DDFL vs. ZDEK

Last updated Jul 11, 2026

DDFL (Innovator Equity Dual Directional 15 Buffer ETF - July) and ZDEK (Innovator Equity Defined Protection ETF - 1 Yr December) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, DDFL returned 8.17% vs 7.68% for ZDEK. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

DDFL vs. ZDEK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) and Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDFL achieves a 3.71% return, which is significantly higher than ZDEK's 2.98% return.

DDFL

• 1D: 0.14%
• 1M: 0.85%
• 6M: 3.50%
• YTD: 3.71%
• 1Y: 8.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZDEK

• 1D: 0.11%
• 1M: 0.59%
• 6M: 2.77%
• YTD: 2.98%
• 1Y: 7.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDFL vs. ZDEK - Yearly Performance Comparison

	2026 (YTD)	2025
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	3.71%	2.85%
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	2.98%	4.88%

Correlation

The correlation between DDFL and ZDEK is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.71

The correlation between DDFL and ZDEK has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

DDFL vs. ZDEK — Risk / Return Rank

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

DDFL

DDFL Risk / Return Rank: 94
DDFL Sharpe Ratio Rank: 92
DDFL Sortino Ratio Rank: 95
DDFL Omega Ratio Rank: 94
DDFL Calmar Ratio Rank: 93
DDFL Martin Ratio Rank: 96

ZDEK

ZDEK Risk / Return Rank: 95
ZDEK Sharpe Ratio Rank: 94
ZDEK Sortino Ratio Rank: 95
ZDEK Omega Ratio Rank: 95
ZDEK Calmar Ratio Rank: 92
ZDEK Martin Ratio Rank: 96

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.

DDFL vs. ZDEK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) and Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK). 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.

	DDFL	ZDEK	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.83	-0.23
Sortino ratio: Return per unit of downside risk	4.12	4.35	-0.23
Omega ratio: Gain probability vs. loss probability	1.55	1.60	-0.04
Calmar ratio: Return relative to maximum drawdown	5.06	4.96	+0.10
Martin ratio: Return relative to average drawdown	25.72	25.15	+0.57

DDFL vs. ZDEK - Sharpe Ratio Comparison

The current DDFL Sharpe Ratio is 2.60, which is comparable to the ZDEK Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of DDFL and ZDEK, 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

DDFL vs. ZDEK - Drawdown Comparison

The maximum DDFL drawdown since its inception was -1.83%, smaller than the maximum ZDEK drawdown of -3.40%. Use the drawdown chart below to compare losses from any high point for DDFL and ZDEK.

Drawdown Indicators

	DDFL	ZDEK	Difference
Max Drawdown Largest peak-to-trough decline	-1.83%	-3.40%	+1.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	-1.51%	-0.12%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.30%	-0.43%	+0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.32%	0.30%	+0.02%

Volatility

DDFL vs. ZDEK - Volatility Comparison

The current volatility for Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) is 0.58%, while Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) has a volatility of 0.69%. This indicates that DDFL experiences smaller price fluctuations and is considered to be less risky than ZDEK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DDFL	ZDEK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.69%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	1.74%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.18%	2.64%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.65%	3.26%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.65%	3.26%	+0.39%

DDFL vs. ZDEK - Expense Ratio Comparison

Both DDFL and ZDEK have an expense ratio of 0.79%.

Dividends

DDFL vs. ZDEK - Dividend Comparison

Neither DDFL nor ZDEK has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDFL and ZDEK in my portfolio?

DDFL and ZDEK have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DDFL or ZDEK?

ZDEK has higher volatility (0.69%) compared to DDFL (0.58%). In terms of maximum drawdown, DDFL dropped -1.83% vs ZDEK's -3.40%.

Which ETF is better, DDFL or ZDEK?

On 1-year performance, DDFL leads with 8.17% vs 7.68% for ZDEK. Both ETFs have the same 0.79% expense ratio. On volatility, DDFL has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDFL or ZDEK?

Over the 1-year period, DDFL has performed better with a 8.17% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDFL or ZDEK?

DDFL and ZDEK have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, DDFL or ZDEK?

DDFL and ZDEK have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ZDEK currently has the higher Sharpe Ratio (2.83 vs 2.60), 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.