SIXZ vs. KAPR

Last updated Jun 24, 2026

SIXZ (AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. SIXZ is actively managed, while KAPR is passively managed. Over the past year, SIXZ returned 11.36% vs 23.29% for KAPR. A 0.70 correlation means they provide meaningful diversification when combined. SIXZ charges 0.74%/yr vs 0.79%/yr for KAPR.

Performance

SIXZ vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF (SIXZ) 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, SIXZ achieves a 5.65% return, which is significantly lower than KAPR's 12.34% return.

SIXZ

• 1D: -0.44%
• 1M: -0.06%
• YTD: 5.65%
• 6M: 5.24%
• 1Y: 11.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

• 1D: -0.37%
• 1M: 1.73%
• YTD: 12.34%
• 6M: 12.09%
• 1Y: 23.29%
• 3Y*: 13.56%
• 5Y*: 7.23%
• 10Y*: —

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

SIXZ vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SIXZ AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF	5.65%	7.24%	10.31%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.34%	7.42%	9.22%

Correlation

The correlation between SIXZ and KAPR is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since May 1, 2024	0.70

The correlation between SIXZ and KAPR has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

Return for Risk

SIXZ vs. KAPR — Risk / Return Rank

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

SIXZ

SIXZ Risk / Return Rank: 64
SIXZ Sharpe Ratio Rank: 61
SIXZ Sortino Ratio Rank: 64
SIXZ Omega Ratio Rank: 69
SIXZ Calmar Ratio Rank: 57
SIXZ Martin Ratio Rank: 68

KAPR

KAPR Risk / Return Rank: 96
KAPR Sharpe Ratio Rank: 95
KAPR Sortino Ratio Rank: 96
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 97
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.

SIXZ vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF (SIXZ) 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.

	SIXZ	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.83	3.50	-1.67
Sortino ratio: Return per unit of downside risk	2.66	5.43	-2.77
Omega ratio: Gain probability vs. loss probability	1.37	1.73	-0.36
Calmar ratio: Return relative to maximum drawdown	2.56	9.30	-6.73
Martin ratio: Return relative to average drawdown	11.31	43.60	-32.29

SIXZ vs. KAPR - Sharpe Ratio Comparison

The current SIXZ Sharpe Ratio is 1.83, which is lower than the KAPR Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of SIXZ 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

SIXZ vs. KAPR - Drawdown Comparison

The maximum SIXZ drawdown since its inception was -10.27%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for SIXZ and KAPR.

Drawdown Indicators

	SIXZ	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-10.27%	-16.91%	+6.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.45%	-2.52%	-1.93%
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	-0.86%	-0.37%	-0.49%
Average Drawdown Average peak-to-trough decline	-0.91%	-3.89%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.54%	+0.47%

Volatility

SIXZ vs. KAPR - Volatility Comparison

The current volatility for AllianzIM U.S. Equity 6 Month Buffer10 May/Nov ETF (SIXZ) is 1.97%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.53%. This indicates that SIXZ 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

	SIXZ	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	2.53%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	4.57%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	6.24%	6.70%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.80%	11.76%	-3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.80%	11.65%	-3.85%

SIXZ vs. KAPR - Expense Ratio Comparison

SIXZ has a 0.74% expense ratio, which is lower than KAPR's 0.79% expense ratio.

Dividends

SIXZ vs. KAPR - Dividend Comparison

Neither SIXZ nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SIXZ and KAPR in my portfolio?

SIXZ and KAPR have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIXZ or KAPR?

KAPR has higher volatility (2.53%) compared to SIXZ (1.97%). In terms of maximum drawdown, SIXZ dropped -10.27% vs KAPR's -16.91%.

Which ETF is better, SIXZ or KAPR?

On 1-year performance, KAPR leads with 23.29% vs 11.36% for SIXZ. On fees, SIXZ is cheaper at 0.74% per year. On volatility, SIXZ has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXZ or KAPR?

Over the 1-year period, KAPR has performed better with a 23.29% return vs 11.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXZ or KAPR?

SIXZ is cheaper with a 0.74% expense ratio, compared with 0.79% for KAPR.

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

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

What is the main difference between SIXZ and KAPR?

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

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.50 vs 1.83), 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.