PAPR vs. ZMAY

Last updated Jun 24, 2026

PAPR (Innovator U.S. Equity Power Buffer ETF - April) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds from Innovator. PAPR is passively managed, while ZMAY is actively managed. Over the past year, PAPR returned 13.78% vs 5.10% for ZMAY. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

PAPR vs. ZMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - April (PAPR) 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, PAPR achieves a 7.23% return, which is significantly higher than ZMAY's 1.75% return.

PAPR

• 1D: -0.36%
• 1M: -0.14%
• YTD: 7.23%
• 6M: 7.25%
• 1Y: 13.78%
• 3Y*: 11.12%
• 5Y*: 8.08%
• 10Y*: —

ZMAY

• 1D: -0.19%
• 1M: -0.17%
• YTD: 1.75%
• 6M: 1.87%
• 1Y: 5.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPR vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
PAPR Innovator U.S. Equity Power Buffer ETF - April	7.23%	10.35%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	1.75%	4.22%

Correlation

The correlation between PAPR and ZMAY is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.65

The correlation between PAPR and ZMAY has been stable across timeframes, ranging from 0.65 to 0.65 - a consistent structural relationship.

Return for Risk

PAPR vs. ZMAY — Risk / Return Rank

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

PAPR

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

ZMAY

ZMAY Risk / Return Rank: 95
ZMAY Sharpe Ratio Rank: 94
ZMAY Sortino Ratio Rank: 96
ZMAY Omega Ratio Rank: 95
ZMAY Calmar Ratio Rank: 95
ZMAY Martin Ratio Rank: 97

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.

PAPR vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - April (PAPR) 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.

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.

	PAPR	ZMAY	Difference
Sharpe ratio: Return per unit of total volatility	4.05	3.19	+0.86
Sortino ratio: Return per unit of downside risk	7.03	5.16	+1.87
Omega ratio: Gain probability vs. loss probability	1.96	1.71	+0.25
Calmar ratio: Return relative to maximum drawdown	11.92	7.30	+4.63
Martin ratio: Return relative to average drawdown	61.40	41.89	+19.50

PAPR vs. ZMAY - Sharpe Ratio Comparison

The current PAPR Sharpe Ratio is 4.05, which is comparable to the ZMAY Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of PAPR 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.

Drawdowns

PAPR vs. ZMAY - Drawdown Comparison

The maximum PAPR drawdown since its inception was -15.31%, which is greater than ZMAY's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for PAPR and ZMAY.

Drawdown Indicators

	PAPR	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-0.70%	-14.61%
Max Drawdown (1Y) Largest decline over 1 year	-1.16%	-0.70%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-11.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.87%	—	—
Current Drawdown Current decline from peak	-0.66%	-0.50%	-0.16%
Average Drawdown Average peak-to-trough decline	-1.56%	-0.07%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.12%	+0.10%

Volatility

PAPR vs. ZMAY - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - April (PAPR) has a higher volatility of 1.45% compared to Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) at 0.80%. This indicates that PAPR's price experiences larger fluctuations and is considered to be riskier than ZMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPR	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.45%	0.80%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	2.78%	1.30%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	1.61%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.22%	1.70%	+6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.42%	1.70%	+7.72%

PAPR vs. ZMAY - Expense Ratio Comparison

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

Dividends

PAPR vs. ZMAY - Dividend Comparison

Neither PAPR nor ZMAY has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
PAPR Innovator U.S. Equity Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.07%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAPR and ZMAY in my portfolio?

PAPR and ZMAY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAPR or ZMAY?

PAPR has higher volatility (1.45%) compared to ZMAY (0.80%). In terms of maximum drawdown, PAPR dropped -15.31% vs ZMAY's -0.70%.

Which ETF is better, PAPR or ZMAY?

On 1-year performance, PAPR leads with 13.78% vs 5.10% for ZMAY. Both ETFs have the same 0.79% expense ratio. On volatility, ZMAY has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAPR or ZMAY?

Over the 1-year period, PAPR has performed better with a 13.78% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAPR or ZMAY?

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

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

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

Which has better risk-adjusted returns?

PAPR currently has the higher Sharpe Ratio (4.05 vs 3.19), 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.