Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) 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 ZMAY. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to ZMAY
ZMAY charges 0.79% annually. There are 96 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 | ZMAY vs JANB | |
| Aptus October Buffer ETF | 0.25% | — | Oct 2025 | ZMAY vs OCTB | |
| Aptus July Buffer ETF | 0.25% | — | Oct 2025 | ZMAY vs JULB | |
| Aptus April Buffer ETF | 0.25% | — | Oct 2025 | ZMAY vs APRB | |
| Fidelity Dynamic Buffered Equity ETF | 0.48% | — | Apr 2024 | ZMAY vs FBUF |
Best Risk-Adjusted Alternatives to ZMAY
ZMAY has a PortfoliosLab risk / return rank of 97. There are 22 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 | ZMAY vs PMAP | |
| iShares Large Cap Max Buffer Mar ETF | 98 | — | Mar 2025 | ZMAY vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 98 | 21.00M | Apr 2025 | ZMAY vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | 98 | — | Apr 2025 | ZMAY vs ZAPR | |
| Innovator U.S. Equity Accelerated 9 Buffer ETF - A... | 98 | 132.07M | Mar 2021 | ZMAY vs XBAP |
Top Performing ZMAY Alternatives (YTD)
ZMAY is at 3.03% YTD. There are 256 ETFs in the Defined Outcome category with higher YTD returns, going as high as 16.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Leverage Shares 2x Capped Accelerated NVDA Monthly... | 16.35% | — | Aug 2025 | ZMAY vs NVDO | |
| ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 15.42% | 2.87M | Jun 2025 | ZMAY vs QB | |
| Innovator U.S. Small Cap Power Buffer ETF - Februa... | 15.11% | — | Jan 2025 | ZMAY vs KFEB | |
| Innovator Russell 2000 Power Buffer ETF - April | 14.23% | 214.27M | Mar 2020 | ZMAY vs KAPR | |
| FT Vest U.S. Equity Uncapped Accelerator ETF - Jan... | 14.20% | — | Jan 2025 | ZMAY vs UXJA |
Lowest Volatility Alternatives to ZMAY
ZMAY has 1.75% 1-year volatility. There are 8 ETFs in the Defined Outcome category with lower 1-year volatility, going as low as 1.18%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | 1.18% | — | Mar 2025 | ZMAY vs PMAP | |
| FT Vest U.S. Equity Max Buffer ETF - April | 1.36% | — | Apr 2025 | ZMAY vs APXM | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | 1.39% | 21.00M | Apr 2025 | ZMAY vs CPSP | |
| PGIM S&P 500 Max Buffer ETF - May | 1.41% | — | Apr 2025 | ZMAY vs PMMY | |
| iShares Large Cap Max Buffer Mar ETF | 1.44% | — | Mar 2025 | ZMAY vs MMAX |
Lowest Drawdown Alternatives to ZMAY
ZMAY has a 1-year max drawdown of -0.70%. There are 8 ETFs in the Defined Outcome category with shallower 1-year drawdowns, going as shallow as -0.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| PGIM S&P 500 Max Buffer ETF - April | -0.35% | — | Mar 2025 | ZMAY vs PMAP | |
| Calamos S&P 500 Structured Alt Protection ETF - Ap... | -0.37% | 21.00M | Apr 2025 | ZMAY vs CPSP | |
| Innovator Equity Defined Protection ETF - 1 Yr Apr... | -0.40% | — | Apr 2025 | ZMAY vs ZAPR | |
| iShares Large Cap Max Buffer Mar ETF | -0.46% | — | Mar 2025 | ZMAY vs MMAX | |
| Calamos S&P 500 Structured Alt Protection ETF - Ma... | -0.49% | 56.60M | May 2024 | ZMAY vs CPSM |
Other ETFs from Innovator
The 10 most viewed Innovator ETFs shown here include BALT, BUFF, SFLR and span 5 categories. AUM among these funds goes as high as $3B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Innovator Defined Wealth Shield ETF | Defined Outcome | 96 | 3.37% | 2.72B | Jun 2021 | ZMAY vs BALT | |
| Innovator Laddered Allocation Power Buffer ETF | Defined Outcome | 90 | 7.38% | 923.55M | Oct 2016 | ZMAY vs BUFF | |
| Innovator Equity Managed Floor ETF | Options Trading | 51 | 5.76% | 2.11B | Nov 2022 | ZMAY vs SFLR | |
| Innovator Deepwater Frontier Tech ETF | Technology Equities | 48 | 18.44% | 200.31M | Jul 2018 | ZMAY vs LOUP | |
| Innovator U.S. Equity Accelerated Plus ETF | Leveraged Equities | 98 | 13.57% | 22.69M | Apr 2021 | ZMAY vs XTAP | |
| Innovator U.S. Equity Power Buffer ETF - January | Defined Outcome | 85 | 7.09% | 1.44B | Jan 2019 | ZMAY vs PJAN | |
| Innovator U.S. Equity Buffer ETF - April | Defined Outcome | 97 | 12.88% | 403.09M | Mar 2019 | ZMAY vs BAPR | |
| Innovator U.S. Equity Power Buffer ETF October | Defined Outcome | 82 | 7.29% | 963.46M | Sep 2018 | ZMAY vs POCT | |
| Innovator Nasdaq-100 Managed Floor ETF | Nasdaq-100, Options Trading | 43 | 4.04% | 524.31M | Jan 2024 | ZMAY vs QFLR | |
| Innovator U.S. Equity Power Buffer ETF - July | Defined Outcome | 90 | 7.02% | 1.25B | Aug 2018 | ZMAY vs PJUL |
Often Compared With ZMAY
Investors most often compare ZMAY with IAPR, DMAX, ZOCT. These 20 comparison targets span 3 categories, based on PortfoliosLab usage data.
Compare ZMAY with Any Fund or Stock
Compare ZMAY with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair ZMAY with funds that move differently
Innovator Equity Defined Protection ETF - 1 Yr May alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to ZMAY.
Explore ZMAY Diversifiers