APRB vs. ZMAY
APRB (Aptus April Buffer ETF) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. APRB charges 0.25%/yr vs 0.79%/yr for ZMAY.
Performance
APRB vs. ZMAY - Performance Comparison
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Returns By Period
In the year-to-date period, APRB achieves a 4.77% return, which is significantly higher than ZMAY's 2.20% return.
APRB
- 1D
- -0.11%
- 1M
- 1.69%
- YTD
- 4.77%
- 6M
- 5.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZMAY
- 1D
- -0.06%
- 1M
- 0.79%
- YTD
- 2.20%
- 6M
- 2.77%
- 1Y
- 5.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
APRB vs. ZMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
APRB Aptus April Buffer ETF | 4.77% | 2.48% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 2.20% | 1.27% |
Correlation
The correlation between APRB and ZMAY is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025 | 0.64 |
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Return for Risk
APRB vs. ZMAY — Risk / Return Rank
APRB
ZMAY
APRB vs. ZMAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aptus April Buffer ETF (APRB) and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| APRB | ZMAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 4.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.00 | 4.24 | -2.24 |
Drawdowns
APRB vs. ZMAY - Drawdown Comparison
The maximum APRB drawdown since its inception was -4.59%, which is greater than ZMAY's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for APRB and ZMAY.
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Drawdown Indicators
| APRB | ZMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.59% | -0.39% | -4.20% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.39% | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.06% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.74% | -0.05% | -0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.08% | — |
Volatility
APRB vs. ZMAY - Volatility Comparison
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Volatility by Period
| APRB | ZMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.53% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.06% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 1.45% | +4.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.98% | 1.52% | +4.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.98% | 1.52% | +4.46% |
APRB vs. ZMAY - Expense Ratio Comparison
APRB has a 0.25% expense ratio, which is lower than ZMAY's 0.79% expense ratio.
Dividends
APRB vs. ZMAY - Dividend Comparison
Neither APRB nor ZMAY has paid dividends to shareholders.
Frequently Asked Questions
APRB and ZMAY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, APRB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
APRB is cheaper with a 0.25% expense ratio, compared with 0.79% for ZMAY.
APRB and ZMAY have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Aptus Capital Advisors and Innovator. Their fees differ too: 0.25% for APRB and 0.79% for ZMAY.
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