ZJUL vs. KAPR

Last updated Jun 3, 2026

ZJUL (Innovator Equity Defined Protection ETF - 1 Yr July) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds from Innovator. ZJUL is actively managed, while KAPR is passively managed. Over the past year, ZJUL returned 7.81% vs 24.44% for KAPR. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

ZJUL vs. KAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) 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, ZJUL achieves a 2.56% return, which is significantly lower than KAPR's 11.54% return.

ZJUL

• 1D: 0.00%
• 1M: 0.52%
• YTD: 2.56%
• 6M: 3.02%
• 1Y: 7.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KAPR

• 1D: 0.32%
• 1M: 2.04%
• YTD: 11.54%
• 6M: 12.83%
• 1Y: 24.44%
• 3Y*: 13.23%
• 5Y*: 7.40%
• 10Y*: —

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

ZJUL vs. KAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	2.56%	7.47%	4.02%
KAPR Innovator Russell 2000 Power Buffer ETF - April	11.54%	7.42%	6.88%

Correlation

The correlation between ZJUL and KAPR is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.67

The correlation between ZJUL and KAPR has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

Return for Risk

ZJUL vs. KAPR — Risk / Return Rank

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

ZJUL

ZJUL Risk / Return Rank: 92
ZJUL Sharpe Ratio Rank: 88
ZJUL Sortino Ratio Rank: 94
ZJUL Omega Ratio Rank: 92
ZJUL Calmar Ratio Rank: 90
ZJUL Martin Ratio Rank: 95

KAPR

KAPR Risk / Return Rank: 96
KAPR Sharpe Ratio Rank: 94
KAPR Sortino Ratio Rank: 97
KAPR Omega Ratio Rank: 96
KAPR Calmar Ratio Rank: 96
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.

ZJUL vs. KAPR - Risk-Adjusted Trends Comparison

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

	ZJUL	KAPR	Difference
Sharpe ratio Return per unit of total volatility	2.99	3.77	-0.78
Sortino ratio Return per unit of downside risk	4.93	5.97	-1.03
Omega ratio Gain probability vs. loss probability	1.64	1.80	-0.16
Calmar ratio Return relative to maximum drawdown	5.57	9.66	-4.09
Martin ratio Return relative to average drawdown	30.35	45.76	-15.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZJUL vs. KAPR - Sharpe Ratio Comparison

The current ZJUL Sharpe Ratio is 2.99, which is comparable to the KAPR Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of ZJUL 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.

Sharpe Ratios by Period

	ZJUL	KAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	3.77	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.84	+0.76

Drawdowns

ZJUL vs. KAPR - Drawdown Comparison

The maximum ZJUL drawdown since its inception was -5.51%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for ZJUL and KAPR.

Drawdown Indicators

	ZJUL	KAPR	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-16.91%	+11.40%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-2.52%	+1.09%
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	-0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.47%	-3.92%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.53%	-0.27%

Volatility

ZJUL vs. KAPR - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) is 0.28%, while Innovator Russell 2000 Power Buffer ETF - April (KAPR) has a volatility of 2.23%. This indicates that ZJUL 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

	ZJUL	KAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	2.23%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	4.03%	-2.20%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	6.51%	-3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.65%	11.75%	-7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	11.63%	-6.98%

ZJUL vs. KAPR - Expense Ratio Comparison

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

Dividends

ZJUL vs. KAPR - Dividend Comparison

Neither ZJUL nor KAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZJUL and KAPR in my portfolio?

ZJUL and KAPR have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZJUL or KAPR?

KAPR has higher volatility (2.23%) compared to ZJUL (0.28%). In terms of maximum drawdown, ZJUL dropped -5.51% vs KAPR's -16.91%.

Which ETF is better, ZJUL or KAPR?

On 1-year performance, KAPR leads with 24.44% vs 7.81% for ZJUL. Both ETFs have the same 0.79% expense ratio. On volatility, ZJUL has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZJUL or KAPR?

Over the 1-year period, KAPR has performed better with a 24.44% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZJUL or KAPR?

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

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

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

Which has better risk-adjusted returns?

KAPR currently has the higher Sharpe Ratio (3.77 vs 2.99), 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.