TRSY vs. KMAY

Last updated Jun 5, 2026

TRSY (Xtrackers US 0-1 Year Treasury ETF) and KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) are both exchange-traded funds - TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index, while KMAY is a Defined Outcome fund actively managed by Innovator. TRSY is passively managed, while KMAY is actively managed. Over the past year, TRSY returned 3.95% vs 16.32% for KMAY. At a correlation of -0.00, they often move in opposite directions. TRSY charges 0.06%/yr vs 0.79%/yr for KMAY.

Performance

TRSY vs. KMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers US 0-1 Year Treasury ETF (TRSY) 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, TRSY achieves a 1.48% return, which is significantly lower than KMAY's 5.79% return.

TRSY

• 1D: -0.02%
• 1M: 0.30%
• YTD: 1.48%
• 6M: 1.76%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

KMAY

• 1D: 0.88%
• 1M: 1.87%
• YTD: 5.79%
• 6M: 6.44%
• 1Y: 16.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRSY vs. KMAY - Yearly Performance Comparison

	2026 (YTD)	2025
TRSY Xtrackers US 0-1 Year Treasury ETF	1.48%	2.81%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	5.79%	13.83%

Correlation

The correlation between TRSY and KMAY is 0.01, 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	0.01
Correlation (All Time) Calculated using the full available price history since May 2, 2025	-0.00

Return for Risk

TRSY vs. KMAY — Risk / Return Rank

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

TRSY

TRSY Risk / Return Rank: 100
TRSY Sharpe Ratio Rank: 99
TRSY Sortino Ratio Rank: 100
TRSY Omega Ratio Rank: 100
TRSY Calmar Ratio Rank: 100
TRSY Martin Ratio Rank: 100

KMAY

KMAY Risk / Return Rank: 90
KMAY Sharpe Ratio Rank: 83
KMAY Sortino Ratio Rank: 90
KMAY Omega Ratio Rank: 88
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.

TRSY vs. KMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers US 0-1 Year Treasury ETF (TRSY) 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.

	TRSY	KMAY	Difference
Sharpe ratio: Return per unit of total volatility	10.40	2.65	+7.75
Sortino ratio: Return per unit of downside risk	28.08	4.06	+24.02
Omega ratio: Gain probability vs. loss probability	6.63	1.54	+5.09
Calmar ratio: Return relative to maximum drawdown	59.87	6.90	+52.97
Martin ratio: Return relative to average drawdown	379.03	29.09	+349.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRSY vs. KMAY - Sharpe Ratio Comparison

The current TRSY Sharpe Ratio is 10.40, which is higher than the KMAY Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of TRSY 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

	TRSY	KMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.40	2.65	+7.75
Sharpe Ratio (All Time) Calculated using the full available price history	3.89	2.79	+1.10

Drawdowns

TRSY vs. KMAY - Drawdown Comparison

The maximum TRSY drawdown since its inception was -0.82%, smaller than the maximum KMAY drawdown of -2.38%. Use the drawdown chart below to compare losses from any high point for TRSY and KMAY.

Drawdown Indicators

	TRSY	KMAY	Difference
Max Drawdown Largest peak-to-trough decline	-0.82%	-2.38%	+1.56%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-2.38%	+2.31%
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.35%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.56%	-0.55%

Volatility

TRSY vs. KMAY - Volatility Comparison

The current volatility for Xtrackers US 0-1 Year Treasury ETF (TRSY) is 0.11%, while Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) has a volatility of 2.91%. This indicates that TRSY experiences smaller price fluctuations and is considered to be less risky than KMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSY	KMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	2.91%	-2.80%
Volatility (6M) Calculated over the trailing 6-month period	0.24%	4.07%	-3.83%
Volatility (1Y) Calculated over the trailing 1-year period	0.38%	6.18%	-5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.07%	6.68%	-5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.07%	6.68%	-5.61%

TRSY vs. KMAY - Expense Ratio Comparison

TRSY has a 0.06% expense ratio, which is lower than KMAY's 0.79% expense ratio.

Dividends

TRSY vs. KMAY - Dividend Comparison

TRSY's dividend yield for the trailing twelve months is around 3.73%, while KMAY has not paid dividends to shareholders.

Position	TTM	2025	2024
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	0.00%	0.00%	0.00%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.73%	4.00%	0.96%

Frequently Asked Questions

Can I hold both TRSY and KMAY in my portfolio?

TRSY and KMAY have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRSY or KMAY?

KMAY has higher volatility (2.91%) compared to TRSY (0.11%). In terms of maximum drawdown, TRSY dropped -0.82% vs KMAY's -2.38%.

Which ETF is better, TRSY or KMAY?

On 1-year performance, KMAY leads with 16.32% vs 3.95% for TRSY. On fees, TRSY is cheaper at 0.06% per year. On volatility, TRSY has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRSY or KMAY?

Over the 1-year period, KMAY has performed better with a 16.32% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRSY or KMAY?

TRSY is cheaper with a 0.06% expense ratio, compared with 0.79% for KMAY.

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

TRSY has the higher dividend yield at 3.73%, compared with 0.00% for KMAY.

What is the main difference between TRSY and KMAY?

TRSY is categorized as Government Bonds, while KMAY is Defined Outcome. They also come from different issuers: Xtrackers and Innovator. Their fees differ too: 0.06% for TRSY and 0.79% for KMAY.

Which has better risk-adjusted returns?

TRSY currently has the higher Sharpe Ratio (10.40 vs 2.65), 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.