ZAUG vs. KSEP

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP).

ZAUG and KSEP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZAUG is an actively managed fund by Innovator. It was launched on Jul 31, 2024. KSEP is an actively managed fund by Innovator. It was launched on Aug 30, 2024.

Performance

ZAUG vs. KSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG) and Innovator U.S. Small Cap Power Buffer ETF - September (KSEP). The values are adjusted to include any dividend payments, if applicable.

ZAUG vs. KSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZAUG Innovator Equity Defined Protection ETF - 1 Yr August	0.01%	7.38%	2.45%
KSEP Innovator U.S. Small Cap Power Buffer ETF - September	1.59%	8.54%	3.08%

Returns By Period

In the year-to-date period, ZAUG achieves a 0.01% return, which is significantly lower than KSEP's 1.59% return.

ZAUG

• 1D: 0.34%
• 1M: -0.60%
• YTD: 0.01%
• 6M: 1.08%
• 1Y: 8.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KSEP

• 1D: 0.46%
• 1M: -2.01%
• YTD: 1.59%
• 6M: 3.29%
• 1Y: 15.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZAUG vs. KSEP - Expense Ratio Comparison

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

ZAUG

Innovator Equity Defined Protection ETF - 1 Yr August

KSEP

Innovator U.S. Small Cap Power Buffer ETF - September

Return for Risk

ZAUG vs. KSEP — Risk / Return Rank

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

ZAUG

ZAUG Risk / Return Rank: 88
ZAUG Sharpe Ratio Rank: 84
ZAUG Sortino Ratio Rank: 88
ZAUG Omega Ratio Rank: 93
ZAUG Calmar Ratio Rank: 82
ZAUG Martin Ratio Rank: 91

KSEP

KSEP Risk / Return Rank: 64
KSEP Sharpe Ratio Rank: 62
KSEP Sortino Ratio Rank: 66
KSEP Omega Ratio Rank: 59
KSEP Calmar Ratio Rank: 63
KSEP Martin Ratio Rank: 71

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.

ZAUG vs. KSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG) 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.

	ZAUG	KSEP	Difference
Sharpe ratio Return per unit of total volatility	1.75	1.18	+0.57
Sortino ratio Return per unit of downside risk	2.55	1.78	+0.77
Omega ratio Gain probability vs. loss probability	1.44	1.23	+0.21
Calmar ratio Return relative to maximum drawdown	2.62	1.83	+0.79
Martin ratio Return relative to average drawdown	13.77	8.40	+5.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZAUG vs. KSEP - Sharpe Ratio Comparison

The current ZAUG Sharpe Ratio is 1.75, which is higher than the KSEP Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of ZAUG and KSEP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZAUG	KSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	1.18	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.71	+0.69

Correlation

The correlation between ZAUG and KSEP is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZAUG vs. KSEP - Dividend Comparison

Neither ZAUG nor KSEP has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZAUG vs. KSEP - Drawdown Comparison

The maximum ZAUG drawdown since its inception was -4.83%, smaller than the maximum KSEP drawdown of -14.92%. Use the drawdown chart below to compare losses from any high point for ZAUG and KSEP.

Drawdown Indicators

	ZAUG	KSEP	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-14.92%	+10.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.13%	-8.33%	+5.20%
Current Drawdown Current decline from peak	-0.77%	-2.40%	+1.63%
Average Drawdown Average peak-to-trough decline	-0.45%	-2.69%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	1.81%	-1.21%

Volatility

ZAUG vs. KSEP - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG) is 1.27%, while Innovator U.S. Small Cap Power Buffer ETF - September (KSEP) has a volatility of 4.06%. This indicates that ZAUG 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

	ZAUG	KSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	4.06%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	7.38%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	4.61%	13.16%	-8.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.77%	12.07%	-7.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.77%	12.07%	-7.30%