UMAR vs. KFEB

Last updated Aug 2, 2026

UMAR (Innovator U.S. Equity Ultra Buffer ETF - March) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds from Innovator. UMAR is passively managed, while KFEB is actively managed. Over the past year, UMAR returned 12.30% vs 24.62% for KFEB. Their 0.74 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

UMAR vs. KFEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMAR achieves a 6.28% return, which is significantly lower than KFEB's 13.73% return.

UMAR

• 1D: 0.31%
• 1M: 0.65%
• 6M: 5.52%
• YTD: 6.28%
• 1Y: 12.30%
• 3Y*: 11.87%
• 5Y*: 7.78%
• 10Y*: —
• ALL TIME*: 7.78%

KFEB

• 1D: -0.08%
• 1M: -0.01%
• 6M: 7.62%
• YTD: 13.73%
• 1Y: 24.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.69%

*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)
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	$31.40K	$47.27K	$136.55K
UMAR Innovator U.S. Equity Ultra Buffer ETF - March	$255.05K	$641.31K	$640.48K

UMAR vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
UMAR Innovator U.S. Equity Ultra Buffer ETF - March	6.28%	10.18%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	13.73%	9.19%

Correlation

The correlation between UMAR and KFEB is 0.68, 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.	0.68
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.74

The correlation between UMAR and KFEB has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

UMAR vs. KFEB — Risk / Return Rank

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

UMAR

UMAR Risk / Return Rank: 90
UMAR Sharpe Ratio Rank: 90
UMAR Sortino Ratio Rank: 91
UMAR Omega Ratio Rank: 92
UMAR Calmar Ratio Rank: 84
UMAR Martin Ratio Rank: 93

KFEB

KFEB Risk / Return Rank: 89
KFEB Sharpe Ratio Rank: 89
KFEB Sortino Ratio Rank: 90
KFEB Omega Ratio Rank: 87
KFEB Calmar Ratio Rank: 91
KFEB Martin Ratio Rank: 91

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.

UMAR vs. KFEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). 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.

	UMAR	KFEB	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.17	+0.10
Sortino ratio: Return per unit of downside risk	3.27	3.16	+0.10
Omega ratio: Gain probability vs. loss probability	1.46	1.38	+0.08
Calmar ratio: Return relative to maximum drawdown	3.22	4.04	-0.83
Martin ratio: Return relative to average drawdown	17.21	15.07	+2.14

UMAR vs. KFEB - Sharpe Ratio Comparison

The current UMAR Sharpe Ratio is 2.27, which is comparable to the KFEB Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of UMAR and KFEB, 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

UMAR vs. KFEB - Drawdown Comparison

The maximum UMAR drawdown since its inception was -11.08%, smaller than the maximum KFEB drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for UMAR and KFEB.

Drawdown Indicators

	UMAR	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-11.08%	-14.16%	+3.08%
Max Drawdown (1Y) Largest decline over 1 year	-3.61%	-5.80%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-7.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-8.72%	—	—
Current Drawdown Current decline from peak	-0.06%	-0.45%	+0.39%
Average Drawdown Average peak-to-trough decline	-1.60%	-2.12%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	1.55%	-0.87%

Volatility

UMAR vs. KFEB - Volatility Comparison

The current volatility for Innovator U.S. Equity Ultra Buffer ETF - March (UMAR) is 1.20%, while Innovator U.S. Small Cap Power Buffer ETF - February (KFEB) has a volatility of 1.57%. This indicates that UMAR experiences smaller price fluctuations and is considered to be less risky than KFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMAR	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.57%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	4.23%	7.19%	-2.96%
Volatility (1Y) Calculated over the trailing 1-year period	5.12%	10.82%	-5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.59%	12.75%	-6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.48%	12.75%	-5.27%

UMAR vs. KFEB - Expense Ratio Comparison

Both UMAR and KFEB have an expense ratio of 0.79%.

Dividends

UMAR vs. KFEB - Dividend Comparison

Neither UMAR nor KFEB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both UMAR and KFEB in my portfolio?

UMAR and KFEB have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMAR or KFEB?

KFEB has higher volatility (1.57%) compared to UMAR (1.20%). In terms of maximum drawdown, UMAR dropped -11.08% vs KFEB's -14.16%.

Which ETF is better, UMAR or KFEB?

On 1-year performance, KFEB leads with 24.62% vs 12.30% for UMAR. Both ETFs have the same 0.79% expense ratio. On volatility, UMAR has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMAR or KFEB?

Over the 1-year period, KFEB has performed better with a 24.62% return vs 12.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMAR or KFEB?

UMAR and KFEB have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, UMAR or KFEB?

UMAR and KFEB have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

UMAR currently has the higher Sharpe Ratio (2.27 vs 2.17), 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.