NMAY vs. ZAPR
NMAY (Innovator Growth-100 Power Buffer ETF - May) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds from Innovator. NMAY is passively managed, while ZAPR is actively managed. Over the past year, NMAY returned 14.06% vs 6.96% for ZAPR. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.
Performance
NMAY vs. ZAPR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NMAY achieves a 5.89% return, which is significantly higher than ZAPR's 3.14% return.
NMAY
- 1D
- -0.16%
- 1M
- 0.36%
- YTD
- 5.89%
- 6M
- 6.02%
- 1Y
- 14.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAPR
- 1D
- -0.04%
- 1M
- 0.08%
- YTD
- 3.14%
- 6M
- 3.18%
- 1Y
- 6.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NMAY vs. ZAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NMAY Innovator Growth-100 Power Buffer ETF - May | 5.89% | 12.39% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 3.14% | 5.10% |
Correlation
The correlation between NMAY and ZAPR is 0.61, 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 | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 1, 2025 | 0.64 |
The correlation between NMAY and ZAPR has been stable across timeframes, ranging from 0.61 to 0.64 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NMAY vs. ZAPR — Risk / Return Rank
NMAY
ZAPR
NMAY vs. ZAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - May (NMAY) 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.
| NMAY | ZAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -4.77 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 2.24 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | 5.11 | 17.39 | -12.28 |
| Martin ratioReturn relative to average drawdown | 30.11 | 80.28 | -50.17 |
Loading charts...
Drawdowns
NMAY vs. ZAPR - Drawdown Comparison
The maximum NMAY drawdown since its inception was -2.76%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for NMAY and ZAPR.
Loading charts...
Drawdown Indicators
| NMAY | ZAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.76% | -1.72% | -1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -0.40% | -2.36% |
Current DrawdownCurrent decline from peak | -0.64% | -0.17% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -0.09% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.09% | +0.38% |
Volatility
NMAY vs. ZAPR - Volatility Comparison
Innovator Growth-100 Power Buffer ETF - May (NMAY) has a higher volatility of 3.14% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.51%. This indicates that NMAY'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.
Loading charts...
Volatility by Period
| NMAY | ZAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 0.51% | +2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.45% | 1.10% | +3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.33% | 1.48% | +3.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.69% | 2.49% | +3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.69% | 2.49% | +3.20% |
NMAY vs. ZAPR - Expense Ratio Comparison
Both NMAY and ZAPR have an expense ratio of 0.79%.
Dividends
NMAY vs. ZAPR - Dividend Comparison
Neither NMAY nor ZAPR has paid dividends to shareholders.
Frequently Asked Questions
NMAY and ZAPR have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMAY has higher volatility (3.14%) compared to ZAPR (0.51%). In terms of maximum drawdown, NMAY dropped -2.76% vs ZAPR's -1.72%.
On 1-year performance, NMAY leads with 14.06% vs 6.96% for ZAPR. Both ETFs have the same 0.79% expense ratio. On volatility, ZAPR has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NMAY has performed better with a 14.06% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NMAY and ZAPR have the same expense ratio: 0.79% per year.
NMAY and ZAPR have nearly identical dividend yields, around 0.00%.
ZAPR currently has the higher Sharpe Ratio (4.74 vs 2.65), 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.
Find the right allocation for NMAY and ZAPR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer