DLFE vs. KMAR

Last updated Jul 11, 2026

DLFE (FT Vest U.S. Equity Dual Directional Buffer ETF - February) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds - DLFE tracks the SPDR S&P 500 ETF Trust (SPY) while KMAR tracks the iShares Russell 2000 ETF (IWM) Price Return. Both are passively managed. Their correlation of 0.84 suggests significant overlap in exposure. DLFE charges 0.85%/yr vs 0.79%/yr for KMAR.

Performance

DLFE vs. KMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DLFE

• 1D: 0.19%
• 1M: 1.43%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMAR

• 1D: -0.12%
• 1M: 1.27%
• 6M: 9.31%
• YTD: 11.85%
• 1Y: 21.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DLFE vs. KMAR - Yearly Performance Comparison

	2026 (YTD)
DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February	5.28%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	7.73%

Correlation

The correlation between DLFE and KMAR is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 23, 2026	0.84

Return for Risk

DLFE vs. KMAR — Risk / Return Rank

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

DLFE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

KMAR

KMAR Risk / Return Rank: 89
KMAR Sharpe Ratio Rank: 87
KMAR Sortino Ratio Rank: 89
KMAR Omega Ratio Rank: 87
KMAR Calmar Ratio Rank: 90
KMAR Martin Ratio Rank: 92

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.

DLFE vs. KMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - February (DLFE) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DLFE	KMAR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.25	—
Sortino ratio: Return per unit of downside risk	—	3.31	—
Omega ratio: Gain probability vs. loss probability	—	1.42	—
Calmar ratio: Return relative to maximum drawdown	—	4.27	—
Martin ratio: Return relative to average drawdown	—	17.54	—

Drawdowns

DLFE vs. KMAR - Drawdown Comparison

The maximum DLFE drawdown since its inception was -5.03%, smaller than the maximum KMAR drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for DLFE and KMAR.

Drawdown Indicators

	DLFE	KMAR	Difference
Max Drawdown Largest peak-to-trough decline	-5.03%	-11.32%	+6.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.89%	—
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.84%	-1.30%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.19%	—

Volatility

Volatility by Period

	DLFE	KMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.45%	9.29%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.45%	11.98%	-4.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.45%	11.98%	-4.53%

DLFE vs. KMAR - Expense Ratio Comparison

DLFE has a 0.85% expense ratio, which is higher than KMAR's 0.79% expense ratio.

Dividends

DLFE vs. KMAR - Dividend Comparison

Neither DLFE nor KMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DLFE and KMAR in my portfolio?

DLFE and KMAR have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DLFE or KMAR?

On fees, KMAR is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DLFE or KMAR?

KMAR is cheaper with a 0.79% expense ratio, compared with 0.85% for DLFE.

Which ETF pays a higher dividend yield, DLFE or KMAR?

DLFE and KMAR have nearly identical dividend yields, around 0.00%.

What is the main difference between DLFE and KMAR?

DLFE tracks SPDR S&P 500 ETF Trust (SPY), while KMAR tracks iShares Russell 2000 ETF (IWM) Price Return. They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for DLFE and 0.79% for KMAR.