UDEC vs. KMAR

Last updated Aug 4, 2026

UDEC (Innovator U.S. Equity Ultra Buffer ETF - December) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds from Innovator - UDEC tracks the S&P 500 while KMAR tracks the iShares Russell 2000 ETF (IWM) Price Return. Both are passively managed. Over the past year, UDEC returned 15.43% vs 24.41% for KMAR. Their 0.80 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

UDEC vs. KMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) 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, UDEC achieves a 6.52% return, which is significantly lower than KMAR's 12.74% return.

UDEC

• 1D: 0.47%
• 1M: 1.33%
• 6M: 5.40%
• YTD: 6.52%
• 1Y: 15.43%
• 3Y*: 11.63%
• 5Y*: 7.38%
• 10Y*: —
• ALL TIME*: 7.30%

KMAR

• 1D: 0.84%
• 1M: 0.78%
• 6M: 9.45%
• YTD: 12.74%
• 1Y: 24.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	$120.12K	$77.14K	$163.43K
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	$499.11K	$383.21K	$1.53M

UDEC vs. KMAR - Yearly Performance Comparison

	2026 (YTD)	2025
UDEC Innovator U.S. Equity Ultra Buffer ETF - December	6.52%	12.10%
KMAR Innovator U.S. Small Cap Power Buffer ETF - March	12.74%	11.45%

Correlation

The correlation between UDEC and KMAR is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	0.80

The correlation between UDEC and KMAR has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

UDEC vs. KMAR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UDEC

UDEC Risk / Return Rank: 90
UDEC Sharpe Ratio Rank: 90
UDEC Sortino Ratio Rank: 91
UDEC Omega Ratio Rank: 91
UDEC Calmar Ratio Rank: 85
UDEC Martin Ratio Rank: 92

KMAR

KMAR Risk / Return Rank: 94
KMAR Sharpe Ratio Rank: 93
KMAR Sortino Ratio Rank: 94
KMAR Omega Ratio Rank: 93
KMAR Calmar Ratio Rank: 94
KMAR Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UDEC vs. KMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) 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.

	UDEC	KMAR	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.68	-0.33
Sortino ratio: Return per unit of downside risk	3.42	3.94	-0.52
Omega ratio: Gain probability vs. loss probability	1.46	1.52	-0.06
Calmar ratio: Return relative to maximum drawdown	3.49	5.01	-1.52
Martin ratio: Return relative to average drawdown	16.73	21.18	-4.45

UDEC vs. KMAR - Sharpe Ratio Comparison

The current UDEC Sharpe Ratio is 2.35, which is comparable to the KMAR Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of UDEC and KMAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UDEC vs. KMAR - Drawdown Comparison

The maximum UDEC drawdown since its inception was -13.37%, which is greater than KMAR's maximum drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for UDEC and KMAR.

Drawdown Indicators

	UDEC	KMAR	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-11.32%	-2.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.44%	-4.89%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-8.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.26%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.12%	-1.26%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.16%	-0.24%

Volatility

UDEC vs. KMAR - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - December (UDEC) and Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) have volatilities of 1.81% and 1.82%, 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

	UDEC	KMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.82%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	4.63%	6.80%	-2.17%
Volatility (1Y) Calculated over the trailing 1-year period	6.61%	9.17%	-2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.27%	11.78%	-4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.98%	11.78%	-3.80%

UDEC vs. KMAR - Expense Ratio Comparison

Both UDEC and KMAR have an expense ratio of 0.79%.

Dividends

UDEC vs. KMAR - Dividend Comparison

Neither UDEC nor KMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UDEC and KMAR in my portfolio?

UDEC and KMAR have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDEC or KMAR?

KMAR has higher volatility (1.82%) compared to UDEC (1.81%). In terms of maximum drawdown, UDEC dropped -13.37% vs KMAR's -11.32%.

Which ETF is better, UDEC or KMAR?

On 1-year performance, KMAR leads with 24.41% vs 15.43% for UDEC. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDEC or KMAR?

Over the 1-year period, KMAR has performed better with a 24.41% return vs 15.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDEC or KMAR?

UDEC and KMAR have the same expense ratio: 0.79% per year.

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

UDEC and KMAR have nearly identical dividend yields, around 0.00%.

What is the main difference between UDEC and KMAR?

UDEC tracks S&P 500, while KMAR tracks iShares Russell 2000 ETF (IWM) Price Return.

Which has better risk-adjusted returns?

KMAR currently has the higher Sharpe Ratio (2.68 vs 2.35), 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.