BAPR vs. ZMAY

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Buffer ETF - April (BAPR) and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY).

BAPR and ZMAY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BAPR is a passively managed fund by Innovator that tracks the performance of the Cboe S&P 500 Buffer Protect Index April. It was launched on Mar 29, 2019. ZMAY is an actively managed fund by Innovator. It was launched on May 1, 2025.

Performance

BAPR vs. ZMAY - Performance Comparison

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

BAPR vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
BAPR Innovator U.S. Equity Buffer ETF - April	2.08%	13.24%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.70%	4.67%

Returns By Period

In the year-to-date period, BAPR achieves a 2.08% return, which is significantly higher than ZMAY's 0.70% return.

BAPR

• 1D: 2.58%
• 1M: 0.99%
• YTD: 2.08%
• 6M: 4.42%
• 1Y: 15.33%
• 3Y*: 13.43%
• 5Y*: 10.13%
• 10Y*: —

ZMAY

• 1D: 0.38%
• 1M: 0.17%
• YTD: 0.70%
• 6M: 2.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BAPR vs. ZMAY - Expense Ratio Comparison

Both BAPR and ZMAY have an expense ratio of 0.79%.

BAPR

Innovator U.S. Equity Buffer ETF - April

ZMAY

Innovator Equity Defined Protection ETF - 1 Yr May

Return for Risk

BAPR vs. ZMAY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BAPR

BAPR Risk / Return Rank: 81
BAPR Sharpe Ratio Rank: 73
BAPR Sortino Ratio Rank: 79
BAPR Omega Ratio Rank: 92
BAPR Calmar Ratio Rank: 69
BAPR Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BAPR vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - April (BAPR) 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.

	BAPR	ZMAY	Difference
Sharpe ratio Return per unit of total volatility	1.29	—	—
Sortino ratio Return per unit of downside risk	1.99	—	—
Omega ratio Gain probability vs. loss probability	1.40	—	—
Calmar ratio Return relative to maximum drawdown	1.74	—	—
Martin ratio Return relative to average drawdown	11.59	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BAPR	ZMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	3.96	-3.21

Correlation

The correlation between BAPR and ZMAY is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BAPR vs. ZMAY - Dividend Comparison

Neither BAPR nor ZMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BAPR vs. ZMAY - Drawdown Comparison

The maximum BAPR drawdown since its inception was -23.91%, which is greater than ZMAY's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for BAPR and ZMAY.

Drawdown Indicators

	BAPR	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-23.91%	-0.39%	-23.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.66%	-0.05%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	—	—

Volatility

Volatility by Period

	BAPR	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	1.51%	+10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.54%	1.51%	+10.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	1.51%	+11.74%