TMAR vs. KAPR
TMAR (FT Vest Emerging Markets Buffer ETF - March) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds - TMAR tracks the iShares MSCI Emerging Markets ETF (EEM) Price Return while KAPR tracks the Russell 2000 Index. Both are passively managed. Over the past year, TMAR returned 22.71% vs 22.53% for KAPR. A 0.60 correlation means they provide meaningful diversification when combined. TMAR charges 0.95%/yr vs 0.79%/yr for KAPR.
Performance
TMAR vs. KAPR - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TMAR having a 12.21% return and KAPR slightly higher at 12.41%.
TMAR
- 1D
- -0.23%
- 1M
- -0.17%
- YTD
- 12.21%
- 6M
- 12.43%
- 1Y
- 22.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KAPR
- 1D
- 0.06%
- 1M
- 1.79%
- YTD
- 12.41%
- 6M
- 11.98%
- 1Y
- 22.53%
- 3Y*
- 13.58%
- 5Y*
- 7.27%
- 10Y*
- —
TMAR vs. KAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TMAR FT Vest Emerging Markets Buffer ETF - March | 12.21% | 15.97% |
KAPR Innovator Russell 2000 Power Buffer ETF - April | 12.41% | 13.67% |
Correlation
The correlation between TMAR and KAPR is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Mar 24, 2025 | 0.60 |
The correlation between TMAR and KAPR has been stable across timeframes, ranging from 0.60 to 0.62 - a consistent structural relationship.
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Return for Risk
TMAR vs. KAPR — Risk / Return Rank
TMAR
KAPR
TMAR vs. KAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest Emerging Markets Buffer ETF - March (TMAR) and Innovator Russell 2000 Power Buffer ETF - April (KAPR). 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.
| TMAR | KAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.71 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | 8.99 | -4.13 |
| Martin ratioReturn relative to average drawdown | 23.50 | 42.18 | -18.69 |
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Drawdowns
TMAR vs. KAPR - Drawdown Comparison
The maximum TMAR drawdown since its inception was -9.93%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for TMAR and KAPR.
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Drawdown Indicators
| TMAR | KAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.93% | -16.91% | +6.98% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -2.52% | -2.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.84% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.91% | — |
Current DrawdownCurrent decline from peak | -2.96% | -0.30% | -2.66% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -3.89% | +3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.54% | +0.43% |
Volatility
TMAR vs. KAPR - Volatility Comparison
FT Vest Emerging Markets Buffer ETF - March (TMAR) has a higher volatility of 6.23% compared to Innovator Russell 2000 Power Buffer ETF - April (KAPR) at 2.53%. This indicates that TMAR's price experiences larger fluctuations and is considered to be riskier than KAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMAR | KAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.23% | 2.53% | +3.70% |
Volatility (6M)Calculated over the trailing 6-month period | 9.98% | 4.57% | +5.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.88% | 6.69% | +4.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.31% | 11.76% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.31% | 11.64% | +0.67% |
TMAR vs. KAPR - Expense Ratio Comparison
TMAR has a 0.95% expense ratio, which is higher than KAPR's 0.79% expense ratio.
Dividends
TMAR vs. KAPR - Dividend Comparison
Neither TMAR nor KAPR has paid dividends to shareholders.
Frequently Asked Questions
TMAR and KAPR have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMAR has higher volatility (6.23%) compared to KAPR (2.53%). In terms of maximum drawdown, TMAR dropped -9.93% vs KAPR's -16.91%.
On 1-year performance, TMAR leads with 22.71% vs 22.53% for KAPR. On fees, KAPR is cheaper at 0.79% per year. On volatility, KAPR has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TMAR has performed better with a 22.71% return vs 22.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KAPR is cheaper with a 0.79% expense ratio, compared with 0.95% for TMAR.
TMAR and KAPR have nearly identical dividend yields, around 0.00%.
TMAR tracks iShares MSCI Emerging Markets ETF (EEM) Price Return, while KAPR tracks Russell 2000 Index. They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.95% for TMAR and 0.79% for KAPR.
KAPR currently has the higher Sharpe Ratio (3.40 vs 2.11), 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.
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