SEPT vs. KMAR

Last updated Jun 25, 2026

SEPT (AllianzIM U.S. Equity Buffer10 Sep ETF) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds. SEPT is actively managed, while KMAR is passively managed. Over the past year, SEPT returned 16.97% vs 23.23% for KMAR. Their correlation of 0.81 suggests significant overlap in exposure. SEPT charges 0.74%/yr vs 0.79%/yr for KMAR.

Performance

SEPT vs. KMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPT achieves a 5.75% return, which is significantly lower than KMAR's 11.31% return.

SEPT

• 1D: -0.10%
• 1M: 0.05%
• YTD: 5.75%
• 6M: 5.22%
• 1Y: 16.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMAR

• 1D: 0.23%
• 1M: 1.99%
• YTD: 11.31%
• 6M: 10.34%
• 1Y: 23.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPT vs. KMAR - Yearly Performance Comparison

	2026 (YTD)	2025
SEPT AllianzIM U.S. Equity Buffer10 Sep ETF	5.75%	13.43%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	11.31%	11.45%

Correlation

The correlation between SEPT and KMAR is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	0.82

The correlation between SEPT and KMAR has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

SEPT vs. KMAR — Risk / Return Rank

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

SEPT

SEPT Risk / Return Rank: 82
SEPT Sharpe Ratio Rank: 83
SEPT Sortino Ratio Rank: 85
SEPT Omega Ratio Rank: 86
SEPT Calmar Ratio Rank: 72
SEPT Martin Ratio Rank: 87

KMAR

KMAR Risk / Return Rank: 89
KMAR Sharpe Ratio Rank: 87
KMAR Sortino Ratio Rank: 90
KMAR Omega Ratio Rank: 87
KMAR Calmar Ratio Rank: 90
KMAR Martin Ratio Rank: 92

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.

SEPT vs. KMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR). 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.

	SEPT	KMAR	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.48	-0.18
Sortino ratio: Return per unit of downside risk	3.30	3.61	-0.30
Omega ratio: Gain probability vs. loss probability	1.45	1.46	-0.01
Calmar ratio: Return relative to maximum drawdown	3.16	4.77	-1.61
Martin ratio: Return relative to average drawdown	15.92	19.52	-3.60

SEPT vs. KMAR - Sharpe Ratio Comparison

The current SEPT Sharpe Ratio is 2.30, which is comparable to the KMAR Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of SEPT and KMAR, 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

SEPT vs. KMAR - Drawdown Comparison

The maximum SEPT drawdown since its inception was -12.83%, which is greater than KMAR's maximum drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for SEPT and KMAR.

Drawdown Indicators

	SEPT	KMAR	Difference
Max Drawdown Largest peak-to-trough decline	-12.83%	-11.32%	-1.51%
Max Drawdown (1Y) Largest decline over 1 year	-5.39%	-4.89%	-0.50%
Current Drawdown Current decline from peak	-0.82%	-0.30%	-0.52%
Average Drawdown Average peak-to-trough decline	-1.11%	-1.34%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	1.19%	-0.12%

Volatility

SEPT vs. KMAR - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) is 1.80%, while Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) has a volatility of 2.99%. This indicates that SEPT experiences smaller price fluctuations and is considered to be less risky than KMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPT	KMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	2.99%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	5.73%	6.72%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	9.44%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.82%	12.15%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.82%	12.15%	-2.33%

SEPT vs. KMAR - Expense Ratio Comparison

SEPT has a 0.74% expense ratio, which is lower than KMAR's 0.79% expense ratio.

Dividends

SEPT vs. KMAR - Dividend Comparison

Neither SEPT nor KMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPT and KMAR in my portfolio?

SEPT and KMAR have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPT or KMAR?

KMAR has higher volatility (2.99%) compared to SEPT (1.80%). In terms of maximum drawdown, SEPT dropped -12.83% vs KMAR's -11.32%.

Which ETF is better, SEPT or KMAR?

On 1-year performance, KMAR leads with 23.23% vs 16.97% for SEPT. On fees, SEPT is cheaper at 0.74% per year. On volatility, SEPT has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPT or KMAR?

Over the 1-year period, KMAR has performed better with a 23.23% return vs 16.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPT or KMAR?

SEPT is cheaper with a 0.74% expense ratio, compared with 0.79% for KMAR.

Which ETF pays a higher dividend yield, SEPT or KMAR?

SEPT and KMAR have nearly identical dividend yields, around 0.00%.

What is the main difference between SEPT and KMAR?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for SEPT and 0.79% for KMAR.

Which has better risk-adjusted returns?

KMAR currently has the higher Sharpe Ratio (2.48 vs 2.30), 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.