y: 7.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

• 1D: -1.37%
• 1M: -0.36%
• YTD: 10.16%
• 6M: 10.66%
• 1Y: 22.23%
• 3Y*: 12.50%
• 5Y*: 7.02%
• 10Y*: —

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

SEPM vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPM FT Vest U.S. Equity Max Buffer ETF - September	3.00%	6.61%	0.82%
KAPR Innovator Russell 2000 Power Buffer ETF - April	10.16%	7.42%	0.90%

Correlation

The correlation between SEPM and KAPR is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.72

The correlation between SEPM and KAPR has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

SEPM vs. KAPR — Risk / Return Rank

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

SEPM

SEPM Risk / Return Rank: 90
SEPM Sharpe Ratio Rank: 90
SEPM Sortino Ratio Rank: 94
SEPM Omega Ratio Rank: 94
SEPM Calmar Ratio Rank: 82
SEPM Martin Ratio Rank: 91

KAPR

KAPR Risk / Return Rank: 95
KAPR Sharpe Ratio Rank: 94
KAPR Sortino Ratio Rank: 95
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.

SEPM vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - September (SEPM) 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.

	SEPM	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.05	3.35	-0.30
Sortino ratio: Return per unit of downside risk	4.71	5.12	-0.40
Omega ratio: Gain probability vs. loss probability	1.65	1.69	-0.04
Calmar ratio: Return relative to maximum drawdown	4.24	8.87	-4.63
Martin ratio: Return relative to average drawdown	21.53	41.34	-19.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEPM vs. KAPR - Sharpe Ratio Comparison

The current SEPM Sharpe Ratio is 3.05, which is comparable to the KAPR Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of SEPM 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

	SEPM	KAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.05	3.35	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.81	+0.97

Drawdowns

SEPM vs. KAPR - Drawdown Comparison

The maximum SEPM drawdown since its inception was -3.88%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for SEPM and KAPR.

Drawdown Indicators

	SEPM	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-3.88%	-16.91%	+13.03%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-2.52%	+0.70%
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	-0.02%	-1.37%	+1.35%
Average Drawdown Average peak-to-trough decline	-0.36%	-3.91%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.54%	-0.18%

Volatility

SEPM vs. KAPR - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - September (SEPM) is 0.35%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.64%. This indicates that SEPM 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

	SEPM	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	2.64%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	4.34%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	2.54%	6.69%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.50%	11.76%	-8.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.50%	11.64%	-8.14%

SEPM vs. KAPR - Expense Ratio Comparison

SEPM has a 0.85% expense ratio, which is higher than KAPR's 0.79% expense ratio.

Dividends

SEPM vs. KAPR - Dividend Comparison

Neither SEPM nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPM and KAPR in my portfolio?

SEPM and KAPR have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPM or KAPR?

KAPR has higher volatility (2.64%) compared to SEPM (0.35%). In terms of maximum drawdown, SEPM dropped -3.88% vs KAPR's -16.91%.

Which ETF is better, SEPM or KAPR?

On 1-year performance, KAPR leads with 22.23% vs 7.70% for SEPM. On fees, KAPR is cheaper at 0.79% per year. On volatility, SEPM has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPM or KAPR?

Over the 1-year period, KAPR has performed better with a 22.23% return vs 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPM or KAPR?

KAPR is cheaper with a 0.79% expense ratio, compared with 0.85% for SEPM.

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

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

What is the main difference between SEPM and KAPR?

They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for SEPM and 0.79% for KAPR.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.35 vs 3.05), 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.