XONE vs. KMAY

Last updated Jun 26, 2026

XONE (BondBloxx Bloomberg One Year Target Duration US Treasury ETF) and KMAY (Innovator U.S. Small Cap Power Buffer ETF - May) are both exchange-traded funds - XONE is a Government Bonds fund tracking the Bloomberg US Treasury 1 Year Target Duration Index, while KMAY is a Defined Outcome fund actively managed by Innovator. XONE is passively managed, while KMAY is actively managed. Over the past year, XONE returned 3.62% vs 16.26% for KMAY. At a 0.09 correlation, their price movements are largely independent. XONE charges 0.03%/yr vs 0.79%/yr for KMAY.

Performance

XONE vs. KMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) 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, XONE achieves a 1.26% return, which is significantly lower than KMAY's 6.94% return.

XONE

• 1D: 0.02%
• 1M: 0.19%
• YTD: 1.26%
• 6M: 1.35%
• 1Y: 3.62%
• 3Y*: 4.54%
• 5Y*: —
• 10Y*: —

KMAY

• 1D: 0.23%
• 1M: 1.63%
• YTD: 6.94%
• 6M: 6.67%
• 1Y: 16.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XONE vs. KMAY - Yearly Performance Comparison

	2026 (YTD)	2025
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF	1.26%	2.74%
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	6.94%	14.13%

Correlation

The correlation between XONE and KMAY is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.09

Return for Risk

XONE vs. KMAY — Risk / Return Rank

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

XONE

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

KMAY

KMAY Risk / Return Rank: 92
KMAY Sharpe Ratio Rank: 87
KMAY Sortino Ratio Rank: 91
KMAY Omega Ratio Rank: 91
KMAY Calmar Ratio Rank: 95
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.

XONE vs. KMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) 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.

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.

	XONE	KMAY	Difference
Sharpe ratio: Return per unit of total volatility	6.49	2.51	+3.98
Sortino ratio: Return per unit of downside risk	13.86	3.78	+10.09
Omega ratio: Gain probability vs. loss probability	3.21	1.52	+1.69
Calmar ratio: Return relative to maximum drawdown	22.71	6.87	+15.84
Martin ratio: Return relative to average drawdown	118.49	28.02	+90.46

XONE vs. KMAY - Sharpe Ratio Comparison

The current XONE Sharpe Ratio is 6.49, which is higher than the KMAY Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of XONE 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.

Drawdowns

XONE vs. KMAY - Drawdown Comparison

The maximum XONE drawdown since its inception was -0.40%, smaller than the maximum KMAY drawdown of -2.38%. Use the drawdown chart below to compare losses from any high point for XONE and KMAY.

Drawdown Indicators

	XONE	KMAY	Difference
Max Drawdown Largest peak-to-trough decline	-0.40%	-2.38%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	-0.16%	-2.38%	+2.22%
Max Drawdown (3Y) Largest decline over 3 years	-0.28%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.36%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	0.58%	-0.55%

Volatility

XONE vs. KMAY - Volatility Comparison

The current volatility for BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE) is 0.19%, while Innovator U.S. Small Cap Power Buffer ETF - May (KMAY) has a volatility of 3.03%. This indicates that XONE 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

	XONE	KMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	3.03%	-2.84%
Volatility (6M) Calculated over the trailing 6-month period	0.38%	4.84%	-4.46%
Volatility (1Y) Calculated over the trailing 1-year period	0.56%	6.51%	-5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.86%	6.98%	-6.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.86%	6.98%	-6.12%

XONE vs. KMAY - Expense Ratio Comparison

XONE has a 0.03% expense ratio, which is lower than KMAY's 0.79% expense ratio.

Dividends

XONE vs. KMAY - Dividend Comparison

XONE's dividend yield for the trailing twelve months is around 4.05%, while KMAY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
KMAY Innovator U.S. Small Cap Power Buffer ETF - May	0.00%	0.00%	0.00%	0.00%	0.00%
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF	4.05%	4.33%	5.21%	4.46%	1.17%

Frequently Asked Questions

Can I hold both XONE and KMAY in my portfolio?

XONE and KMAY have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XONE or KMAY?

KMAY has higher volatility (3.03%) compared to XONE (0.19%). In terms of maximum drawdown, XONE dropped -0.40% vs KMAY's -2.38%.

Which ETF is better, XONE or KMAY?

On 1-year performance, KMAY leads with 16.26% vs 3.62% for XONE. On fees, XONE is cheaper at 0.03% per year. On volatility, XONE has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XONE or KMAY?

Over the 1-year period, KMAY has performed better with a 16.26% return vs 3.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XONE or KMAY?

XONE is cheaper with a 0.03% expense ratio, compared with 0.79% for KMAY.

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

XONE has the higher dividend yield at 4.05%, compared with 0.00% for KMAY.

What is the main difference between XONE and KMAY?

XONE is categorized as Government Bonds, while KMAY is Defined Outcome. They also come from different issuers: BondBloxx and Innovator. Their fees differ too: 0.03% for XONE and 0.79% for KMAY.

Which has better risk-adjusted returns?

XONE currently has the higher Sharpe Ratio (6.49 vs 2.51), 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.