SMAY vs. KFEB

Last updated Jun 6, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds. Both are actively managed. Over the past year, SMAY returned 17.21% vs 23.78% for KFEB. Their correlation of 0.91 suggests significant overlap in exposure. SMAY charges 0.90%/yr vs 0.79%/yr for KFEB.

Performance

SMAY vs. KFEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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, SMAY achieves a 5.63% return, which is significantly lower than KFEB's 10.58% return.

SMAY

• 1D: -1.69%
• 1M: 1.06%
• YTD: 5.63%
• 6M: 6.31%
• 1Y: 17.21%
• 3Y*: 10.07%
• 5Y*: —
• 10Y*: —

KFEB

• 1D: -1.49%
• 1M: -0.41%
• YTD: 10.58%
• 6M: 9.48%
• 1Y: 23.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAY vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	5.63%	3.42%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	10.58%	8.76%

Correlation

The correlation between SMAY 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 Feb 4, 2025	0.91

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

Return for Risk

SMAY vs. KFEB — Risk / Return Rank

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

SMAY

SMAY Risk / Return Rank: 85
SMAY Sharpe Ratio Rank: 77
SMAY Sortino Ratio Rank: 81
SMAY Omega Ratio Rank: 81
SMAY Calmar Ratio Rank: 92
SMAY Martin Ratio Rank: 93

KFEB

KFEB Risk / Return Rank: 75
KFEB Sharpe Ratio Rank: 71
KFEB Sortino Ratio Rank: 74
KFEB Omega Ratio Rank: 67
KFEB Calmar Ratio Rank: 82
KFEB Martin Ratio Rank: 81

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.

SMAY vs. KFEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) 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.

	SMAY	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.15	+0.15
Sortino ratio: Return per unit of downside risk	3.39	3.10	+0.28
Omega ratio: Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio: Return relative to maximum drawdown	5.76	4.12	+1.64
Martin ratio: Return relative to average drawdown	23.19	14.96	+8.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAY vs. KFEB - Sharpe Ratio Comparison

The current SMAY Sharpe Ratio is 2.30, which is comparable to the KFEB Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SMAY 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.

Sharpe Ratios by Period

	SMAY	KFEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.15	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.12	-0.08

Drawdowns

SMAY vs. KFEB - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, roughly equal to the maximum KFEB drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for SMAY and KFEB.

Drawdown Indicators

	SMAY	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-14.16%	-0.28%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-5.80%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	—	—
Current Drawdown Current decline from peak	-1.69%	-1.49%	-0.20%
Average Drawdown Average peak-to-trough decline	-2.54%	-2.32%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	1.59%	-0.85%

Volatility

SMAY vs. KFEB - Volatility Comparison

FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) have volatilities of 2.81% and 2.80%, 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

	SMAY	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	2.80%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	4.81%	7.83%	-3.02%
Volatility (1Y) Calculated over the trailing 1-year period	7.52%	11.09%	-3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	13.31%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.22%	13.31%	-3.09%

SMAY vs. KFEB - Expense Ratio Comparison

SMAY has a 0.90% expense ratio, which is higher than KFEB's 0.79% expense ratio.

Dividends

SMAY vs. KFEB - Dividend Comparison

Neither SMAY nor KFEB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMAY and KFEB in my portfolio?

With a correlation of 0.90, SMAY 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, SMAY or KFEB?

SMAY has higher volatility (2.81%) compared to KFEB (2.80%). In terms of maximum drawdown, SMAY dropped -14.44% vs KFEB's -14.16%.

Which ETF is better, SMAY or KFEB?

On 1-year performance, KFEB leads with 23.78% vs 17.21% for SMAY. On fees, KFEB is cheaper at 0.79% 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, SMAY or KFEB?

Over the 1-year period, KFEB has performed better with a 23.78% return vs 17.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAY or KFEB?

KFEB is cheaper with a 0.79% expense ratio, compared with 0.90% for SMAY.

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

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

What is the main difference between SMAY and KFEB?

They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.90% for SMAY and 0.79% for KFEB.

Which has better risk-adjusted returns?

SMAY currently has the higher Sharpe Ratio (2.30 vs 2.15), 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.