TEND vs. ZMAY
TEND (iShares Large Cap 10% Target Buffer Dec ETF) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds. Both are actively managed. Their 0.70 correlation means they have sometimes moved together and sometimes differently. TEND charges 0.50%/yr vs 0.79%/yr for ZMAY.
Performance
TEND vs. ZMAY - Performance Comparison
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Returns By Period
In the year-to-date period, TEND achieves a 8.33% return, which is significantly higher than ZMAY's 2.63% return.
TEND
- 1D
- 0.54%
- 1M
- 1.33%
- 6M
- 7.03%
- YTD
- 8.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
ZMAY
- 1D
- 0.06%
- 1M
- 0.58%
- 6M
- 2.33%
- YTD
- 2.63%
- 1Y
- 5.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $45.54K | $100.44K | $306.99K | |
| $527.01K | $708.07K | $1.66M |
TEND vs. ZMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TEND iShares Large Cap 10% Target Buffer Dec ETF | 8.33% | 1.62% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 2.63% | 1.23% |
Correlation
The correlation between TEND and ZMAY is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 8, 2025 | 0.70 |
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Return for Risk
TEND vs. ZMAY — Risk / Return Rank
TEND
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZMAY
TEND vs. ZMAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Dec ETF (TEND) 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.
| TEND | ZMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.67 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 7.45 | — |
| Martin ratioReturn relative to average drawdown | — | 34.09 | — |
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Drawdowns
TEND vs. ZMAY - Drawdown Comparison
The maximum TEND drawdown since its inception was -5.92%, which is greater than ZMAY's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for TEND and ZMAY.
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Drawdown Indicators
| TEND | ZMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.92% | -0.70% | -5.22% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.70% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.74% | -0.09% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.15% | — |
Volatility
TEND vs. ZMAY - Volatility Comparison
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Volatility by Period
| TEND | ZMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.79% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.49% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 1.74% | +6.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.19% | 1.79% | +6.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.19% | 1.79% | +6.40% |
TEND vs. ZMAY - Expense Ratio Comparison
TEND has a 0.50% expense ratio, which is lower than ZMAY's 0.79% expense ratio.
Dividends
TEND vs. ZMAY - Dividend Comparison
TEND's dividend yield for the trailing twelve months is around 0.13%, while ZMAY has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
TEND iShares Large Cap 10% Target Buffer Dec ETF | 0.13% | 0.14% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 0.00% | 0.00% |
Frequently Asked Questions
TEND and ZMAY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TEND is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TEND is cheaper with a 0.50% expense ratio, compared with 0.79% for ZMAY.
TEND has the higher dividend yield at 0.13%, compared with 0.00% for ZMAY.
They also come from different issuers: BlackRock and Innovator. Their fees differ too: 0.50% for TEND and 0.79% for ZMAY.
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