NJUL vs. ZMAY

Last updated Jun 4, 2026

NJUL (Innovator Nasdaq-100 Power Buffer ETF - July) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both exchange-traded funds - NJUL is a Nasdaq-100 fund tracking the Invesco QQQ Trust, while ZMAY is a Defined Outcome fund actively managed by Innovator. NJUL is passively managed, while ZMAY is actively managed. Over the past year, NJUL returned 18.75% vs 5.95% for ZMAY. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

NJUL vs. ZMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) 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, NJUL achieves a 6.16% return, which is significantly higher than ZMAY's 2.20% return.

NJUL

• 1D: 0.02%
• 1M: 1.39%
• YTD: 6.16%
• 6M: 6.40%
• 1Y: 18.75%
• 3Y*: 14.95%
• 5Y*: 10.86%
• 10Y*: —

ZMAY

• 1D: -0.06%
• 1M: 0.79%
• YTD: 2.20%
• 6M: 2.77%
• 1Y: 5.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NJUL vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	6.16%	19.21%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	2.20%	4.67%

Correlation

The correlation between NJUL and ZMAY is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.61

The correlation between NJUL and ZMAY has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

NJUL vs. ZMAY — Risk / Return Rank

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

NJUL

NJUL Risk / Return Rank: 80
NJUL Sharpe Ratio Rank: 75
NJUL Sortino Ratio Rank: 79
NJUL Omega Ratio Rank: 81
NJUL Calmar Ratio Rank: 76
NJUL Martin Ratio Rank: 88

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.

NJUL vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) 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.

	NJUL	ZMAY	Difference
Sharpe ratio: Return per unit of total volatility	2.45	4.12	-1.67
Sortino ratio: Return per unit of downside risk	3.56	7.35	-3.79
Omega ratio: Gain probability vs. loss probability	1.49	1.96	-0.47
Calmar ratio: Return relative to maximum drawdown	3.82	15.29	-11.46
Martin ratio: Return relative to average drawdown	19.60	70.95	-51.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJUL vs. ZMAY - Sharpe Ratio Comparison

The current NJUL Sharpe Ratio is 2.45, which is lower than the ZMAY Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of NJUL and ZMAY, 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

	NJUL	ZMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	4.12	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	4.24	-3.23

Drawdowns

NJUL vs. ZMAY - Drawdown Comparison

The maximum NJUL drawdown since its inception was -14.37%, which is greater than ZMAY's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for NJUL and ZMAY.

Drawdown Indicators

	NJUL	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-14.37%	-0.39%	-13.98%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-0.39%	-4.54%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.37%	—	—
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-2.31%	-0.05%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.08%	+0.88%

Volatility

NJUL vs. ZMAY - Volatility Comparison

The current volatility for Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) is 0.40%, while Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) has a volatility of 0.53%. This indicates that NJUL experiences smaller price fluctuations and is considered to be less risky than ZMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NJUL	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.53%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	1.06%	+4.27%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	1.45%	+6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	1.52%	+10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	1.52%	+9.54%

NJUL vs. ZMAY - Expense Ratio Comparison

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

Dividends

NJUL vs. ZMAY - Dividend Comparison

Neither NJUL nor ZMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NJUL and ZMAY in my portfolio?

NJUL and ZMAY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NJUL or ZMAY?

ZMAY has higher volatility (0.53%) compared to NJUL (0.40%). In terms of maximum drawdown, NJUL dropped -14.37% vs ZMAY's -0.39%.

Which ETF is better, NJUL or ZMAY?

On 1-year performance, NJUL leads with 18.75% vs 5.95% for ZMAY. Both ETFs have the same 0.79% expense ratio. On volatility, NJUL has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NJUL or ZMAY?

Over the 1-year period, NJUL has performed better with a 18.75% return vs 5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJUL or ZMAY?

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

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

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

What is the main difference between NJUL and ZMAY?

NJUL is categorized as Nasdaq-100, while ZMAY is Defined Outcome.

Which has better risk-adjusted returns?

ZMAY currently has the higher Sharpe Ratio (4.12 vs 2.45), 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.