DDSQ vs. ZMAY

Last updated Jun 5, 2026

DDSQ (Innovator Equity Dual Directional 5 Buffer ETF - Quarterly) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds from Innovator. Both are actively managed. At a 0.48 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

DDSQ vs. ZMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 5 Buffer ETF - Quarterly (DDSQ) and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DDSQ

• 1D: 0.09%
• 1M: 1.03%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMAY

• 1D: 0.04%
• 1M: 0.62%
• YTD: 2.24%
• 6M: 2.79%
• 1Y: 5.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDSQ vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)
DDSQ Innovator Equity Dual Directional 5 Buffer ETF - Quarterly	9.64%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	2.22%

Correlation

The correlation between DDSQ and ZMAY is 0.48, 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 Jan 5, 2026	0.48

Return for Risk

DDSQ vs. ZMAY — Risk / Return Rank

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

ZMAY

ZMAY Risk / Return Rank: 97
ZMAY Sharpe Ratio Rank: 96
ZMAY Sortino Ratio Rank: 98
ZMAY Omega Ratio Rank: 97
ZMAY Calmar Ratio Rank: 98
ZMAY Martin Ratio Rank: 98

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.

DDSQ vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 5 Buffer ETF - Quarterly (DDSQ) 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

	DDSQ	ZMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	4.26	-2.14

Drawdowns

DDSQ vs. ZMAY - Drawdown Comparison

The maximum DDSQ drawdown since its inception was -3.69%, which is greater than ZMAY's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for DDSQ and ZMAY.

Drawdown Indicators

	DDSQ	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-3.69%	-0.39%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.39%	—
Current Drawdown Current decline from peak	-0.02%	-0.02%	0.00%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.05%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.08%	—

Volatility

Volatility by Period

	DDSQ	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	1.45%	+10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	1.52%	+10.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.71%	1.52%	+10.19%

DDSQ vs. ZMAY - Expense Ratio Comparison

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

Dividends

DDSQ vs. ZMAY - Dividend Comparison

Neither DDSQ nor ZMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDSQ and ZMAY in my portfolio?

DDSQ and ZMAY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDSQ or ZMAY?

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, DDSQ or ZMAY?

DDSQ and ZMAY have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, DDSQ or ZMAY?

DDSQ and ZMAY have nearly identical dividend yields, around 0.00%.