DDFM vs. ZAPR

Last updated Jun 5, 2026

DDFM (Innovator Equity Dual Directional 15 Buffer ETF - March) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds from Innovator. DDFM is passively managed, while ZAPR is actively managed. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

DDFM vs. ZAPR - Performance Comparison

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

Returns By Period

DDFM

• 1D: 0.10%
• 1M: 1.05%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAPR

• 1D: 0.03%
• 1M: 0.55%
• YTD: 3.28%
• 6M: 3.74%
• 1Y: 7.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDFM vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)
DDFM Innovator Equity Dual Directional 15 Buffer ETF - March	3.27%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	2.46%

Correlation

The correlation between DDFM and ZAPR is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 3, 2026	0.38

Return for Risk

DDFM vs. ZAPR — Risk / Return Rank

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

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 97
ZAPR Sortino Ratio Rank: 99
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 98
ZAPR Martin Ratio Rank: 99

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.

DDFM vs. ZAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - March (DDFM) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DDFM	ZAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	2.97	-0.73

Drawdowns

DDFM vs. ZAPR - Drawdown Comparison

The maximum DDFM drawdown since its inception was -3.09%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for DDFM and ZAPR.

Drawdown Indicators

	DDFM	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-3.09%	-1.72%	-1.37%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.40%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.52%	-0.09%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.08%	—

Volatility

Volatility by Period

	DDFM	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	1.46%	+4.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.89%	2.50%	+3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	2.50%	+3.39%

DDFM vs. ZAPR - Expense Ratio Comparison

Both DDFM and ZAPR have an expense ratio of 0.79%.

Dividends

DDFM vs. ZAPR - Dividend Comparison

Neither DDFM nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDFM and ZAPR in my portfolio?

DDFM and ZAPR have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDFM or ZAPR?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDFM or ZAPR?

DDFM and ZAPR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, DDFM or ZAPR?

DDFM and ZAPR have nearly identical dividend yields, around 0.00%.