UNOV vs. KAPR

Last updated Jul 15, 2026

UNOV (Innovator U.S. Equity Ultra Buffer ETF - November) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds from Innovator - UNOV tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index while KAPR tracks the Russell 2000 Index. Both are passively managed. Over the past 5 years, UNOV returned 6.74%/yr vs 7.98%/yr for KAPR. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

UNOV vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) 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, UNOV achieves a 6.15% return, which is significantly lower than KAPR's 13.02% return.

UNOV

• 1D: 0.21%
• 1M: 1.29%
• 6M: 5.18%
• YTD: 6.15%
• 1Y: 11.39%
• 3Y*: 9.27%
• 5Y*: 6.74%
• 10Y*: —

KAPR

• 1D: 0.28%
• 1M: 1.11%
• 6M: 11.75%
• YTD: 13.02%
• 1Y: 20.82%
• 3Y*: 12.52%
• 5Y*: 7.98%
• 10Y*: —

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

UNOV vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UNOV Innovator U.S. Equity Ultra Buffer ETF - November	6.15%	9.92%	9.42%	14.18%	-6.23%	4.45%	17.24%
KAPR Innovator Russell 2000 Power Buffer ETF - April	13.02%	7.42%	12.10%	15.36%	-8.14%	2.48%	18.61%

Correlation

The correlation between UNOV 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 (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 1, 2020	0.67

The correlation between UNOV and KAPR has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

UNOV vs. KAPR - Sectors Allocation Comparison

Sectors	UNOV	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

UNOV vs. KAPR — Risk / Return Rank

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

UNOV

UNOV Risk / Return Rank: 77
UNOV Sharpe Ratio Rank: 78
UNOV Sortino Ratio Rank: 80
UNOV Omega Ratio Rank: 84
UNOV Calmar Ratio Rank: 64
UNOV Martin Ratio Rank: 80

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.

UNOV vs. KAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) 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.

	UNOV	KAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.98	3.19	-1.21
Sortino ratio: Return per unit of downside risk	2.84	4.99	-2.15
Omega ratio: Gain probability vs. loss probability	1.39	1.67	-0.28
Calmar ratio: Return relative to maximum drawdown	2.53	8.31	-5.78
Martin ratio: Return relative to average drawdown	12.01	39.44	-27.43

UNOV vs. KAPR - Sharpe Ratio Comparison

The current UNOV Sharpe Ratio is 1.98, which is lower than the KAPR Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of UNOV 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

UNOV vs. KAPR - Drawdown Comparison

The maximum UNOV drawdown since its inception was -13.84%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for UNOV and KAPR.

Drawdown Indicators

	UNOV	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.84%	-16.91%	+3.07%
Max Drawdown (1Y) Largest decline over 1 year	-4.52%	-2.52%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-9.10%	-16.84%	+7.74%
Max Drawdown (5Y) Largest decline over 5 years	-9.10%	-16.91%	+7.81%
Current Drawdown Current decline from peak	-0.10%	-0.28%	+0.18%
Average Drawdown Average peak-to-trough decline	-1.64%	-3.86%	+2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.53%	+0.42%

Volatility

UNOV vs. KAPR - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - November (UNOV) and Innovator Russell 2000 Power Buffer ETF - April (KAPR) have volatilities of 1.66% and 1.61%, 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

	UNOV	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	1.61%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	4.97%	4.64%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	5.78%	6.56%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.89%	11.74%	-4.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.70%	11.60%	-3.90%

UNOV vs. KAPR - Expense Ratio Comparison

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

Dividends

UNOV vs. KAPR - Dividend Comparison

Neither UNOV nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UNOV and KAPR in my portfolio?

UNOV 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, UNOV or KAPR?

UNOV has higher volatility (1.66%) compared to KAPR (1.61%). In terms of maximum drawdown, UNOV dropped -13.84% vs KAPR's -16.91%.

Which ETF is better, UNOV or KAPR?

On 5-year performance, KAPR leads with 7.98% vs 6.74% for UNOV. Both ETFs have the same 0.79% expense ratio. 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, UNOV or KAPR?

Over the 5-year period, KAPR has performed better with a 7.98% return vs 6.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UNOV or KAPR?

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

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

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

What is the main difference between UNOV and KAPR?

UNOV tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect November Series Index, while KAPR tracks Russell 2000 Index.

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.19 vs 1.98), 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.