MARM vs. ZAPR

Last updated Jun 23, 2026

MARM (FT Vest U.S. Equity Max Buffer ETF - March) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. Both are actively managed. Over the past year, MARM returned 6.99% vs 6.96% for ZAPR. A 0.55 correlation means they provide meaningful diversification when combined. MARM charges 0.85%/yr vs 0.79%/yr for ZAPR.

Performance

MARM 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 - March (MARM) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MARM having a 3.21% return and ZAPR slightly lower at 3.14%.

MARM

• 1D: -0.04%
• 1M: 0.19%
• YTD: 3.21%
• 6M: 3.36%
• 1Y: 6.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAPR

• 1D: -0.04%
• 1M: 0.08%
• YTD: 3.14%
• 6M: 3.18%
• 1Y: 6.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MARM vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
MARM FT Vest U.S. Equity Max Buffer ETF - March	3.21%	5.40%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.14%	5.31%

Correlation

The correlation between MARM and ZAPR is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.55

The correlation between MARM and ZAPR has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

Return for Risk

MARM vs. ZAPR — Risk / Return Rank

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

MARM

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

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.

MARM 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 - March (MARM) 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.

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.

	MARM	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	4.34	4.74	-0.40
Sortino ratio: Return per unit of downside risk	7.47	8.64	-1.17
Omega ratio: Gain probability vs. loss probability	2.08	2.24	-0.16
Calmar ratio: Return relative to maximum drawdown	11.19	17.39	-6.20
Martin ratio: Return relative to average drawdown	66.30	80.28	-13.98

MARM vs. ZAPR - Sharpe Ratio Comparison

The current MARM Sharpe Ratio is 4.34, which is comparable to the ZAPR Sharpe Ratio of 4.74. The chart below compares the historical Sharpe Ratios of MARM 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.

Drawdowns

MARM vs. ZAPR - Drawdown Comparison

The maximum MARM drawdown since its inception was -2.74%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for MARM and ZAPR.

Drawdown Indicators

	MARM	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-1.72%	-1.02%
Max Drawdown (1Y) Largest decline over 1 year	-0.63%	-0.40%	-0.23%
Current Drawdown Current decline from peak	-0.13%	-0.17%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.09%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.09%	+0.02%

Volatility

MARM vs. ZAPR - Volatility Comparison

FT Vest U.S. Equity Max Buffer ETF - March (MARM) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) have volatilities of 0.52% and 0.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARM	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	0.51%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.34%	1.10%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	1.62%	1.48%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	2.49%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.36%	2.49%	+0.87%

MARM vs. ZAPR - Expense Ratio Comparison

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

Dividends

MARM vs. ZAPR - Dividend Comparison

Neither MARM nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MARM and ZAPR in my portfolio?

MARM and ZAPR have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARM or ZAPR?

MARM has higher volatility (0.52%) compared to ZAPR (0.51%). In terms of maximum drawdown, MARM dropped -2.74% vs ZAPR's -1.72%.

Which ETF is better, MARM or ZAPR?

On 1-year performance, MARM leads with 6.99% vs 6.96% 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, MARM or ZAPR?

Over the 1-year period, MARM has performed better with a 6.99% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARM or ZAPR?

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

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

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

What is the main difference between MARM and ZAPR?

They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for MARM and 0.79% for ZAPR.

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.74 vs 4.34), 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.