XMAY vs. KAPR
XMAY (FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May) and KAPR (Innovator Russell 2000 Power Buffer ETF - April) are both Defined Outcome funds. XMAY is actively managed, while KAPR is passively managed. Over the past year, XMAY returned 8.48% vs 22.54% for KAPR. Their 0.71 correlation means they have sometimes moved together and sometimes differently. XMAY charges 0.85%/yr vs 0.79%/yr for KAPR.
Performance
XMAY vs. KAPR - Performance Comparison
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Returns By Period
In the year-to-date period, XMAY achieves a 4.06% return, which is significantly lower than KAPR's 13.09% return.
XMAY
- 1D
- 0.39%
- 1M
- 0.62%
- 6M
- 3.57%
- YTD
- 4.06%
- 1Y
- 8.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.51%
KAPR
- 1D
- -0.03%
- 1M
- 0.08%
- 6M
- 11.66%
- YTD
- 13.09%
- 1Y
- 22.54%
- 3Y*
- 12.02%
- 5Y*
- 7.81%
- 10Y*
- —
- ALL TIME*
- 9.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $147.78K | $281.73K | $305.41K | |
| $43.46K | $38.28K | $134.00K |
XMAY vs. KAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XMAY FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May | 4.06% | 10.44% | 6.22% |
KAPR Innovator Russell 2000 Power Buffer ETF - April | 13.09% | 7.42% | 5.29% |
Correlation
The correlation between XMAY and KAPR is 0.73, 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. | 0.73 |
Correlation (All Time) Calculated using the full available price history since May 20, 2024 | 0.71 |
The correlation between XMAY and KAPR has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.
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Return for Risk
XMAY vs. KAPR — Risk / Return Rank
XMAY
KAPR
XMAY vs. KAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) 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.
| XMAY | KAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.70 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | 8.50 | -4.01 |
| Martin ratioReturn relative to average drawdown | 20.61 | 42.63 | -22.02 |
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Drawdowns
XMAY vs. KAPR - Drawdown Comparison
The maximum XMAY drawdown since its inception was -8.24%, smaller than the maximum KAPR drawdown of -16.91%. Use the drawdown chart below to compare losses from any high point for XMAY and KAPR.
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Drawdown Indicators
| XMAY | KAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.24% | -16.91% | +8.67% |
Max Drawdown (1Y)Largest decline over 1 year | -1.78% | -2.52% | +0.74% |
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 | -0.04% | -0.36% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -0.42% | -3.83% | +3.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 0.50% | -0.11% |
Volatility
XMAY vs. KAPR - Volatility Comparison
FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) and Innovator Russell 2000 Power Buffer ETF - April (KAPR) have volatilities of 1.51% and 1.52%, 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.
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Volatility by Period
| XMAY | KAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.51% | 1.52% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.41% | 4.77% | -1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 6.53% | -2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.36% | 11.69% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.36% | 11.56% | -4.20% |
XMAY vs. KAPR - Expense Ratio Comparison
XMAY has a 0.85% expense ratio, which is higher than KAPR's 0.79% expense ratio.
Dividends
XMAY vs. KAPR - Dividend Comparison
Neither XMAY nor KAPR has paid dividends to shareholders.
Frequently Asked Questions
XMAY and KAPR have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KAPR has higher volatility (1.52%) compared to XMAY (1.51%). In terms of maximum drawdown, XMAY dropped -8.24% vs KAPR's -16.91%.
On 1-year performance, KAPR leads with 22.54% vs 8.48% for XMAY. On fees, KAPR is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KAPR has performed better with a 22.54% return vs 8.48%. 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 0.85% for XMAY.
XMAY and KAPR have nearly identical dividend yields, around 0.00%.
They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for XMAY and 0.79% for KAPR.
KAPR currently has the higher Sharpe Ratio (3.28 vs 1.99), 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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