DDFL vs. ZMAY

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY).

DDFL and ZMAY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DDFL is an actively managed fund by Innovator. It was launched on Jun 30, 2025. ZMAY is an actively managed fund by Innovator. It was launched on May 1, 2025.

Performance

DDFL vs. ZMAY - 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 May (ZMAY). The values are adjusted to include any dividend payments, if applicable.

DDFL vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	0.15%	4.76%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.71%	2.85%

Returns By Period

In the year-to-date period, DDFL achieves a 0.15% return, which is significantly lower than ZMAY's 0.71% return.

DDFL

• 1D: 0.18%
• 1M: -0.41%
• YTD: 0.15%
• 6M: 1.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMAY

• 1D: 0.01%
• 1M: 0.16%
• YTD: 0.71%
• 6M: 2.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDFL vs. ZMAY - Expense Ratio Comparison

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

DDFL

Innovator Equity Dual Directional 15 Buffer ETF - July

ZMAY

Innovator Equity Defined Protection ETF - 1 Yr May

Return for Risk

DDFL vs. ZMAY - 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 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.

Sharpe Ratios by Period

	DDFL	ZMAY	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	3.96	-2.06

Correlation

The correlation between DDFL and ZMAY is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DDFL vs. ZMAY - Dividend Comparison

Neither DDFL nor ZMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

DDFL vs. ZMAY - Drawdown Comparison

The maximum DDFL drawdown since its inception was -1.63%, which is greater than ZMAY's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for DDFL and ZMAY.

Drawdown Indicators

	DDFL	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-1.63%	-0.39%	-1.24%
Current Drawdown Current decline from peak	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-0.23%	-0.05%	-0.18%

Volatility

Volatility by Period

	DDFL	ZMAY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.50%	1.50%	+2.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.50%	1.50%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.50%	1.50%	+2.00%