IBTG vs. KMAY
IBTG (iShares iBonds Dec 2026 Term Treasury ETF) and KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) are both exchange-traded funds - IBTG is a Government Bonds fund tracking the ICE 2026 Maturity US Treasury Index, while KMAY is a Defined Outcome fund actively managed by Innovator. IBTG is passively managed, while KMAY is actively managed. Over the past year, IBTG returned 4.14% vs 15.29% for KMAY. At a 0.03 correlation, their price movements are largely independent. IBTG charges 0.07%/yr vs 0.79%/yr for KMAY.
Performance
IBTG vs. KMAY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBTG achieves a 1.44% return, which is significantly lower than KMAY's 4.86% return.
IBTG
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.44%
- 6M
- 1.80%
- 1Y
- 4.14%
- 3Y*
- 4.11%
- 5Y*
- 0.84%
- 10Y*
- —
KMAY
- 1D
- -0.66%
- 1M
- 1.80%
- YTD
- 4.86%
- 6M
- 5.68%
- 1Y
- 15.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBTG vs. KMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBTG iShares iBonds Dec 2026 Term Treasury ETF | 1.44% | 2.70% |
KMAY Innovator U.S. Small Cap Power Buffer ETF - May | 4.86% | 13.83% |
Correlation
The correlation between IBTG and KMAY is 0.08, 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 | 0.08 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.03 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBTG vs. KMAY — Risk / Return Rank
IBTG
KMAY
IBTG vs. KMAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2026 Term Treasury ETF (IBTG) 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.
| IBTG | KMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.51 | ||
| Sortino ratioReturn per unit of downside risk | +16.53 | ||
| Omega ratioGain probability vs. loss probability | 4.40 | 1.51 | +2.89 |
| Calmar ratioReturn relative to maximum drawdown | 63.59 | 6.46 | +57.13 |
| Martin ratioReturn relative to average drawdown | 256.63 | 27.25 | +229.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IBTG | KMAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.02 | 2.51 | +5.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 2.68 | -2.39 |
Drawdowns
IBTG vs. KMAY - Drawdown Comparison
The maximum IBTG drawdown since its inception was -13.62%, which is greater than KMAY's maximum drawdown of -2.38%. Use the drawdown chart below to compare losses from any high point for IBTG and KMAY.
Loading charts...
Drawdown Indicators
| IBTG | KMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.62% | -2.38% | -11.24% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -2.38% | +2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -1.33% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.31% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.69% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -0.35% | -4.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.56% | -0.54% |
Volatility
IBTG vs. KMAY - Volatility Comparison
The current volatility for iShares iBonds Dec 2026 Term Treasury ETF (IBTG) is 0.12%, while Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) has a volatility of 2.89%. This indicates that IBTG 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.
Loading charts...
Volatility by Period
| IBTG | KMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.12% | 2.89% | -2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 3.99% | -3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.52% | 6.16% | -5.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.27% | 6.65% | -3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.45% | 6.65% | -3.20% |
IBTG vs. KMAY - Expense Ratio Comparison
IBTG has a 0.07% expense ratio, which is lower than KMAY's 0.79% expense ratio.
Dividends
IBTG vs. KMAY - Dividend Comparison
IBTG's dividend yield for the trailing twelve months is around 3.96%, while KMAY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IBTG iShares iBonds Dec 2026 Term Treasury ETF | 3.96% | 4.03% | 4.08% | 3.61% | 2.06% | 0.66% | 0.53% |
KMAY Innovator U.S. Small Cap Power Buffer ETF - May | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBTG and KMAY have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KMAY has higher volatility (2.89%) compared to IBTG (0.12%). In terms of maximum drawdown, IBTG dropped -13.62% vs KMAY's -2.38%.
On 1-year performance, KMAY leads with 15.29% vs 4.14% for IBTG. On fees, IBTG is cheaper at 0.07% per year. On volatility, IBTG has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KMAY has performed better with a 15.29% return vs 4.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBTG is cheaper with a 0.07% expense ratio, compared with 0.79% for KMAY.
IBTG has the higher dividend yield at 3.96%, compared with 0.00% for KMAY.
IBTG is categorized as Government Bonds, while KMAY is Defined Outcome. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.07% for IBTG and 0.79% for KMAY.
IBTG currently has the higher Sharpe Ratio (8.02 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.
Find the right allocation for IBTG and KMAY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer