KMAY vs. ZSC

Last updated Jun 24, 2026

KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) and ZSC (USCF Sustainable Commodity Strategy Fund) are both exchange-traded funds - KMAY is a Defined Outcome fund actively managed by Innovator, while ZSC is a Commodities fund actively managed by USCF. Both are actively managed. Over the past year, KMAY returned 16.30% vs 30.50% for ZSC. At a correlation of -0.01, they often move in opposite directions. KMAY charges 0.79%/yr vs 0.59%/yr for ZSC.

Performance

KMAY vs. ZSC - 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 USCF Sustainable Commodity Strategy Fund (ZSC). 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 higher than ZSC's 5.64% return.

KMAY

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

ZSC

• 1D: -0.88%
• 1M: -4.02%
• YTD: 5.64%
• 6M: 6.63%
• 1Y: 30.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMAY vs. ZSC - Yearly Performance Comparison

	2026 (YTD)	2025
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	6.67%	14.13%
ZSC USCF Sustainable Commodity Strategy Fund	5.64%	25.55%

Correlation

The correlation between KMAY and ZSC is 0.02, 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	0.02
Correlation (All Time) Calculated using the full available price history since May 1, 2025	-0.01

Return for Risk

KMAY vs. ZSC — 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

ZSC

ZSC Risk / Return Rank: 78
ZSC Sharpe Ratio Rank: 82
ZSC Sortino Ratio Rank: 77
ZSC Omega Ratio Rank: 83
ZSC Calmar Ratio Rank: 82
ZSC Martin Ratio Rank: 66

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. ZSC - 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 USCF Sustainable Commodity Strategy Fund (ZSC). 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	ZSC	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.40	+0.10
Sortino ratio: Return per unit of downside risk	3.77	3.15	+0.62
Omega ratio: Gain probability vs. loss probability	1.52	1.46	+0.06
Calmar ratio: Return relative to maximum drawdown	6.89	3.99	+2.90
Martin ratio: Return relative to average drawdown	28.08	11.17	+16.92

KMAY vs. ZSC - Sharpe Ratio Comparison

The current KMAY Sharpe Ratio is 2.50, which is comparable to the ZSC Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of KMAY and ZSC, 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. ZSC - Drawdown Comparison

The maximum KMAY drawdown since its inception was -2.38%, smaller than the maximum ZSC drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for KMAY and ZSC.

Drawdown Indicators

	KMAY	ZSC	Difference
Max Drawdown Largest peak-to-trough decline	-2.38%	-26.49%	+24.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-7.69%	+5.31%
Current Drawdown Current decline from peak	-0.23%	-6.12%	+5.89%
Average Drawdown Average peak-to-trough decline	-0.36%	-14.55%	+14.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	2.74%	-2.16%

Volatility

KMAY vs. ZSC - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) and USCF Sustainable Commodity Strategy Fund (ZSC) have volatilities of 3.11% and 3.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMAY	ZSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	3.16%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	4.85%	9.45%	-4.60%
Volatility (1Y) Calculated over the trailing 1-year period	6.56%	12.78%	-6.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.00%	12.24%	-5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.00%	12.24%	-5.24%

KMAY vs. ZSC - Expense Ratio Comparison

KMAY has a 0.79% expense ratio, which is higher than ZSC's 0.59% expense ratio.

Dividends

KMAY vs. ZSC - Dividend Comparison

KMAY has not paid dividends to shareholders, while ZSC's dividend yield for the trailing twelve months is around 1.65%.

Position	TTM	2025	2024	2023
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	0.00%	0.00%	0.00%	0.00%
ZSC USCF Sustainable Commodity Strategy Fund	1.65%	1.75%	2.18%	1.40%

Frequently Asked Questions

Can I hold both KMAY and ZSC in my portfolio?

KMAY and ZSC have a correlation of 0.02, 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 ZSC?

ZSC has higher volatility (3.16%) compared to KMAY (3.11%). In terms of maximum drawdown, KMAY dropped -2.38% vs ZSC's -26.49%.

Which ETF is better, KMAY or ZSC?

On 1-year performance, ZSC leads with 30.50% vs 16.30% for KMAY. On fees, ZSC is cheaper at 0.59% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KMAY or ZSC?

Over the 1-year period, ZSC has performed better with a 30.50% 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 ZSC?

ZSC is cheaper with a 0.59% expense ratio, compared with 0.79% for KMAY.

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

ZSC has the higher dividend yield at 1.65%, compared with 0.00% for KMAY.

What is the main difference between KMAY and ZSC?

KMAY is categorized as Defined Outcome, while ZSC is Commodities. They also come from different issuers: Innovator and USCF. Their fees differ too: 0.79% for KMAY and 0.59% for ZSC.

Which has better risk-adjusted returns?

KMAY currently has the higher Sharpe Ratio (2.50 vs 2.40), 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.