KMAY vs. KFEB

Last updated Jun 24, 2026

KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, KMAY returned 16.30% vs 25.17% for KFEB. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.79% expense ratio.

Performance

KMAY vs. KFEB - 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. Small Cap Power Buffer ETF - February (KFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMAY achieves a 6.67% return, which is significantly lower than KFEB's 13.02% return.

KMAY

• 1D: -0.23%
• 1M: 2.08%
• YTD: 6.67%
• 6M: 6.44%
• 1Y: 16.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KFEB

• 1D: -0.40%
• 1M: 1.83%
• YTD: 13.02%
• 6M: 10.79%
• 1Y: 25.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMAY vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	6.67%	14.13%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	13.02%	16.19%

Correlation

The correlation between KMAY and KFEB is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.91

The correlation between KMAY and KFEB has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

KMAY vs. KFEB — Risk / Return Rank

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

KMAY

KMAY Risk / Return Rank: 91
KMAY Sharpe Ratio Rank: 86
KMAY Sortino Ratio Rank: 90
KMAY Omega Ratio Rank: 90
KMAY Calmar Ratio Rank: 95
KMAY Martin Ratio Rank: 95

KFEB

KFEB Risk / Return Rank: 81
KFEB Sharpe Ratio Rank: 79
KFEB Sortino Ratio Rank: 82
KFEB Omega Ratio Rank: 74
KFEB Calmar Ratio Rank: 86
KFEB Martin Ratio Rank: 84

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. KFEB - 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. Small Cap Power Buffer ETF - February (KFEB). 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.

	KMAY	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.29	+0.22
Sortino ratio: Return per unit of downside risk	3.77	3.30	+0.47
Omega ratio: Gain probability vs. loss probability	1.52	1.39	+0.12
Calmar ratio: Return relative to maximum drawdown	6.89	4.36	+2.53
Martin ratio: Return relative to average drawdown	28.08	15.88	+12.21

KMAY vs. KFEB - Sharpe Ratio Comparison

The current KMAY Sharpe Ratio is 2.50, which is comparable to the KFEB Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of KMAY and KFEB, 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

KMAY vs. KFEB - Drawdown Comparison

The maximum KMAY drawdown since its inception was -2.38%, smaller than the maximum KFEB drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for KMAY and KFEB.

Drawdown Indicators

	KMAY	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-2.38%	-14.16%	+11.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-5.80%	+3.42%
Current Drawdown Current decline from peak	-0.23%	-0.40%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.36%	-2.25%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	1.59%	-1.01%

Volatility

KMAY vs. KFEB - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) has a higher volatility of 3.11% compared to Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) at 2.70%. This indicates that KMAY's price experiences larger fluctuations and is considered to be riskier than KFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMAY	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	2.70%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	4.85%	7.74%	-2.89%
Volatility (1Y) Calculated over the trailing 1-year period	6.56%	11.07%	-4.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	13.17%	-6.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.00%	13.17%	-6.17%

KMAY vs. KFEB - Expense Ratio Comparison

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

Dividends

KMAY vs. KFEB - Dividend Comparison

Neither KMAY nor KFEB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both KMAY and KFEB in my portfolio?

With a correlation of 0.90, KMAY and KFEB move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, KMAY or KFEB?

KMAY has higher volatility (3.11%) compared to KFEB (2.70%). In terms of maximum drawdown, KMAY dropped -2.38% vs KFEB's -14.16%.

Which ETF is better, KMAY or KFEB?

On 1-year performance, KFEB leads with 25.17% vs 16.30% for KMAY. Both ETFs have the same 0.79% expense ratio. On volatility, KFEB has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMAY or KFEB?

Over the 1-year period, KFEB has performed better with a 25.17% return vs 16.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMAY or KFEB?

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

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

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

Which has better risk-adjusted returns?

KMAY currently has the higher Sharpe Ratio (2.50 vs 2.29), 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.