Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) belongs to the Defined Outcome category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with UMAY. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to UMAY
UMAY charges 0.79% annually. There are 89 ETFs in the Defined Outcome category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus January Buffer ETF | 0.25% | — | Oct 2025 | UMAY vs JANB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | UMAY vs JULB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | UMAY vs APRB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | UMAY vs OCTB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | UMAY vs FBUF |
Best Risk-Adjusted Alternatives to UMAY
UMAY has a PortfoliosLab risk / return rank of 94. There are 45 ETFs in the Defined Outcome category with higher risk-adjusted ranks, going as high as 99.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 99 | — | Mar 2025 | UMAY vs PMAP | |
| iShares Large Cap Max Buffer Mar ETF | 99 | — | Mar 2025 | UMAY vs MMAX | |
| FT Vest U.S. Equity Max Buffer ETF - April | 99 | — | Apr 2025 | UMAY vs APXM | |
| PGIM S&P 500 Max Buffer ETF - May | 98 | — | Apr 2025 | UMAY vs PMMY | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 18.90M | Apr 2025 | UMAY vs CPSP |
Top Performing UMAY Alternatives (YTD)
UMAY is at 4.21% YTD. There are 172 ETFs in the Defined Outcome category with higher YTD returns, going as high as 21.85%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 21.85% | — | Aug 2025 | UMAY vs NVDO | |
| FT Vest Emerging Markets Buffer ETF - March | 15.28% | — | Mar 2025 | UMAY vs TMAR | |
| FT Cboe Vest Nasdaq-100 Buffer ETF - March | 13.16% | 557.94M | Mar 2021 | UMAY vs QMAR | |
| FT Vest U.S. Equity Uncapped Accelerator ETF - Jul... | 12.64% | — | Jul 2025 | UMAY vs UXJL | |
| FT Vest U.S. Equity Uncapped Accelerator ETF - Jan... | 12.41% | — | Jan 2025 | UMAY vs UXJA |
Lowest Volatility Alternatives to UMAY
UMAY has 3.52% 1-year volatility. There are 71 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.01%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| FT Vest U.S. Equity Max Buffer ETF - April | 1.01% | — | Apr 2025 | UMAY vs APXM | |
| PGIM S&P 500 Max Buffer ETF - May | 1.12% | — | Apr 2025 | UMAY vs PMMY | |
| PGIM S&P 500 Max Buffer ETF - April | 1.15% | — | Mar 2025 | UMAY vs PMAP | |
| iShares Large Cap Max Buffer Mar ETF | 1.39% | — | Mar 2025 | UMAY vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.42% | 18.90M | Apr 2025 | UMAY vs CPSP |
Lowest Drawdown Alternatives to UMAY
UMAY has a 1-year max drawdown of -1.36%. There are 32 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.27%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| FT Vest U.S. Equity Max Buffer ETF - April | -0.27% | — | Apr 2025 | UMAY vs APXM | |
| PGIM S&P 500 Max Buffer ETF - April | -0.34% | — | Mar 2025 | UMAY vs PMAP | |
| iShares Large Cap Max Buffer Mar ETF | -0.34% | — | Mar 2025 | UMAY vs MMAX | |
| PGIM S&P 500 Max Buffer ETF - May | -0.36% | — | Apr 2025 | UMAY vs PMMY | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 18.90M | Apr 2025 | UMAY vs CPSP |
Other ETFs from Innovator
The 10 most viewed Innovator ETFs shown here include BALT, FFTY, BUFF and span 5 categories. AUM among these funds goes as high as $2B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Innovator Defined Wealth Shield ETF | Defined Outcome | 92 | 1.91% | 2.46B | Jun 2021 | UMAY vs BALT | |
| Innovator IBD 50 ETF | Large Cap Growth Equities | 32 | 20.28% | 89.40M | Apr 2015 | UMAY vs FFTY | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 89 | 5.70% | 869.87M | Oct 2016 | UMAY vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 67 | 5.95% | 2.00B | Nov 2022 | UMAY vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 76 | 30.66% | 219.47M | Jul 2018 | UMAY vs LOUP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 82 | 5.40% | 1.52B | Jan 2019 | UMAY vs PJAN | |
| Innovator U.S. Equity Buffer ETF - April | Defined Outcome | 97 | 11.07% | 401.85M | Mar 2019 | UMAY vs BAPR | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 88 | 4.63% | 1.00B | Aug 2018 | UMAY vs PJUL | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 75 | 6.88% | 527.81M | Jan 2024 | UMAY vs QFLR | |
| Innovator U.S. Equity Power Buffer ETF October | Defined Outcome | 78 | 5.54% | 1.02B | Sep 2018 | UMAY vs POCT |
Often Compared With UMAY
Investors most often compare UMAY with NLR, KAPR, DMAX. These 20 comparison targets span 5 categories, based on PortfoliosLab usage data.
Compare UMAY with Any Fund or Stock
Compare UMAY with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair UMAY with funds that move differently
Innovator U.S. Equity Ultra Buffer ETF - May alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to UMAY.
Explore UMAY Diversifiers