KMAR vs. PBFR

Last updated Jun 4, 2026

KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) and PBFR (PGIM Laddered S&P 500 Buffer 20 ETF) are both Defined Outcome funds. KMAR is passively managed, while PBFR is actively managed. Over the past year, KMAR returned 23.24% vs 12.83% for PBFR. A 0.79 correlation means they provide meaningful diversification when combined. KMAR charges 0.79%/yr vs 0.50%/yr for PBFR.

Performance

KMAR vs. PBFR - 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 PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMAR achieves a 9.54% return, which is significantly higher than PBFR's 4.52% return.

KMAR

• 1D: -0.70%
• 1M: 1.55%
• YTD: 9.54%
• 6M: 10.29%
• 1Y: 23.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBFR

• 1D: -0.16%
• 1M: 1.58%
• YTD: 4.52%
• 6M: 5.34%
• 1Y: 12.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMAR vs. PBFR - Yearly Performance Comparison

	2026 (YTD)	2025
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	9.54%	13.62%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	4.52%	9.94%

Correlation

The correlation between KMAR and PBFR is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Mar 4, 2025	0.79

The correlation between KMAR and PBFR has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

KMAR vs. PBFR — Risk / Return Rank

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

KMAR

KMAR Risk / Return Rank: 83
KMAR Sharpe Ratio Rank: 79
KMAR Sortino Ratio Rank: 84
KMAR Omega Ratio Rank: 80
KMAR Calmar Ratio Rank: 86
KMAR Martin Ratio Rank: 89

PBFR

PBFR Risk / Return Rank: 90
PBFR Sharpe Ratio Rank: 88
PBFR Sortino Ratio Rank: 91
PBFR Omega Ratio Rank: 93
PBFR Calmar Ratio Rank: 84
PBFR Martin Ratio Rank: 93

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. PBFR - 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 PGIM Laddered S&P 500 Buffer 20 ETF (PBFR). 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.

	KMAR	PBFR	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.99	-0.47
Sortino ratio: Return per unit of downside risk	3.70	4.36	-0.66
Omega ratio: Gain probability vs. loss probability	1.47	1.66	-0.19
Calmar ratio: Return relative to maximum drawdown	4.77	4.57	+0.20
Martin ratio: Return relative to average drawdown	19.58	24.09	-4.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KMAR vs. PBFR - Sharpe Ratio Comparison

The current KMAR Sharpe Ratio is 2.52, which is comparable to the PBFR Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of KMAR and PBFR, 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

	KMAR	PBFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.99	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	1.54	+0.05

Drawdowns

KMAR vs. PBFR - Drawdown Comparison

The maximum KMAR drawdown since its inception was -10.06%, which is greater than PBFR's maximum drawdown of -8.50%. Use the drawdown chart below to compare losses from any high point for KMAR and PBFR.

Drawdown Indicators

	KMAR	PBFR	Difference
Max Drawdown Largest peak-to-trough decline	-10.06%	-8.50%	-1.56%
Max Drawdown (1Y) Largest decline over 1 year	-4.89%	-2.82%	-2.07%
Current Drawdown Current decline from peak	-0.70%	-0.16%	-0.54%
Average Drawdown Average peak-to-trough decline	-1.09%	-0.63%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	0.53%	+0.66%

Volatility

KMAR vs. PBFR - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) has a higher volatility of 2.55% compared to PGIM Laddered S&P 500 Buffer 20 ETF (PBFR) at 0.64%. This indicates that KMAR's price experiences larger fluctuations and is considered to be riskier than PBFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMAR	PBFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	0.64%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	3.34%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	9.32%	4.33%	+4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.08%	6.89%	+5.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.08%	6.89%	+5.19%

KMAR vs. PBFR - Expense Ratio Comparison

KMAR has a 0.79% expense ratio, which is higher than PBFR's 0.50% expense ratio.

Dividends

KMAR vs. PBFR - Dividend Comparison

KMAR has not paid dividends to shareholders, while PBFR's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	0.00%	0.00%	0.00%
PBFR PGIM Laddered S&P 500 Buffer 20 ETF	0.01%	0.01%	0.01%

Frequently Asked Questions

Can I hold both KMAR and PBFR in my portfolio?

KMAR and PBFR have a correlation of 0.76, 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 PBFR?

KMAR has higher volatility (2.55%) compared to PBFR (0.64%). In terms of maximum drawdown, KMAR dropped -10.06% vs PBFR's -8.50%.

Which ETF is better, KMAR or PBFR?

On 1-year performance, KMAR leads with 23.24% vs 12.83% for PBFR. On fees, PBFR is cheaper at 0.50% per year. On volatility, PBFR has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMAR or PBFR?

Over the 1-year period, KMAR has performed better with a 23.24% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMAR or PBFR?

PBFR is cheaper with a 0.50% expense ratio, compared with 0.79% for KMAR.

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

PBFR has the higher dividend yield at 0.01%, compared with 0.00% for KMAR.

What is the main difference between KMAR and PBFR?

They also come from different issuers: Innovator and PGIM. Their fees differ too: 0.79% for KMAR and 0.50% for PBFR.

Which has better risk-adjusted returns?

PBFR currently has the higher Sharpe Ratio (2.99 vs 2.52), 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.