DDTN vs. ZMAY

Last updated Aug 5, 2026

DDTN (Innovator Equity Dual Directional 10 Buffer ETF - November) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds from Innovator. Both are actively managed. Their 0.67 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

DDTN vs. ZMAY - Performance Comparison

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

Returns By Period

In the year-to-date period, DDTN achieves a 8.54% return, which is significantly higher than ZMAY's 2.95% return.

DDTN

• 1D: 0.70%
• 1M: 2.05%
• 6M: 7.93%
• YTD: 8.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ZMAY

• 1D: 0.31%
• 1M: 0.89%
• 6M: 2.71%
• YTD: 2.95%
• 1Y: 5.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DDTN Innovator Equity Dual Directional 10 Buffer ETF - November	$679.68K	$320.37K	$284.49K
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	$571.15K	$697.59K	$1.62M

DDTN vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
DDTN Innovator Equity Dual Directional 10 Buffer ETF - November	8.54%	0.84%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	2.95%	0.95%

Correlation

The correlation between DDTN and ZMAY is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 3, 2025	0.67

Return for Risk

DDTN vs. ZMAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DDTN

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

ZMAY

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DDTN vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 10 Buffer ETF - November (DDTN) 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.

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.

	DDTN	ZMAY	Difference
Sharpe ratio: Return per unit of total volatility	—	3.06	—
Sortino ratio: Return per unit of downside risk	—	5.06	—
Omega ratio: Gain probability vs. loss probability	—	1.68	—
Calmar ratio: Return relative to maximum drawdown	—	7.63	—
Martin ratio: Return relative to average drawdown	—	34.92	—

Drawdowns

DDTN vs. ZMAY - Drawdown Comparison

The maximum DDTN drawdown since its inception was -5.38%, which is greater than ZMAY's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for DDTN and ZMAY.

Drawdown Indicators

	DDTN	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-5.38%	-0.70%	-4.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.70%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.09%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.15%	—

Volatility

Volatility by Period

	DDTN	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.67%	1.76%	+5.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.67%	1.80%	+5.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.67%	1.80%	+5.87%

DDTN vs. ZMAY - Expense Ratio Comparison

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

Dividends

DDTN vs. ZMAY - Dividend Comparison

Neither DDTN nor ZMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DDTN and ZMAY in my portfolio?

DDTN and ZMAY have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDTN 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, DDTN or ZMAY?

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

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

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