CVSB vs. KMAY

Last updated Jun 4, 2026

CVSB (Calvert Ultra-Short Investment Grade ETF) and KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) are both exchange-traded funds - CVSB is a Ultrashort Bond fund actively managed by Calvert, while KMAY is a Defined Outcome fund actively managed by Innovator. Both are actively managed. Over the past year, CVSB returned 4.48% vs 15.29% for KMAY. At a 0.02 correlation, their price movements are largely independent. CVSB charges 0.24%/yr vs 0.79%/yr for KMAY.

Performance

CVSB vs. KMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calvert Ultra-Short Investment Grade ETF (CVSB) and Innovator U.S. Small Cap Power Buffer ETF - May (KMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVSB achieves a 1.48% return, which is significantly lower than KMAY's 4.86% return.

CVSB

• 1D: -0.01%
• 1M: 0.28%
• YTD: 1.48%
• 6M: 2.03%
• 1Y: 4.48%
• 3Y*: 5.54%
• 5Y*: —
• 10Y*: —

KMAY

• 1D: -0.66%
• 1M: 1.80%
• YTD: 4.86%
• 6M: 5.68%
• 1Y: 15.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVSB vs. KMAY - Yearly Performance Comparison

	2026 (YTD)	2025
CVSB Calvert Ultra-Short Investment Grade ETF	1.48%	3.52%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	4.86%	13.83%

Correlation

The correlation between CVSB and KMAY is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.02

Return for Risk

CVSB vs. KMAY — Risk / Return Rank

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

CVSB

CVSB Risk / Return Rank: 98
CVSB Sharpe Ratio Rank: 98
CVSB Sortino Ratio Rank: 98
CVSB Omega Ratio Rank: 98
CVSB Calmar Ratio Rank: 99
CVSB Martin Ratio Rank: 98

KMAY

KMAY Risk / Return Rank: 87
KMAY Sharpe Ratio Rank: 78
KMAY Sortino Ratio Rank: 86
KMAY Omega Ratio Rank: 85
KMAY Calmar Ratio Rank: 93
KMAY Martin Ratio Rank: 94

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.

CVSB vs. KMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calvert Ultra-Short Investment Grade ETF (CVSB) and Innovator U.S. Small Cap Power Buffer ETF - May (KMAY). 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.

	CVSB	KMAY	Difference
Sharpe ratio: Return per unit of total volatility	5.12	2.51	+2.61
Sortino ratio: Return per unit of downside risk	8.83	3.83	+5.00
Omega ratio: Gain probability vs. loss probability	2.38	1.51	+0.87
Calmar ratio: Return relative to maximum drawdown	19.85	6.46	+13.38
Martin ratio: Return relative to average drawdown	80.53	27.25	+53.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVSB vs. KMAY - Sharpe Ratio Comparison

The current CVSB Sharpe Ratio is 5.12, which is higher than the KMAY Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of CVSB and KMAY, 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

	CVSB	KMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.12	2.51	+2.61
Sharpe Ratio (All Time) Calculated using the full available price history	4.13	2.68	+1.46

Drawdowns

CVSB vs. KMAY - Drawdown Comparison

The maximum CVSB drawdown since its inception was -0.63%, smaller than the maximum KMAY drawdown of -2.38%. Use the drawdown chart below to compare losses from any high point for CVSB and KMAY.

Drawdown Indicators

	CVSB	KMAY	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-2.38%	+1.75%
Max Drawdown (1Y) Largest decline over 1 year	-0.23%	-2.38%	+2.15%
Max Drawdown (3Y) Largest decline over 3 years	-0.63%	—	—
Current Drawdown Current decline from peak	-0.03%	-0.69%	+0.66%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.35%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	0.56%	-0.50%

Volatility

CVSB vs. KMAY - Volatility Comparison

The current volatility for Calvert Ultra-Short Investment Grade ETF (CVSB) is 0.15%, while Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) has a volatility of 2.89%. This indicates that CVSB experiences smaller price fluctuations and is considered to be less risky than KMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVSB	KMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.15%	2.89%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	3.99%	-3.46%
Volatility (1Y) Calculated over the trailing 1-year period	0.88%	6.16%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.32%	6.65%	-5.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.32%	6.65%	-5.33%

CVSB vs. KMAY - Expense Ratio Comparison

CVSB has a 0.24% expense ratio, which is lower than KMAY's 0.79% expense ratio.

Dividends

CVSB vs. KMAY - Dividend Comparison

CVSB's dividend yield for the trailing twelve months is around 4.37%, while KMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CVSB Calvert Ultra-Short Investment Grade ETF	4.37%	4.72%	5.13%	4.95%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVSB and KMAY in my portfolio?

CVSB and KMAY have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVSB or KMAY?

KMAY has higher volatility (2.89%) compared to CVSB (0.15%). In terms of maximum drawdown, CVSB dropped -0.63% vs KMAY's -2.38%.

Which ETF is better, CVSB or KMAY?

On 1-year performance, KMAY leads with 15.29% vs 4.48% for CVSB. On fees, CVSB is cheaper at 0.24% per year. On volatility, CVSB has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVSB or KMAY?

Over the 1-year period, KMAY has performed better with a 15.29% return vs 4.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVSB or KMAY?

CVSB is cheaper with a 0.24% expense ratio, compared with 0.79% for KMAY.

Which ETF pays a higher dividend yield, CVSB or KMAY?

CVSB has the higher dividend yield at 4.37%, compared with 0.00% for KMAY.

What is the main difference between CVSB and KMAY?

CVSB is categorized as Ultrashort Bond, while KMAY is Defined Outcome. They also come from different issuers: Calvert and Innovator. Their fees differ too: 0.24% for CVSB and 0.79% for KMAY.

Which has better risk-adjusted returns?

CVSB currently has the higher Sharpe Ratio (5.12 vs 2.51), 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.