KMAY vs. BAPR

Last updated Jun 4, 2026

KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds from Innovator. KMAY is actively managed, while BAPR is passively managed. Over the past year, KMAY returned 15.29% vs 20.12% for BAPR. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

KMAY vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) and Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMAY achieves a 4.86% return, which is significantly lower than BAPR's 10.81% return.

KMAY

• 1D: -0.66%
• 1M: 1.80%
• YTD: 4.86%
• 6M: 5.68%
• 1Y: 15.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAPR

• 1D: -0.23%
• 1M: 2.21%
• YTD: 10.81%
• 6M: 11.74%
• 1Y: 20.12%
• 3Y*: 15.31%
• 5Y*: 11.17%
• 10Y*: —

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

KMAY vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	4.86%	13.83%
BAPR Innovator U.S. Equity Buffer ETF - April	10.81%	13.24%

Correlation

The correlation between KMAY and BAPR is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.73

The correlation between KMAY and BAPR has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

KMAY vs. BAPR — Risk / Return Rank

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

KMAY

KMAY Risk / Return Rank: 87
KMAY Sharpe Ratio Rank: 78
KMAY Sortino Ratio Rank: 86
KMAY Omega Ratio Rank: 85
KMAY Calmar Ratio Rank: 93
KMAY Martin Ratio Rank: 94

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 94
BAPR Sortino Ratio Rank: 97
BAPR Omega Ratio Rank: 97
BAPR Calmar Ratio Rank: 97
BAPR Martin Ratio Rank: 98

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.

KMAY vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) and Innovator U.S. Equity Buffer ETF - April (BAPR). 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.

	KMAY	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.51	3.59	-1.08
Sortino ratio: Return per unit of downside risk	3.83	6.11	-2.28
Omega ratio: Gain probability vs. loss probability	1.51	1.87	-0.36
Calmar ratio: Return relative to maximum drawdown	6.46	10.46	-3.99
Martin ratio: Return relative to average drawdown	27.25	57.55	-30.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KMAY vs. BAPR - Sharpe Ratio Comparison

The current KMAY Sharpe Ratio is 2.51, which is lower than the BAPR Sharpe Ratio of 3.59. The chart below compares the historical Sharpe Ratios of KMAY and BAPR, 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

	KMAY	BAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	3.59	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.68	0.84	+1.84

Drawdowns

KMAY vs. BAPR - Drawdown Comparison

The maximum KMAY drawdown since its inception was -2.38%, smaller than the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for KMAY and BAPR.

Drawdown Indicators

	KMAY	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-2.38%	-23.91%	+21.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-1.93%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.58%	—
Current Drawdown Current decline from peak	-0.69%	-0.23%	-0.46%
Average Drawdown Average peak-to-trough decline	-0.35%	-2.59%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.35%	+0.21%

Volatility

KMAY vs. BAPR - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) has a higher volatility of 2.89% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 1.06%. This indicates that KMAY's price experiences larger fluctuations and is considered to be riskier than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMAY	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	1.06%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	4.53%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.16%	5.64%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.65%	11.49%	-4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.65%	13.12%	-6.47%

KMAY vs. BAPR - Expense Ratio Comparison

Both KMAY and BAPR have an expense ratio of 0.79%.

Dividends

KMAY vs. BAPR - Dividend Comparison

Neither KMAY nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KMAY and BAPR in my portfolio?

KMAY and BAPR have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KMAY or BAPR?

KMAY has higher volatility (2.89%) compared to BAPR (1.06%). In terms of maximum drawdown, KMAY dropped -2.38% vs BAPR's -23.91%.

Which ETF is better, KMAY or BAPR?

On 1-year performance, BAPR leads with 20.12% vs 15.29% for KMAY. Both ETFs have the same 0.79% expense ratio. On volatility, BAPR has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMAY or BAPR?

Over the 1-year period, BAPR has performed better with a 20.12% return vs 15.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMAY or BAPR?

KMAY and BAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, KMAY or BAPR?

KMAY and BAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.59 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.