UOCT vs. KSEP

Last updated Jun 5, 2026

UOCT (Innovator U.S. Equity Ultra Buffer ETF October) and KSEP (Innovator U.S. Small Cap Power Buffer ETF - September) are both Defined Outcome funds from Innovator. UOCT is passively managed, while KSEP is actively managed. Over the past year, UOCT returned 14.28% vs 21.32% for KSEP. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

UOCT vs. KSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF October (UOCT) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UOCT achieves a 5.22% return, which is significantly lower than KSEP's 9.31% return.

UOCT

• 1D: 0.13%
• 1M: 1.77%
• YTD: 5.22%
• 6M: 5.64%
• 1Y: 14.28%
• 3Y*: 11.73%
• 5Y*: 8.28%
• 10Y*: —

KSEP

• 1D: 0.50%
• 1M: 1.69%
• YTD: 9.31%
• 6M: 8.78%
• 1Y: 21.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UOCT vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UOCT Innovator U.S. Equity Ultra Buffer ETF October	5.22%	10.67%	1.86%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	9.31%	8.54%	3.08%

Correlation

The correlation between UOCT and KSEP 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 Sep 4, 2024	0.75

The correlation between UOCT and KSEP has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.

Return for Risk

UOCT vs. KSEP — Risk / Return Rank

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

UOCT

UOCT Risk / Return Rank: 80
UOCT Sharpe Ratio Rank: 80
UOCT Sortino Ratio Rank: 82
UOCT Omega Ratio Rank: 85
UOCT Calmar Ratio Rank: 69
UOCT Martin Ratio Rank: 83

KSEP

KSEP Risk / Return Rank: 74
KSEP Sharpe Ratio Rank: 64
KSEP Sortino Ratio Rank: 72
KSEP Omega Ratio Rank: 65
KSEP Calmar Ratio Rank: 85
KSEP Martin Ratio Rank: 82

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.

UOCT vs. KSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). 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.

	UOCT	KSEP	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.11	+0.45
Sortino ratio: Return per unit of downside risk	3.62	3.19	+0.43
Omega ratio: Gain probability vs. loss probability	1.51	1.39	+0.12
Calmar ratio: Return relative to maximum drawdown	3.39	4.50	-1.12
Martin ratio: Return relative to average drawdown	16.66	16.30	+0.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UOCT vs. KSEP - Sharpe Ratio Comparison

The current UOCT Sharpe Ratio is 2.56, which is comparable to the KSEP Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of UOCT and KSEP, 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

	UOCT	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.11	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.05	-0.10

Drawdowns

UOCT vs. KSEP - Drawdown Comparison

The maximum UOCT drawdown since its inception was -13.68%, smaller than the maximum KSEP drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for UOCT and KSEP.

Drawdown Indicators

	UOCT	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-14.92%	+1.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.24%	-4.75%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-9.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.52%	-2.45%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	1.31%	-0.45%

Volatility

UOCT vs. KSEP - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF October (UOCT) is 0.76%, while Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) has a volatility of 1.61%. This indicates that UOCT experiences smaller price fluctuations and is considered to be less risky than KSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UOCT	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	1.61%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	4.27%	6.28%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	5.60%	10.14%	-4.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.69%	11.65%	-4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	11.65%	-4.00%

UOCT vs. KSEP - Expense Ratio Comparison

Both UOCT and KSEP have an expense ratio of 0.79%.

Dividends

UOCT vs. KSEP - Dividend Comparison

Neither UOCT nor KSEP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UOCT Innovator U.S. Equity Ultra Buffer ETF October	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.33%

Frequently Asked Questions

Can I hold both UOCT and KSEP in my portfolio?

UOCT and KSEP 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, UOCT or KSEP?

KSEP has higher volatility (1.61%) compared to UOCT (0.76%). In terms of maximum drawdown, UOCT dropped -13.68% vs KSEP's -14.92%.

Which ETF is better, UOCT or KSEP?

On 1-year performance, KSEP leads with 21.32% vs 14.28% for UOCT. Both ETFs have the same 0.79% expense ratio. On volatility, UOCT has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UOCT or KSEP?

Over the 1-year period, KSEP has performed better with a 21.32% return vs 14.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UOCT or KSEP?

UOCT and KSEP have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, UOCT or KSEP?

UOCT and KSEP have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

UOCT currently has the higher Sharpe Ratio (2.56 vs 2.11), 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.