SEPT vs. ZFEB

Last updated Jun 24, 2026

SEPT (AllianzIM U.S. Equity Buffer10 Sep ETF) and ZFEB (Innovator Equity Defined Protection ETF - 1 Yr February) are both Defined Outcome funds. Both are actively managed. Over the past year, SEPT returned 18.09% vs 7.24% for ZFEB. Their correlation of 0.85 suggests significant overlap in exposure. SEPT charges 0.74%/yr vs 0.79%/yr for ZFEB.

Performance

SEPT vs. ZFEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) and Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SEPT achieves a 5.86% return, which is significantly higher than ZFEB's 2.19% return.

SEPT

• 1D: -0.42%
• 1M: 0.15%
• YTD: 5.86%
• 6M: 5.36%
• 1Y: 18.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZFEB

• 1D: -0.06%
• 1M: 0.00%
• YTD: 2.19%
• 6M: 2.25%
• 1Y: 7.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SEPT vs. ZFEB - Yearly Performance Comparison

	2026 (YTD)	2025
SEPT AllianzIM U.S. Equity Buffer10 Sep ETF	5.86%	12.75%
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February	2.19%	6.19%

Correlation

The correlation between SEPT and ZFEB is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Feb 3, 2025	0.85

The correlation between SEPT and ZFEB has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

SEPT vs. ZFEB — Risk / Return Rank

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

SEPT

SEPT Risk / Return Rank: 83
SEPT Sharpe Ratio Rank: 84
SEPT Sortino Ratio Rank: 86
SEPT Omega Ratio Rank: 87
SEPT Calmar Ratio Rank: 73
SEPT Martin Ratio Rank: 87

ZFEB

ZFEB Risk / Return Rank: 94
ZFEB Sharpe Ratio Rank: 95
ZFEB Sortino Ratio Rank: 96
ZFEB Omega Ratio Rank: 96
ZFEB Calmar Ratio Rank: 91
ZFEB 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.

SEPT vs. ZFEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) and Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB). 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.

	SEPT	ZFEB	Difference
Sharpe ratio: Return per unit of total volatility	2.43	3.35	-0.91
Sortino ratio: Return per unit of downside risk	3.50	5.32	-1.81
Omega ratio: Gain probability vs. loss probability	1.48	1.73	-0.25
Calmar ratio: Return relative to maximum drawdown	3.37	5.39	-2.02
Martin ratio: Return relative to average drawdown	17.00	26.07	-9.06

SEPT vs. ZFEB - Sharpe Ratio Comparison

The current SEPT Sharpe Ratio is 2.43, which is comparable to the ZFEB Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of SEPT and ZFEB, 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

SEPT vs. ZFEB - Drawdown Comparison

The maximum SEPT drawdown since its inception was -12.83%, which is greater than ZFEB's maximum drawdown of -3.00%. Use the drawdown chart below to compare losses from any high point for SEPT and ZFEB.

Drawdown Indicators

	SEPT	ZFEB	Difference
Max Drawdown Largest peak-to-trough decline	-12.83%	-3.00%	-9.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.39%	-1.35%	-4.04%
Current Drawdown Current decline from peak	-0.72%	-0.23%	-0.49%
Average Drawdown Average peak-to-trough decline	-1.11%	-0.36%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.28%	+0.79%

Volatility

SEPT vs. ZFEB - Volatility Comparison

AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) has a higher volatility of 1.81% compared to Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) at 0.56%. This indicates that SEPT's price experiences larger fluctuations and is considered to be riskier than ZFEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SEPT	ZFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	0.56%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	1.51%	+4.25%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	2.18%	+5.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.83%	2.86%	+6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.83%	2.86%	+6.97%

SEPT vs. ZFEB - Expense Ratio Comparison

SEPT has a 0.74% expense ratio, which is lower than ZFEB's 0.79% expense ratio.

Dividends

SEPT vs. ZFEB - Dividend Comparison

Neither SEPT nor ZFEB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SEPT and ZFEB in my portfolio?

SEPT and ZFEB have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPT or ZFEB?

SEPT has higher volatility (1.81%) compared to ZFEB (0.56%). In terms of maximum drawdown, SEPT dropped -12.83% vs ZFEB's -3.00%.

Which ETF is better, SEPT or ZFEB?

On 1-year performance, SEPT leads with 18.09% vs 7.24% for ZFEB. On fees, SEPT is cheaper at 0.74% per year. On volatility, ZFEB has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SEPT or ZFEB?

Over the 1-year period, SEPT has performed better with a 18.09% return vs 7.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPT or ZFEB?

SEPT is cheaper with a 0.74% expense ratio, compared with 0.79% for ZFEB.

Which ETF pays a higher dividend yield, SEPT or ZFEB?

SEPT and ZFEB have nearly identical dividend yields, around 0.00%.

What is the main difference between SEPT and ZFEB?

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

Which has better risk-adjusted returns?

ZFEB currently has the higher Sharpe Ratio (3.35 vs 2.43), 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.