IAPR vs. KMAR
IAPR (Innovator International Developed Power Buffer ETF - April) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds from Innovator - IAPR tracks the MSCI EAFE while KMAR tracks the iShares Russell 2000 ETF (IWM) Price Return. Both are passively managed. Over the past year, IAPR returned 16.17% vs 24.41% for KMAR. Their 0.69 correlation means they have sometimes moved together and sometimes differently. IAPR charges 0.85%/yr vs 0.79%/yr for KMAR.
Performance
IAPR vs. KMAR - Performance Comparison
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Returns By Period
In the year-to-date period, IAPR achieves a 9.21% return, which is significantly lower than KMAR's 12.74% return.
IAPR
- 1D
- 0.10%
- 1M
- 1.09%
- 6M
- 7.59%
- YTD
- 9.21%
- 1Y
- 16.17%
- 3Y*
- 10.67%
- 5Y*
- 5.49%
- 10Y*
- —
- ALL TIME*
- 5.67%
KMAR
- 1D
- 0.84%
- 1M
- 0.78%
- 6M
- 9.45%
- YTD
- 12.74%
- 1Y
- 24.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $192.27K | $221.69K | $291.86K | |
| $120.12K | $77.14K | $163.43K |
IAPR vs. KMAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IAPR Innovator International Developed Power Buffer ETF - April | 9.21% | 11.50% |
KMAR Innovator U.S. Small Cap Power Buffer ETF - March | 12.74% | 11.45% |
Correlation
The correlation between IAPR and KMAR is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025 | 0.69 |
The correlation between IAPR and KMAR has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.
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Return for Risk
IAPR vs. KMAR — Risk / Return Rank
IAPR
KMAR
IAPR vs. KMAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - April (IAPR) 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.
| IAPR | KMAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.52 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 6.33 | 5.01 | +1.32 |
| Martin ratioReturn relative to average drawdown | 24.78 | 21.18 | +3.61 |
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Drawdowns
IAPR vs. KMAR - Drawdown Comparison
The maximum IAPR drawdown since its inception was -17.73%, which is greater than KMAR's maximum drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for IAPR and KMAR.
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Drawdown Indicators
| IAPR | KMAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.73% | -11.32% | -6.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -4.89% | +2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -9.46% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.73% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | 0.00% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -3.77% | -1.26% | -2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 1.16% | -0.51% |
Volatility
IAPR vs. KMAR - Volatility Comparison
Innovator International Developed Power Buffer ETF - April (IAPR) has a higher volatility of 2.33% compared to Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) at 1.82%. This indicates that IAPR's price experiences larger fluctuations and is considered to be riskier than KMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAPR | KMAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.33% | 1.82% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 6.30% | 6.80% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.12% | 9.17% | -2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.94% | 11.78% | -2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.77% | 11.78% | -3.01% |
IAPR vs. KMAR - Expense Ratio Comparison
IAPR has a 0.85% expense ratio, which is higher than KMAR's 0.79% expense ratio.
Dividends
IAPR vs. KMAR - Dividend Comparison
Neither IAPR nor KMAR has paid dividends to shareholders.
Frequently Asked Questions
IAPR and KMAR have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAPR has higher volatility (2.33%) compared to KMAR (1.82%). In terms of maximum drawdown, IAPR dropped -17.73% vs KMAR's -11.32%.
On 1-year performance, KMAR leads with 24.41% vs 16.17% for IAPR. On fees, KMAR is cheaper at 0.79% per year. On volatility, KMAR has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KMAR has performed better with a 24.41% return vs 16.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KMAR is cheaper with a 0.79% expense ratio, compared with 0.85% for IAPR.
IAPR and KMAR have nearly identical dividend yields, around 0.00%.
IAPR tracks MSCI EAFE, while KMAR tracks iShares Russell 2000 ETF (IWM) Price Return. Their fees differ too: 0.85% for IAPR and 0.79% for KMAR.
KMAR currently has the higher Sharpe Ratio (2.68 vs 2.28), 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.
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