SMAY vs. KMAR

Last updated Jul 2, 2026

SMAY (FT Vest U.S. Small Cap Moderate Buffer ETF - May) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds. SMAY is actively managed, while KMAR is passively managed. Over the past year, SMAY returned 17.78% vs 23.16% for KMAR. Their correlation of 0.92 suggests significant overlap in exposure. SMAY charges 0.90%/yr vs 0.79%/yr for KMAR.

Performance

SMAY vs. KMAR - 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 - March (KMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAY achieves a 9.11% return, which is significantly lower than KMAR's 12.18% return.

SMAY

• 1D: -0.17%
• 1M: 2.13%
• 6M: 9.11%
• YTD: 9.11%
• 1Y: 17.78%
• 3Y*: 10.83%
• 5Y*: —
• 10Y*: —

KMAR

• 1D: 0.05%
• 1M: 2.11%
• 6M: 12.18%
• YTD: 12.18%
• 1Y: 23.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAY vs. KMAR - Yearly Performance Comparison

	2026 (YTD)	2025
SMAY FT Vest U.S. Small Cap Moderate Buffer ETF - May	9.11%	6.38%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	12.18%	11.45%

Correlation

The correlation between SMAY and KMAR is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	0.92

The correlation between SMAY and KMAR has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

SMAY vs. KMAR — Risk / Return Rank

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

SMAY

SMAY Risk / Return Rank: 91
SMAY Sharpe Ratio Rank: 87
SMAY Sortino Ratio Rank: 90
SMAY Omega Ratio Rank: 89
SMAY Calmar Ratio Rank: 94
SMAY Martin Ratio Rank: 95

KMAR

KMAR Risk / Return Rank: 90
KMAR Sharpe Ratio Rank: 89
KMAR Sortino Ratio Rank: 91
KMAR Omega Ratio Rank: 89
KMAR Calmar Ratio Rank: 90
KMAR Martin Ratio Rank: 92

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. KMAR - 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 - March (KMAR). 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.

	SMAY	KMAR	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.49	-0.10
Sortino ratio: Return per unit of downside risk	3.57	3.61	-0.04
Omega ratio: Gain probability vs. loss probability	1.47	1.47	0.00
Calmar ratio: Return relative to maximum drawdown	5.94	4.75	+1.19
Martin ratio: Return relative to average drawdown	23.79	19.46	+4.33

SMAY vs. KMAR - Sharpe Ratio Comparison

The current SMAY Sharpe Ratio is 2.38, which is comparable to the KMAR Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of SMAY and KMAR, 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

SMAY vs. KMAR - Drawdown Comparison

The maximum SMAY drawdown since its inception was -14.44%, which is greater than KMAR's maximum drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for SMAY and KMAR.

Drawdown Indicators

	SMAY	KMAR	Difference
Max Drawdown Largest peak-to-trough decline	-14.44%	-11.32%	-3.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-4.89%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.44%	—	—
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.50%	-1.32%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	1.19%	-0.44%

Volatility

SMAY vs. KMAR - Volatility Comparison

FT Vest U.S. Small Cap Moderate Buffer ETF - May (SMAY) has a higher volatility of 3.27% compared to Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) at 2.87%. This indicates that SMAY's price experiences larger fluctuations and is considered to be riskier than KMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAY	KMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	2.87%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	5.26%	6.70%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	7.50%	9.36%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.19%	12.06%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.19%	12.06%	-1.87%

SMAY vs. KMAR - Expense Ratio Comparison

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

Dividends

SMAY vs. KMAR - Dividend Comparison

Neither SMAY nor KMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SMAY and KMAR in my portfolio?

With a correlation of 0.91, SMAY and KMAR 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 KMAR?

SMAY has higher volatility (3.27%) compared to KMAR (2.87%). In terms of maximum drawdown, SMAY dropped -14.44% vs KMAR's -11.32%.

Which ETF is better, SMAY or KMAR?

On 1-year performance, KMAR leads with 23.16% vs 17.78% for SMAY. On fees, KMAR is cheaper at 0.79% per year. On volatility, KMAR has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAY or KMAR?

Over the 1-year period, KMAR has performed better with a 23.16% return vs 17.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAY or KMAR?

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

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

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

What is the main difference between SMAY and KMAR?

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

Which has better risk-adjusted returns?

KMAR currently has the higher Sharpe Ratio (2.49 vs 2.38), 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.