AIOO vs. ZAPR

Last updated Aug 1, 2026

AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. Both are actively managed. Over the past year, AIOO returned 4.97% vs 6.42% for ZAPR. Their 0.60 correlation means they have sometimes moved together and sometimes differently. AIOO charges 0.64%/yr vs 0.79%/yr for ZAPR.

Performance

AIOO vs. ZAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIOO achieves a 2.41% return, which is significantly lower than ZAPR's 3.82% return.

AIOO

• 1D: 0.10%
• 1M: 0.20%
• 6M: 2.08%
• YTD: 2.41%
• 1Y: 4.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.72%

ZAPR

• 1D: 0.11%
• 1M: 0.38%
• 6M: 3.44%
• YTD: 3.82%
• 1Y: 6.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.94%

*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)
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	$338.86K	$297.94K	$421.07K
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	$55.96K	$95.56K	$464.63K

AIOO vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.41%	2.65%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.82%	2.91%

Correlation

The correlation between AIOO and ZAPR is 0.61, 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.	0.61
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.60

The correlation between AIOO and ZAPR has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

AIOO vs. ZAPR — Risk / Return Rank

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

AIOO

AIOO Risk / Return Rank: 93
AIOO Sharpe Ratio Rank: 91
AIOO Sortino Ratio Rank: 93
AIOO Omega Ratio Rank: 92
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 98
ZAPR Sortino Ratio Rank: 98
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 99
ZAPR Martin Ratio Rank: 99

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.

AIOO vs. ZAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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.

	AIOO	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.33	4.36	-2.04
Sortino ratio: Return per unit of downside risk	3.59	7.66	-4.07
Omega ratio: Gain probability vs. loss probability	1.44	2.08	-0.64
Calmar ratio: Return relative to maximum drawdown	6.44	15.94	-9.51
Martin ratio: Return relative to average drawdown	18.58	66.81	-48.23

AIOO vs. ZAPR - Sharpe Ratio Comparison

The current AIOO Sharpe Ratio is 2.33, which is lower than the ZAPR Sharpe Ratio of 4.36. The chart below compares the historical Sharpe Ratios of AIOO and ZAPR, 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

AIOO vs. ZAPR - Drawdown Comparison

The maximum AIOO drawdown since its inception was -0.74%, smaller than the maximum ZAPR drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for AIOO and ZAPR.

Drawdown Indicators

	AIOO	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-0.74%	-1.72%	+0.98%
Max Drawdown (1Y) Largest decline over 1 year	-0.74%	-0.40%	-0.34%
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.09%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.10%	+0.16%

Volatility

AIOO vs. ZAPR - Volatility Comparison

AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) have volatilities of 0.40% and 0.40%, 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.

Volatility by Period

	AIOO	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.40%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	1.09%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	1.47%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.02%	2.42%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.02%	2.42%	-0.40%

AIOO vs. ZAPR - Expense Ratio Comparison

AIOO has a 0.64% expense ratio, which is lower than ZAPR's 0.79% expense ratio.

Dividends

AIOO vs. ZAPR - Dividend Comparison

Neither AIOO nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AIOO and ZAPR in my portfolio?

AIOO and ZAPR have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIOO or ZAPR?

ZAPR has higher volatility (0.40%) compared to AIOO (0.40%). In terms of maximum drawdown, AIOO dropped -0.74% vs ZAPR's -1.72%.

Which ETF is better, AIOO or ZAPR?

On 1-year performance, ZAPR leads with 6.42% vs 4.97% for AIOO. On fees, AIOO is cheaper at 0.64% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIOO or ZAPR?

Over the 1-year period, ZAPR has performed better with a 6.42% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIOO or ZAPR?

AIOO is cheaper with a 0.64% expense ratio, compared with 0.79% for ZAPR.

Which ETF pays a higher dividend yield, AIOO or ZAPR?

AIOO and ZAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between AIOO and ZAPR?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.64% for AIOO and 0.79% for ZAPR.

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.36 vs 2.33), 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.