SPBU vs. KAPR

Last updated Jun 24, 2026

SPBU (AllianzIM Buffer15 Uncapped Allocation ETF) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. SPBU is actively managed, while KAPR is passively managed. Over the past year, SPBU returned 17.39% vs 23.29% for KAPR. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

SPBU vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) 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, SPBU achieves a 5.93% return, which is significantly lower than KAPR's 12.34% return.

SPBU

• 1D: -1.16%
• 1M: -1.29%
• YTD: 5.93%
• 6M: 4.96%
• 1Y: 17.39%
• 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)

SPBU vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025
SPBU AllianzIM Buffer15 Uncapped Allocation ETF	5.93%	13.01%
KAPR Innovator Russell 2000 Power Buffer ETF - April	12.34%	11.86%

Correlation

The correlation between SPBU and KAPR is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.77

The correlation between SPBU and KAPR has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

SPBU vs. KAPR - Sectors Allocation Comparison

Sectors	SPBU	KAPR
Technology	38.4%	19.1%
Financial Services	11.0%	15.5%
Communication Services	10.8%	2.4%
Consumer Cyclical	10.0%	8.0%
Healthcare	8.4%	16.2%
Industrials	7.9%	17.9%
Consumer Defensive	4.6%	2.3%
Energy	3.2%	5.5%
Utilities	2.1%	2.8%
Real Estate	1.8%	5.9%
Basic Materials	1.7%	4.6%

Return for Risk

SPBU vs. KAPR — Risk / Return Rank

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

SPBU

SPBU Risk / Return Rank: 57
SPBU Sharpe Ratio Rank: 57
SPBU Sortino Ratio Rank: 57
SPBU Omega Ratio Rank: 55
SPBU Calmar Ratio Rank: 55
SPBU Martin Ratio Rank: 63

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.

SPBU vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) 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.

	SPBU	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.74	3.50	-1.76
Sortino ratio: Return per unit of downside risk	2.48	5.43	-2.96
Omega ratio: Gain probability vs. loss probability	1.31	1.73	-0.42
Calmar ratio: Return relative to maximum drawdown	2.46	9.30	-6.83
Martin ratio: Return relative to average drawdown	10.31	43.60	-33.29

SPBU vs. KAPR - Sharpe Ratio Comparison

The current SPBU Sharpe Ratio is 1.74, which is lower than the KAPR Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of SPBU 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

SPBU vs. KAPR - Drawdown Comparison

The maximum SPBU drawdown since its inception was -8.61%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for SPBU and KAPR.

Drawdown Indicators

	SPBU	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-8.61%	-16.91%	+8.30%
Max Drawdown (1Y) Largest decline over 1 year	-7.10%	-2.52%	-4.58%
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	-2.77%	-0.37%	-2.40%
Average Drawdown Average peak-to-trough decline	-1.32%	-3.89%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	0.54%	+1.15%

Volatility

SPBU vs. KAPR - Volatility Comparison

AllianzIM Buffer15 Uncapped Allocation ETF (SPBU) has a higher volatility of 3.99% compared to Innovator Russell 2000 Power Buffer ETF - April (KAPR) at 2.53%. This indicates that SPBU's price experiences larger fluctuations and is considered to be riskier than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPBU	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	2.53%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	4.57%	+3.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.05%	6.70%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	11.76%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.88%	11.65%	+0.23%

SPBU vs. KAPR - Expense Ratio Comparison

Both SPBU and KAPR have an expense ratio of 0.79%.

Dividends

SPBU vs. KAPR - Dividend Comparison

Neither SPBU nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPBU and KAPR in my portfolio?

SPBU and KAPR have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPBU or KAPR?

SPBU has higher volatility (3.99%) compared to KAPR (2.53%). In terms of maximum drawdown, SPBU dropped -8.61% vs KAPR's -16.91%.

Which ETF is better, SPBU or KAPR?

On 1-year performance, KAPR leads with 23.29% vs 17.39% for SPBU. Both ETFs have the same 0.79% expense ratio. On volatility, KAPR has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPBU or KAPR?

Over the 1-year period, KAPR has performed better with a 23.29% return vs 17.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPBU or KAPR?

SPBU and KAPR have the same expense ratio: 0.79% per year.

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

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

What is the main difference between SPBU and KAPR?

They also come from different issuers: Allianz and Innovator.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.50 vs 1.74), 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.