STEN vs. KMAY

Last updated Jun 4, 2026

STEN (iShares Large Cap 10% Target Buffer Sep ETF) and KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) are both Defined Outcome funds. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. STEN charges 0.50%/yr vs 0.79%/yr for KMAY.

Performance

STEN vs. KMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Sep ETF (STEN) and Innovator U.S. Small Cap Power Buffer ETF - May (KMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STEN achieves a 7.79% return, which is significantly higher than KMAY's 4.86% return.

STEN

• 1D: -0.30%
• 1M: 3.31%
• YTD: 7.79%
• 6M: 8.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMAY

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

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

STEN vs. KMAY - Yearly Performance Comparison

	2026 (YTD)	2025
STEN iShares Large Cap 10% Target Buffer Sep ETF	7.79%	2.05%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	4.86%	2.44%

Correlation

The correlation between STEN and KMAY is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.78

Return for Risk

STEN vs. KMAY — 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

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.

STEN vs. KMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Sep ETF (STEN) and Innovator U.S. Small Cap Power Buffer ETF - May (KMAY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	STEN	KMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	2.68	-1.01

Drawdowns

STEN vs. KMAY - Drawdown Comparison

The maximum STEN drawdown since its inception was -6.21%, which is greater than KMAY's maximum drawdown of -2.38%. Use the drawdown chart below to compare losses from any high point for STEN and KMAY.

Drawdown Indicators

	STEN	KMAY	Difference
Max Drawdown Largest peak-to-trough decline	-6.21%	-2.38%	-3.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.38%	—
Current Drawdown Current decline from peak	-0.30%	-0.69%	+0.39%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.35%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.56%	—

Volatility

Volatility by Period

	STEN	KMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.89%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.99%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.24%	6.16%	+3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.24%	6.65%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	6.65%	+2.59%

STEN vs. KMAY - Expense Ratio Comparison

STEN has a 0.50% expense ratio, which is lower than KMAY's 0.79% expense ratio.

Dividends

STEN vs. KMAY - Dividend Comparison

STEN's dividend yield for the trailing twelve months is around 0.29%, while KMAY has not paid dividends to shareholders.

Position	TTM	2025
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	0.00%	0.00%
STEN iShares Large Cap 10% Target Buffer Sep ETF	0.29%	0.31%

Frequently Asked Questions

Can I hold both STEN and KMAY in my portfolio?

STEN and KMAY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, STEN or KMAY?

On fees, STEN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STEN or KMAY?

STEN is cheaper with a 0.50% expense ratio, compared with 0.79% for KMAY.

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

STEN has the higher dividend yield at 0.29%, compared with 0.00% for KMAY.

What is the main difference between STEN and KMAY?

They also come from different issuers: BlackRock and Innovator. Their fees differ too: 0.50% for STEN and 0.79% for KMAY.