PMAY vs. ZMAR

Last updated Jun 23, 2026

PMAY (Innovator U.S. Equity Power Buffer ETF - May) and ZMAR (Innovator Equity Defined Protection ETF - 1 Yr March) are both Defined Outcome funds from Innovator. PMAY is passively managed, while ZMAR is actively managed. Over the past year, PMAY returned 10.96% vs 7.27% for ZMAR. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

PMAY vs. ZMAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - May (PMAY) and Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMAY achieves a 4.12% return, which is significantly higher than ZMAR's 2.51% return.

PMAY

• 1D: -0.21%
• 1M: 0.11%
• YTD: 4.12%
• 6M: 4.22%
• 1Y: 10.96%
• 3Y*: 11.80%
• 5Y*: 7.03%
• 10Y*: —

ZMAR

• 1D: -0.04%
• 1M: 0.11%
• YTD: 2.51%
• 6M: 2.64%
• 1Y: 7.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMAY vs. ZMAR - Yearly Performance Comparison

	2026 (YTD)	2025
PMAY Innovator U.S. Equity Power Buffer ETF - May	4.12%	8.64%
ZMAR Innovator Equity Defined Protection ETF - 1 Yr March	2.51%	5.30%

Correlation

The correlation between PMAY and ZMAR is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	0.77

The correlation between PMAY and ZMAR has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

PMAY vs. ZMAR — Risk / Return Rank

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

PMAY

PMAY Risk / Return Rank: 91
PMAY Sharpe Ratio Rank: 85
PMAY Sortino Ratio Rank: 90
PMAY Omega Ratio Rank: 93
PMAY Calmar Ratio Rank: 92
PMAY Martin Ratio Rank: 96

ZMAR

ZMAR Risk / Return Rank: 94
ZMAR Sharpe Ratio Rank: 94
ZMAR Sortino Ratio Rank: 96
ZMAR Omega Ratio Rank: 96
ZMAR Calmar Ratio Rank: 89
ZMAR Martin Ratio Rank: 95

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.

PMAY vs. ZMAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - May (PMAY) and Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR). 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.

	PMAY	ZMAR	Difference
Sharpe ratio: Return per unit of total volatility	2.66	3.37	-0.72
Sortino ratio: Return per unit of downside risk	3.99	5.39	-1.40
Omega ratio: Gain probability vs. loss probability	1.61	1.77	-0.15
Calmar ratio: Return relative to maximum drawdown	5.96	5.07	+0.89
Martin ratio: Return relative to average drawdown	31.99	28.24	+3.76

PMAY vs. ZMAR - Sharpe Ratio Comparison

The current PMAY Sharpe Ratio is 2.66, which is comparable to the ZMAR Sharpe Ratio of 3.37. The chart below compares the historical Sharpe Ratios of PMAY and ZMAR, 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

PMAY vs. ZMAR - Drawdown Comparison

The maximum PMAY drawdown since its inception was -13.05%, which is greater than ZMAR's maximum drawdown of -2.89%. Use the drawdown chart below to compare losses from any high point for PMAY and ZMAR.

Drawdown Indicators

	PMAY	ZMAR	Difference
Max Drawdown Largest peak-to-trough decline	-13.05%	-2.89%	-10.16%
Max Drawdown (1Y) Largest decline over 1 year	-1.85%	-1.44%	-0.41%
Max Drawdown (3Y) Largest decline over 3 years	-9.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.05%	—	—
Current Drawdown Current decline from peak	-0.57%	-0.19%	-0.38%
Average Drawdown Average peak-to-trough decline	-2.10%	-0.32%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	0.26%	+0.08%

Volatility

PMAY vs. ZMAR - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - May (PMAY) has a higher volatility of 2.12% compared to Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) at 0.68%. This indicates that PMAY's price experiences larger fluctuations and is considered to be riskier than ZMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMAY	ZMAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	0.68%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	3.44%	1.68%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	2.17%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.68%	3.09%	+5.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.41%	3.09%	+5.32%

PMAY vs. ZMAR - Expense Ratio Comparison

Both PMAY and ZMAR have an expense ratio of 0.79%.

Dividends

PMAY vs. ZMAR - Dividend Comparison

Neither PMAY nor ZMAR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PMAY and ZMAR in my portfolio?

PMAY and ZMAR have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMAY or ZMAR?

PMAY has higher volatility (2.12%) compared to ZMAR (0.68%). In terms of maximum drawdown, PMAY dropped -13.05% vs ZMAR's -2.89%.

Which ETF is better, PMAY or ZMAR?

On 1-year performance, PMAY leads with 10.96% vs 7.27% for ZMAR. Both ETFs have the same 0.79% expense ratio. On volatility, ZMAR has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMAY or ZMAR?

Over the 1-year period, PMAY has performed better with a 10.96% return vs 7.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMAY or ZMAR?

PMAY and ZMAR have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, PMAY or ZMAR?

PMAY and ZMAR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ZMAR currently has the higher Sharpe Ratio (3.37 vs 2.66), 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.