DECM vs. ZAPR

Last updated Jun 6, 2026

DECM (FT Vest U.S. Equity Max Buffer ETF - December) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. DECM is passively managed, while ZAPR is actively managed. Over the past year, DECM returned 7.88% vs 6.92% for ZAPR. A 0.66 correlation means they provide meaningful diversification when combined. DECM charges 0.85%/yr vs 0.79%/yr for ZAPR.

Performance

DECM vs. ZAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - December (DECM) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DECM achieves a 2.28% return, which is significantly lower than ZAPR's 2.99% return.

DECM

• 1D: -0.30%
• 1M: 0.31%
• YTD: 2.28%
• 6M: 2.74%
• 1Y: 7.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAPR

• 1D: -0.28%
• 1M: 0.26%
• YTD: 2.99%
• 6M: 3.39%
• 1Y: 6.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECM vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
DECM FT Vest U.S. Equity Max Buffer ETF - December	2.28%	7.36%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	2.99%	5.29%

Correlation

The correlation between DECM and ZAPR is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.66

The correlation between DECM and ZAPR has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.

Return for Risk

DECM vs. ZAPR — Risk / Return Rank

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

DECM

DECM Risk / Return Rank: 93
DECM Sharpe Ratio Rank: 94
DECM Sortino Ratio Rank: 96
DECM Omega Ratio Rank: 96
DECM Calmar Ratio Rank: 87
DECM Martin Ratio Rank: 93

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 97
ZAPR Sortino Ratio Rank: 98
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.

DECM vs. ZAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - December (DECM) 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.

	DECM	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	3.38	4.66	-1.28
Sortino ratio: Return per unit of downside risk	5.32	8.30	-2.98
Omega ratio: Gain probability vs. loss probability	1.75	2.21	-0.45
Calmar ratio: Return relative to maximum drawdown	4.64	17.30	-12.66
Martin ratio: Return relative to average drawdown	24.19	87.14	-62.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECM vs. ZAPR - Sharpe Ratio Comparison

The current DECM Sharpe Ratio is 3.38, which is comparable to the ZAPR Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of DECM and ZAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DECM	ZAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.38	4.66	-1.28
Sharpe Ratio (All Time) Calculated using the full available price history	2.09	2.84	-0.75

Drawdowns

DECM vs. ZAPR - Drawdown Comparison

The maximum DECM drawdown since its inception was -3.00%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for DECM and ZAPR.

Drawdown Indicators

	DECM	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-3.00%	-1.72%	-1.28%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-0.40%	-1.31%
Current Drawdown Current decline from peak	-0.34%	-0.28%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.09%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.08%	+0.25%

Volatility

DECM vs. ZAPR - Volatility Comparison

The current volatility for FT Vest U.S. Equity Max Buffer ETF - December (DECM) is 0.42%, while Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) has a volatility of 0.48%. This indicates that DECM experiences smaller price fluctuations and is considered to be less risky than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DECM	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.48%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	1.05%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	2.35%	1.49%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	2.52%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	2.52%	+0.45%

DECM vs. ZAPR - Expense Ratio Comparison

DECM has a 0.85% expense ratio, which is higher than ZAPR's 0.79% expense ratio.

Dividends

DECM vs. ZAPR - Dividend Comparison

Neither DECM nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DECM and ZAPR in my portfolio?

DECM and ZAPR have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DECM or ZAPR?

ZAPR has higher volatility (0.48%) compared to DECM (0.42%). In terms of maximum drawdown, DECM dropped -3.00% vs ZAPR's -1.72%.

Which ETF is better, DECM or ZAPR?

On 1-year performance, DECM leads with 7.88% vs 6.92% for ZAPR. On fees, ZAPR is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECM or ZAPR?

Over the 1-year period, DECM has performed better with a 7.88% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECM or ZAPR?

ZAPR is cheaper with a 0.79% expense ratio, compared with 0.85% for DECM.

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

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

What is the main difference between DECM and ZAPR?

They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for DECM and 0.79% for ZAPR.

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.66 vs 3.38), 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.