BMAR vs. VSMV

Last updated Jun 4, 2026

BMAR (Innovator U.S. Equity Buffer ETF - March) and VSMV (VictoryShares US Multi-Factor Minimum Volatility ETF) are both exchange-traded funds - BMAR is a Defined Outcome fund tracking the S&P 500 Price Return Index, while VSMV is a Volatility Hedged Equity fund tracking the Nasdaq Victory Multi-Factor Minimum Volatility Index. Both are passively managed. Over the past 5 years, BMAR returned 12.18%/yr vs 11.35%/yr for VSMV. A 0.80 correlation means they provide meaningful diversification when combined. BMAR charges 0.79%/yr vs 0.35%/yr for VSMV.

Performance

BMAR vs. VSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - March (BMAR) and VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMAR achieves a 8.62% return, which is significantly lower than VSMV's 9.29% return.

BMAR

• 1D: -0.26%
• 1M: 2.82%
• YTD: 8.62%
• 6M: 9.58%
• 1Y: 20.97%
• 3Y*: 16.97%
• 5Y*: 12.18%
• 10Y*: —

VSMV

• 1D: 0.33%
• 1M: 2.75%
• YTD: 9.29%
• 6M: 9.79%
• 1Y: 24.46%
• 3Y*: 16.84%
• 5Y*: 11.35%
• 10Y*: —

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

BMAR vs. VSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BMAR Innovator U.S. Equity Buffer ETF - March	8.62%	14.97%	16.49%	23.09%	-7.06%	16.79%	10.88%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	9.29%	16.77%	15.79%	12.34%	-7.56%	25.66%	10.79%

Correlation

The correlation between BMAR and VSMV is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Mar 3, 2020	0.80

The correlation between BMAR and VSMV shifts across timeframes, from 0.69 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

BMAR vs. VSMV - Sectors Allocation Comparison

Sectors	BMAR	VSMV
Technology	36.2%	34.4%
Financial Services	11.9%	8.1%
Communication Services	10.9%	5.4%
Consumer Cyclical	10.1%	5.0%
Healthcare	8.4%	14.8%
Industrials	8.1%	8.5%
Consumer Defensive	4.9%	17.6%
Energy	3.5%	4.4%
Utilities	2.3%	0.0%
Real Estate	1.9%	0.0%
Basic Materials	1.8%	1.8%

Return for Risk

BMAR vs. VSMV — Risk / Return Rank

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

BMAR

BMAR Risk / Return Rank: 86
BMAR Sharpe Ratio Rank: 86
BMAR Sortino Ratio Rank: 89
BMAR Omega Ratio Rank: 90
BMAR Calmar Ratio Rank: 74
BMAR Martin Ratio Rank: 90

VSMV

VSMV Risk / Return Rank: 84
VSMV Sharpe Ratio Rank: 82
VSMV Sortino Ratio Rank: 88
VSMV Omega Ratio Rank: 81
VSMV Calmar Ratio Rank: 85
VSMV Martin Ratio Rank: 85

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.

BMAR vs. VSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - March (BMAR) and VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV). 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.

	BMAR	VSMV	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.71	+0.14
Sortino ratio: Return per unit of downside risk	4.13	4.03	+0.11
Omega ratio: Gain probability vs. loss probability	1.58	1.49	+0.09
Calmar ratio: Return relative to maximum drawdown	3.73	4.74	-1.01
Martin ratio: Return relative to average drawdown	20.88	18.09	+2.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMAR vs. VSMV - Sharpe Ratio Comparison

The current BMAR Sharpe Ratio is 2.85, which is comparable to the VSMV Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of BMAR and VSMV, 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

	BMAR	VSMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	2.71	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	0.89	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.82	+0.14

Drawdowns

BMAR vs. VSMV - Drawdown Comparison

The maximum BMAR drawdown since its inception was -21.43%, smaller than the maximum VSMV drawdown of -31.33%. Use the drawdown chart below to compare losses from any high point for BMAR and VSMV.

Drawdown Indicators

	BMAR	VSMV	Difference
Max Drawdown Largest peak-to-trough decline	-21.43%	-31.33%	+9.90%
Max Drawdown (1Y) Largest decline over 1 year	-5.64%	-5.18%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-12.86%	-13.22%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	-17.96%	+2.94%
Current Drawdown Current decline from peak	-0.26%	-0.79%	+0.53%
Average Drawdown Average peak-to-trough decline	-2.34%	-3.41%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	1.36%	-0.35%

Volatility

BMAR vs. VSMV - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - March (BMAR) is 1.45%, while VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) has a volatility of 2.41%. This indicates that BMAR experiences smaller price fluctuations and is considered to be less risky than VSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMAR	VSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	2.41%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	5.88%	6.34%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	7.39%	9.08%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.32%	12.86%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.67%	15.04%	-1.37%

BMAR vs. VSMV - Expense Ratio Comparison

BMAR has a 0.79% expense ratio, which is higher than VSMV's 0.35% expense ratio.

Dividends

BMAR vs. VSMV - Dividend Comparison

BMAR has not paid dividends to shareholders, while VSMV's dividend yield for the trailing twelve months is around 1.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMAR Innovator U.S. Equity Buffer ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.31%	1.35%	1.36%	1.77%	1.99%	1.36%	2.01%	2.00%	2.42%	1.11%

Frequently Asked Questions

Can I hold both BMAR and VSMV in my portfolio?

BMAR and VSMV have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMAR or VSMV?

VSMV has higher volatility (2.41%) compared to BMAR (1.45%). In terms of maximum drawdown, BMAR dropped -21.43% vs VSMV's -31.33%.

Which ETF is better, BMAR or VSMV?

On 5-year performance, BMAR leads with 12.18% vs 11.35% for VSMV. On fees, VSMV is cheaper at 0.35% per year. On volatility, BMAR has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BMAR or VSMV?

Over the 5-year period, BMAR has performed better with a 12.18% return vs 11.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BMAR or VSMV?

VSMV is cheaper with a 0.35% expense ratio, compared with 0.79% for BMAR.

Which ETF pays a higher dividend yield, BMAR or VSMV?

VSMV has the higher dividend yield at 1.31%, compared with 0.00% for BMAR.

What is the main difference between BMAR and VSMV?

BMAR is categorized as Defined Outcome, while VSMV is Volatility Hedged Equity. BMAR tracks S&P 500 Price Return Index, while VSMV tracks Nasdaq Victory Multi-Factor Minimum Volatility Index. They also come from different issuers: Innovator and Crestview. Their fees differ too: 0.79% for BMAR and 0.35% for VSMV.

Which has better risk-adjusted returns?

BMAR currently has the higher Sharpe Ratio (2.85 vs 2.71), 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.