MAYU vs. ZAPR

Last updated Jun 6, 2026

MAYU (AllianzIM U.S. Equity Buffer15 Uncapped May ETF) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. Both are actively managed. Over the past year, MAYU returned 21.29% vs 6.92% for ZAPR. A 0.66 correlation means they provide meaningful diversification when combined. MAYU charges 0.74%/yr vs 0.79%/yr for ZAPR.

Performance

MAYU vs. ZAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped May ETF (MAYU) 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, MAYU achieves a 7.51% return, which is significantly higher than ZAPR's 2.99% return.

MAYU

• 1D: -1.98%
• 1M: 0.51%
• YTD: 7.51%
• 6M: 7.11%
• 1Y: 21.29%
• 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)

MAYU vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
MAYU AllianzIM U.S. Equity Buffer15 Uncapped May ETF	7.51%	16.20%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	2.99%	5.29%

Correlation

The correlation between MAYU and ZAPR is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.66

The correlation between MAYU and ZAPR has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

Return for Risk

MAYU vs. ZAPR — Risk / Return Rank

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

MAYU

MAYU Risk / Return Rank: 59
MAYU Sharpe Ratio Rank: 61
MAYU Sortino Ratio Rank: 60
MAYU Omega Ratio Rank: 61
MAYU Calmar Ratio Rank: 51
MAYU Martin Ratio Rank: 62

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.

MAYU vs. ZAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped May ETF (MAYU) 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.

	MAYU	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	1.90	4.66	-2.77
Sortino ratio: Return per unit of downside risk	2.62	8.30	-5.67
Omega ratio: Gain probability vs. loss probability	1.34	2.21	-0.87
Calmar ratio: Return relative to maximum drawdown	2.34	17.30	-14.96
Martin ratio: Return relative to average drawdown	10.48	87.14	-76.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAYU vs. ZAPR - Sharpe Ratio Comparison

The current MAYU Sharpe Ratio is 1.90, which is lower than the ZAPR Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of MAYU 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

	MAYU	ZAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	4.66	-2.77
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	2.84	-1.63

Drawdowns

MAYU vs. ZAPR - Drawdown Comparison

The maximum MAYU drawdown since its inception was -15.37%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for MAYU and ZAPR.

Drawdown Indicators

	MAYU	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-15.37%	-1.72%	-13.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-0.40%	-8.74%
Current Drawdown Current decline from peak	-2.17%	-0.28%	-1.89%
Average Drawdown Average peak-to-trough decline	-2.28%	-0.09%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	0.08%	+1.96%

Volatility

MAYU vs. ZAPR - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped May ETF (MAYU) has a higher volatility of 2.95% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.48%. This indicates that MAYU's price experiences larger fluctuations and is considered to be riskier than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAYU	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	0.48%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	1.05%	+7.83%
Volatility (1Y) Calculated over the trailing 1-year period	11.29%	1.49%	+9.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	2.52%	+10.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	2.52%	+10.47%

MAYU vs. ZAPR - Expense Ratio Comparison

MAYU has a 0.74% expense ratio, which is lower than ZAPR's 0.79% expense ratio.

Dividends

MAYU vs. ZAPR - Dividend Comparison

Neither MAYU nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MAYU and ZAPR in my portfolio?

MAYU and ZAPR have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAYU or ZAPR?

MAYU has higher volatility (2.95%) compared to ZAPR (0.48%). In terms of maximum drawdown, MAYU dropped -15.37% vs ZAPR's -1.72%.

Which ETF is better, MAYU or ZAPR?

On 1-year performance, MAYU leads with 21.29% vs 6.92% for ZAPR. On fees, MAYU is cheaper at 0.74% per year. On volatility, ZAPR has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAYU or ZAPR?

Over the 1-year period, MAYU has performed better with a 21.29% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAYU or ZAPR?

MAYU is cheaper with a 0.74% expense ratio, compared with 0.79% for ZAPR.

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

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

What is the main difference between MAYU and ZAPR?

They also come from different issuers: Allianz and Innovator. Their fees differ too: 0.74% for MAYU and 0.79% for ZAPR.

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.66 vs 1.90), 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.