KMAY vs. USSH

Last updated Jun 4, 2026

KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) and USSH (WisdomTree 1-3 Year Laddered Treasury Fund) are both exchange-traded funds - KMAY is a Defined Outcome fund actively managed by Innovator, while USSH is a Government Bonds fund tracking the Bloomberg US Treasury 1-3 Year Laddered Index. KMAY is actively managed, while USSH is passively managed. Over the past year, KMAY returned 15.29% vs 3.27% for USSH. At a 0.12 correlation, their price movements are largely independent. KMAY charges 0.79%/yr vs 0.15%/yr for USSH.

Performance

KMAY vs. USSH - 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 WisdomTree 1-3 Year Laddered Treasury Fund (USSH). 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 higher than USSH's 0.39% return.

KMAY

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

USSH

• 1D: -0.06%
• 1M: 0.06%
• YTD: 0.39%
• 6M: 0.66%
• 1Y: 3.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMAY vs. USSH - Yearly Performance Comparison

	2026 (YTD)	2025
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	4.86%	13.83%
USSH WisdomTree 1-3 Year Laddered Treasury Fund	0.39%	2.70%

Correlation

The correlation between KMAY and USSH is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.12

Return for Risk

KMAY vs. USSH — 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

USSH

USSH Risk / Return Rank: 82
USSH Sharpe Ratio Rank: 79
USSH Sortino Ratio Rank: 91
USSH Omega Ratio Rank: 86
USSH Calmar Ratio Rank: 75
USSH Martin Ratio Rank: 78

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. USSH - 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 WisdomTree 1-3 Year Laddered Treasury Fund (USSH). 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	USSH	Difference
Sharpe ratio Return per unit of total volatility	2.51	2.54	-0.04
Sortino ratio Return per unit of downside risk	3.83	4.29	-0.46
Omega ratio Gain probability vs. loss probability	1.51	1.52	-0.01
Calmar ratio Return relative to maximum drawdown	6.46	3.76	+2.71
Martin ratio Return relative to average drawdown	27.25	14.91	+12.34
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. USSH - Sharpe Ratio Comparison

The current KMAY Sharpe Ratio is 2.51, which is comparable to the USSH Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of KMAY and USSH, 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	USSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.54	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	2.68	2.74	-0.07

Drawdowns

KMAY vs. USSH - Drawdown Comparison

The maximum KMAY drawdown since its inception was -2.38%, which is greater than USSH's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for KMAY and USSH.

Drawdown Indicators

	KMAY	USSH	Difference
Max Drawdown Largest peak-to-trough decline	-2.38%	-1.01%	-1.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-0.87%	-1.51%
Current Drawdown Current decline from peak	-0.69%	-0.33%	-0.36%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.20%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.22%	+0.34%

Volatility

KMAY vs. USSH - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) has a higher volatility of 2.89% compared to WisdomTree 1-3 Year Laddered Treasury Fund (USSH) at 0.36%. This indicates that KMAY's price experiences larger fluctuations and is considered to be riskier than USSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMAY	USSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	0.36%	+2.53%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	0.88%	+3.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.16%	1.29%	+4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.65%	1.53%	+5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.65%	1.53%	+5.12%

KMAY vs. USSH - Expense Ratio Comparison

KMAY has a 0.79% expense ratio, which is higher than USSH's 0.15% expense ratio.

Dividends

KMAY vs. USSH - Dividend Comparison

KMAY has not paid dividends to shareholders, while USSH's dividend yield for the trailing twelve months is around 3.64%.

Position	TTM	2025	2024
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	0.00%	0.00%	0.00%
USSH WisdomTree 1-3 Year Laddered Treasury Fund	3.64%	3.67%	3.22%

Frequently Asked Questions

Can I hold both KMAY and USSH in my portfolio?

KMAY and USSH have a correlation of 0.15, 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 USSH?

KMAY has higher volatility (2.89%) compared to USSH (0.36%). In terms of maximum drawdown, KMAY dropped -2.38% vs USSH's -1.01%.

Which ETF is better, KMAY or USSH?

On 1-year performance, KMAY leads with 15.29% vs 3.27% for USSH. On fees, USSH is cheaper at 0.15% per year. On volatility, USSH has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMAY or USSH?

Over the 1-year period, KMAY has performed better with a 15.29% return vs 3.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KMAY or USSH?

USSH is cheaper with a 0.15% expense ratio, compared with 0.79% for KMAY.

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

USSH has the higher dividend yield at 3.64%, compared with 0.00% for KMAY.

What is the main difference between KMAY and USSH?

KMAY is categorized as Defined Outcome, while USSH is Government Bonds. They also come from different issuers: Innovator and WisdomTree. Their fees differ too: 0.79% for KMAY and 0.15% for USSH.

Which has better risk-adjusted returns?

USSH currently has the higher Sharpe Ratio (2.54 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.