TEND vs. KMAR

Last updated Jun 25, 2026

TEND (iShares Large Cap 10% Target Buffer Dec ETF) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds. TEND is actively managed, while KMAR is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. TEND charges 0.50%/yr vs 0.79%/yr for KMAR.

Performance

TEND vs. KMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Dec ETF (TEND) 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, TEND achieves a 5.70% return, which is significantly lower than KMAR's 11.31% return.

TEND

• 1D: -0.19%
• 1M: -0.37%
• YTD: 5.70%
• 6M: 4.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMAR

• 1D: 0.23%
• 1M: 1.99%
• YTD: 11.31%
• 6M: 10.34%
• 1Y: 23.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEND vs. KMAR - Yearly Performance Comparison

	2026 (YTD)	2025
TEND iShares Large Cap 10% Target Buffer Dec ETF	5.70%	1.62%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	11.31%	2.73%

Correlation

The correlation between TEND and KMAR is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025	0.80

Return for Risk

TEND vs. KMAR — Risk / Return Rank

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

TEND

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

KMAR

KMAR Risk / Return Rank: 89
KMAR Sharpe Ratio Rank: 87
KMAR Sortino Ratio Rank: 90
KMAR Omega Ratio Rank: 87
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.

TEND vs. KMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Dec ETF (TEND) 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.

	TEND	KMAR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.48	—
Sortino ratio: Return per unit of downside risk	—	3.61	—
Omega ratio: Gain probability vs. loss probability	—	1.46	—
Calmar ratio: Return relative to maximum drawdown	—	4.77	—
Martin ratio: Return relative to average drawdown	—	19.52	—

Drawdowns

TEND vs. KMAR - Drawdown Comparison

The maximum TEND drawdown since its inception was -5.92%, smaller than the maximum KMAR drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for TEND and KMAR.

Drawdown Indicators

	TEND	KMAR	Difference
Max Drawdown Largest peak-to-trough decline	-5.92%	-11.32%	+5.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.89%	—
Current Drawdown Current decline from peak	-1.43%	-0.30%	-1.13%
Average Drawdown Average peak-to-trough decline	-0.77%	-1.34%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.19%	—

Volatility

Volatility by Period

	TEND	KMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.72%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	9.44%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.32%	12.15%	-3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.32%	12.15%	-3.83%

TEND vs. KMAR - Expense Ratio Comparison

TEND has a 0.50% expense ratio, which is lower than KMAR's 0.79% expense ratio.

Dividends

TEND vs. KMAR - Dividend Comparison

TEND's dividend yield for the trailing twelve months is around 0.13%, while KMAR has not paid dividends to shareholders.

Position	TTM	2025
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	0.00%	0.00%
TEND iShares Large Cap 10% Target Buffer Dec ETF	0.13%	0.14%

Frequently Asked Questions

Can I hold both TEND and KMAR in my portfolio?

TEND and KMAR have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEND or KMAR?

On fees, TEND 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, TEND or KMAR?

TEND is cheaper with a 0.50% expense ratio, compared with 0.79% for KMAR.

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

TEND has the higher dividend yield at 0.13%, compared with 0.00% for KMAR.

What is the main difference between TEND and KMAR?

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