KMAR vs. CSHP

Last updated Jun 19, 2026

KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - KMAR is a Defined Outcome fund tracking the iShares Russell 2000 ETF (IWM) Price Return, while CSHP is a Ultrashort Bond fund actively managed by iShares. KMAR is passively managed, while CSHP is actively managed. Over the past year, KMAR returned 24.52% vs 4.00% for CSHP. At a correlation of -0.05, they often move in opposite directions. KMAR charges 0.79%/yr vs 0.20%/yr for CSHP.

Performance

KMAR vs. CSHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) and iShares Enhanced Short-Term Bond Active ETF (CSHP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMAR achieves a 11.25% return, which is significantly higher than CSHP's 1.87% return.

KMAR

• 1D: 0.81%
• 1M: 3.91%
• YTD: 11.25%
• 6M: 11.31%
• 1Y: 24.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSHP

• 1D: 0.06%
• 1M: 0.33%
• YTD: 1.87%
• 6M: 1.95%
• 1Y: 4.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMAR vs. CSHP - Yearly Performance Comparison

	2026 (YTD)	2025
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	11.25%	11.45%
CSHP iShares Enhanced Short-Term Bond Active ETF	1.87%	3.42%

Correlation

The correlation between KMAR and CSHP is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	-0.05

Return for Risk

KMAR vs. CSHP — Risk / Return Rank

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

KMAR

KMAR Risk / Return Rank: 88
KMAR Sharpe Ratio Rank: 86
KMAR Sortino Ratio Rank: 88
KMAR Omega Ratio Rank: 85
KMAR Calmar Ratio Rank: 89
KMAR Martin Ratio Rank: 91

CSHP

CSHP Risk / Return Rank: 99
CSHP Sharpe Ratio Rank: 100
CSHP Sortino Ratio Rank: 99
CSHP Omega Ratio Rank: 99
CSHP Calmar Ratio Rank: 100
CSHP Martin Ratio Rank: 100

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.

KMAR vs. CSHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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.

	KMAR	CSHP	Difference
Sharpe ratio: Return per unit of total volatility	2.61	11.36	-8.75
Sortino ratio: Return per unit of downside risk	3.79	28.68	-24.89
Omega ratio: Gain probability vs. loss probability	1.49	6.83	-5.34
Calmar ratio: Return relative to maximum drawdown	5.03	66.48	-61.45
Martin ratio: Return relative to average drawdown	20.60	400.50	-379.90

KMAR vs. CSHP - Sharpe Ratio Comparison

The current KMAR Sharpe Ratio is 2.61, which is lower than the CSHP Sharpe Ratio of 11.36. The chart below compares the historical Sharpe Ratios of KMAR and CSHP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KMAR vs. CSHP - Drawdown Comparison

The maximum KMAR drawdown since its inception was -11.32%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for KMAR and CSHP.

Drawdown Indicators

	KMAR	CSHP	Difference
Max Drawdown Largest peak-to-trough decline	-11.32%	-0.08%	-11.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.89%	-0.06%	-4.83%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.35%	-0.00%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	0.01%	+1.18%

Volatility

KMAR vs. CSHP - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) has a higher volatility of 3.11% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that KMAR's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMAR	CSHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	0.15%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	6.74%	0.27%	+6.47%
Volatility (1Y) Calculated over the trailing 1-year period	9.45%	0.35%	+9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	0.41%	+11.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.19%	0.41%	+11.78%

KMAR vs. CSHP - Expense Ratio Comparison

KMAR has a 0.79% expense ratio, which is higher than CSHP's 0.20% expense ratio.

Dividends

KMAR vs. CSHP - Dividend Comparison

KMAR has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.

Position	TTM	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	3.91%	5.39%	1.96%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KMAR and CSHP in my portfolio?

KMAR and CSHP have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMAR or CSHP?

KMAR has higher volatility (3.11%) compared to CSHP (0.15%). In terms of maximum drawdown, KMAR dropped -11.32% vs CSHP's -0.08%.

Which ETF is better, KMAR or CSHP?

On 1-year performance, KMAR leads with 24.52% vs 4.00% for CSHP. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP 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, KMAR or CSHP?

Over the 1-year period, KMAR has performed better with a 24.52% return vs 4.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMAR or CSHP?

CSHP is cheaper with a 0.20% expense ratio, compared with 0.79% for KMAR.

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

CSHP has the higher dividend yield at 3.91%, compared with 0.00% for KMAR.

What is the main difference between KMAR and CSHP?

KMAR is categorized as Defined Outcome, while CSHP is Ultrashort Bond. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for KMAR and 0.20% for CSHP.

Which has better risk-adjusted returns?

CSHP currently has the higher Sharpe Ratio (11.36 vs 2.61), 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.