KMAY vs. MBSF

Last updated Jul 15, 2026

KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) and MBSF (Regan Floating Rate MBS ETF) are both exchange-traded funds - KMAY is a Defined Outcome fund actively managed by Innovator, while MBSF is a Bank Loan fund actively managed by Regan. Both are actively managed. Over the past year, KMAY returned 13.73% vs 5.90% for MBSF. At a 0.06 correlation, their price movements are largely independent. KMAY charges 0.79%/yr vs 0.49%/yr for MBSF.

Performance

KMAY vs. MBSF - 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 Regan Floating Rate MBS ETF (MBSF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KMAY achieves a 6.81% return, which is significantly higher than MBSF's 2.26% return.

KMAY

• 1D: 0.25%
• 1M: 0.77%
• 6M: 5.68%
• YTD: 6.81%
• 1Y: 13.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBSF

• 1D: -0.04%
• 1M: 0.38%
• 6M: 2.42%
• YTD: 2.26%
• 1Y: 5.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMAY vs. MBSF - Yearly Performance Comparison

	2026 (YTD)	2025
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	6.81%	14.13%
MBSF Regan Floating Rate MBS ETF	2.26%	3.98%

Correlation

The correlation between KMAY and MBSF is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.06

Return for Risk

KMAY vs. MBSF — Risk / Return Rank

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

KMAY

KMAY Risk / Return Rank: 90
KMAY Sharpe Ratio Rank: 84
KMAY Sortino Ratio Rank: 88
KMAY Omega Ratio Rank: 88
KMAY Calmar Ratio Rank: 94
KMAY Martin Ratio Rank: 95

MBSF

MBSF Risk / Return Rank: 89
MBSF Sharpe Ratio Rank: 80
MBSF Sortino Ratio Rank: 87
MBSF Omega Ratio Rank: 83
MBSF Calmar Ratio Rank: 96
MBSF Martin Ratio Rank: 95

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. MBSF - 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 Regan Floating Rate MBS ETF (MBSF). 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	MBSF	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.03	+0.09
Sortino ratio: Return per unit of downside risk	3.20	3.16	+0.04
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	5.80	7.48	-1.68
Martin ratio: Return relative to average drawdown	23.60	22.98	+0.61

KMAY vs. MBSF - Sharpe Ratio Comparison

The current KMAY Sharpe Ratio is 2.13, which is comparable to the MBSF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of KMAY and MBSF, 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. MBSF - Drawdown Comparison

The maximum KMAY drawdown since its inception was -2.38%, which is greater than MBSF's maximum drawdown of -0.97%. Use the drawdown chart below to compare losses from any high point for KMAY and MBSF.

Drawdown Indicators

	KMAY	MBSF	Difference
Max Drawdown Largest peak-to-trough decline	-2.38%	-0.97%	-1.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-0.79%	-1.59%
Current Drawdown Current decline from peak	-0.66%	-0.06%	-0.60%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.22%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	0.26%	+0.32%

Volatility

KMAY vs. MBSF - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) has a higher volatility of 1.84% compared to Regan Floating Rate MBS ETF (MBSF) at 0.56%. This indicates that KMAY's price experiences larger fluctuations and is considered to be riskier than MBSF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMAY	MBSF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	0.56%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	4.97%	2.05%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	6.49%	2.91%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	3.29%	+3.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	3.29%	+3.64%

KMAY vs. MBSF - Expense Ratio Comparison

KMAY has a 0.79% expense ratio, which is higher than MBSF's 0.49% expense ratio.

Dividends

KMAY vs. MBSF - Dividend Comparison

KMAY has not paid dividends to shareholders, while MBSF's dividend yield for the trailing twelve months is around 4.46%.

Position	TTM	2025	2024
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	0.00%	0.00%	0.00%
MBSF Regan Floating Rate MBS ETF	4.46%	4.71%	4.14%

Frequently Asked Questions

Can I hold both KMAY and MBSF in my portfolio?

KMAY and MBSF have a correlation of 0.06, 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 MBSF?

KMAY has higher volatility (1.84%) compared to MBSF (0.56%). In terms of maximum drawdown, KMAY dropped -2.38% vs MBSF's -0.97%.

Which ETF is better, KMAY or MBSF?

On 1-year performance, KMAY leads with 13.73% vs 5.90% for MBSF. On fees, MBSF is cheaper at 0.49% per year. On volatility, MBSF has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMAY or MBSF?

Over the 1-year period, KMAY has performed better with a 13.73% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMAY or MBSF?

MBSF is cheaper with a 0.49% expense ratio, compared with 0.79% for KMAY.

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

MBSF has the higher dividend yield at 4.46%, compared with 0.00% for KMAY.

What is the main difference between KMAY and MBSF?

KMAY is categorized as Defined Outcome, while MBSF is Bank Loan. They also come from different issuers: Innovator and Regan. Their fees differ too: 0.79% for KMAY and 0.49% for MBSF.

Which has better risk-adjusted returns?

KMAY currently has the higher Sharpe Ratio (2.13 vs 2.03), 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.