TOAK vs. KMAY

Last updated Jun 4, 2026

TOAK (Twin Oak Short Horizon Absolute Return ETF) and KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) are both exchange-traded funds - TOAK is a Multistrategy fund actively managed by Twin Oak, while KMAY is a Defined Outcome fund actively managed by Innovator. Both are actively managed. Over the past year, TOAK returned 3.70% vs 16.86% for KMAY. At a correlation of -0.09, they often move in opposite directions. TOAK charges 0.25%/yr vs 0.79%/yr for KMAY.

Performance

TOAK vs. KMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Short Horizon Absolute Return ETF (TOAK) 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, TOAK achieves a 1.32% return, which is significantly lower than KMAY's 5.56% return.

TOAK

• 1D: 0.03%
• 1M: 0.24%
• YTD: 1.32%
• 6M: 1.55%
• 1Y: 3.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMAY

• 1D: 0.34%
• 1M: 2.07%
• YTD: 5.56%
• 6M: 6.80%
• 1Y: 16.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOAK vs. KMAY - Yearly Performance Comparison

	2026 (YTD)	2025
TOAK Twin Oak Short Horizon Absolute Return ETF	1.32%	2.69%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	5.56%	13.83%

Correlation

The correlation between TOAK and KMAY is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since May 2, 2025	-0.09

Return for Risk

TOAK vs. KMAY — Risk / Return Rank

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

TOAK

TOAK Risk / Return Rank: 52
TOAK Sharpe Ratio Rank: 36
TOAK Sortino Ratio Rank: 37
TOAK Omega Ratio Rank: 96
TOAK Calmar Ratio Rank: 42
TOAK Martin Ratio Rank: 49

KMAY

KMAY Risk / Return Rank: 90
KMAY Sharpe Ratio Rank: 83
KMAY Sortino Ratio Rank: 90
KMAY Omega Ratio Rank: 89
KMAY Calmar Ratio Rank: 94
KMAY Martin Ratio Rank: 95

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.

TOAK vs. KMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Short Horizon Absolute Return ETF (TOAK) 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.

	TOAK	KMAY	Difference
Sharpe ratio Return per unit of total volatility	1.27	2.77	-1.50
Sortino ratio Return per unit of downside risk	1.89	4.25	-2.37
Omega ratio Gain probability vs. loss probability	1.77	1.57	+0.20
Calmar ratio Return relative to maximum drawdown	2.05	7.12	-5.07
Martin ratio Return relative to average drawdown	8.11	30.17	-22.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOAK vs. KMAY - Sharpe Ratio Comparison

The current TOAK Sharpe Ratio is 1.27, which is lower than the KMAY Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of TOAK and KMAY, 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

	TOAK	KMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.77	-1.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	2.81	-0.99

Drawdowns

TOAK vs. KMAY - Drawdown Comparison

The maximum TOAK drawdown since its inception was -1.81%, smaller than the maximum KMAY drawdown of -2.38%. Use the drawdown chart below to compare losses from any high point for TOAK and KMAY.

Drawdown Indicators

	TOAK	KMAY	Difference
Max Drawdown Largest peak-to-trough decline	-1.81%	-2.38%	+0.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.81%	-2.38%	+0.57%
Current Drawdown Current decline from peak	-1.72%	-0.03%	-1.69%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.35%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	0.56%	-0.10%

Volatility

TOAK vs. KMAY - Volatility Comparison

Twin Oak Short Horizon Absolute Return ETF (TOAK) and Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) have volatilities of 2.72% and 2.83%, 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

	TOAK	KMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	2.83%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	3.93%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	6.11%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.22%	6.62%	-4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.22%	6.62%	-4.40%

TOAK vs. KMAY - Expense Ratio Comparison

TOAK has a 0.25% expense ratio, which is lower than KMAY's 0.79% expense ratio.

Dividends

TOAK vs. KMAY - Dividend Comparison

Neither TOAK nor KMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOAK and KMAY in my portfolio?

TOAK and KMAY have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOAK or KMAY?

KMAY has higher volatility (2.83%) compared to TOAK (2.72%). In terms of maximum drawdown, TOAK dropped -1.81% vs KMAY's -2.38%.

Which ETF is better, TOAK or KMAY?

On 1-year performance, KMAY leads with 16.86% vs 3.70% for TOAK. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOAK or KMAY?

Over the 1-year period, KMAY has performed better with a 16.86% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOAK or KMAY?

TOAK is cheaper with a 0.25% expense ratio, compared with 0.79% for KMAY.

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

TOAK and KMAY have nearly identical dividend yields, around 0.00%.

What is the main difference between TOAK and KMAY?

TOAK is categorized as Multistrategy, while KMAY is Defined Outcome. They also come from different issuers: Twin Oak and Innovator. Their fees differ too: 0.25% for TOAK and 0.79% for KMAY.

Which has better risk-adjusted returns?

KMAY currently has the higher Sharpe Ratio (2.77 vs 1.27), 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.