APOC vs. ZAPR
APOC (Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, APOC returned 3.12% vs 6.96% for ZAPR. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
APOC vs. ZAPR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, APOC achieves a 0.12% return, which is significantly lower than ZAPR's 3.14% return.
APOC
- 1D
- 0.02%
- 1M
- 0.23%
- YTD
- 0.12%
- 6M
- 0.15%
- 1Y
- 3.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAPR
- 1D
- -0.04%
- 1M
- 0.08%
- YTD
- 3.14%
- 6M
- 3.18%
- 1Y
- 6.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
APOC vs. ZAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct | 0.12% | 4.48% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 3.14% | 5.31% |
Correlation
The correlation between APOC and ZAPR is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | 0.47 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
APOC vs. ZAPR — Risk / Return Rank
APOC
ZAPR
APOC vs. ZAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) 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.
| APOC | ZAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.55 | ||
| Sortino ratioReturn per unit of downside risk | -6.90 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 2.24 | -0.95 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 17.39 | -16.47 |
| Martin ratioReturn relative to average drawdown | 3.92 | 80.28 | -76.36 |
Loading charts...
Drawdowns
APOC vs. ZAPR - Drawdown Comparison
The maximum APOC drawdown since its inception was -4.17%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for APOC and ZAPR.
Loading charts...
Drawdown Indicators
| APOC | ZAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.17% | -1.72% | -2.45% |
Max Drawdown (1Y)Largest decline over 1 year | -3.40% | -0.40% | -3.00% |
Current DrawdownCurrent decline from peak | -0.78% | -0.17% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -0.09% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.09% | +0.71% |
Volatility
APOC vs. ZAPR - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) is 0.39%, while Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) has a volatility of 0.51%. This indicates that APOC experiences smaller price fluctuations and is considered to be less risky than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| APOC | ZAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 0.51% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.39% | 1.10% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.64% | 1.48% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.99% | 2.49% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.99% | 2.49% | +0.50% |
APOC vs. ZAPR - Expense Ratio Comparison
Both APOC and ZAPR have an expense ratio of 0.79%.
Dividends
APOC vs. ZAPR - Dividend Comparison
Neither APOC nor ZAPR has paid dividends to shareholders.
Frequently Asked Questions
APOC and ZAPR have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZAPR has higher volatility (0.51%) compared to APOC (0.39%). In terms of maximum drawdown, APOC dropped -4.17% vs ZAPR's -1.72%.
On 1-year performance, ZAPR leads with 6.96% vs 3.12% for APOC. Both ETFs have the same 0.79% expense ratio. On volatility, APOC has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZAPR has performed better with a 6.96% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
APOC and ZAPR have the same expense ratio: 0.79% per year.
APOC and ZAPR have nearly identical dividend yields, around 0.00%.
ZAPR currently has the higher Sharpe Ratio (4.74 vs 1.19), 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.
Find the right allocation for APOC and ZAPR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer