TOCT vs. ZMAY

Last updated Aug 1, 2026

TOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2027) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds from Innovator. Both are actively managed. Their 0.57 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

TOCT vs. ZMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 2 Yr to October 2027 (TOCT) 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, TOCT achieves a 2.24% return, which is significantly lower than ZMAY's 2.57% return.

TOCT

• 1D: 0.11%
• 1M: 0.27%
• 6M: 1.94%
• YTD: 2.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ZMAY

• 1D: 0.28%
• 1M: 0.52%
• 6M: 2.33%
• YTD: 2.57%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2027	$37.22K	$581.51K	$248.85K
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	$231.74K	$677.58K	$2.56M

TOCT vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
TOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2027	2.24%	0.34%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	2.57%	1.29%

Correlation

The correlation between TOCT and ZMAY is 0.57, 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 1, 2025	0.57

Return for Risk

TOCT vs. ZMAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TOCT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZMAY

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TOCT vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to October 2027 (TOCT) 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.

	TOCT	ZMAY	Difference
Sharpe ratio: Return per unit of total volatility	—	2.98	—
Sortino ratio: Return per unit of downside risk	—	4.89	—
Omega ratio: Gain probability vs. loss probability	—	1.66	—
Calmar ratio: Return relative to maximum drawdown	—	7.36	—
Martin ratio: Return relative to average drawdown	—	33.69	—

Drawdowns

TOCT vs. ZMAY - Drawdown Comparison

The maximum TOCT drawdown since its inception was -2.02%, which is greater than ZMAY's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for TOCT and ZMAY.

Drawdown Indicators

	TOCT	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-2.02%	-0.70%	-1.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.70%	—
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.09%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.15%	—

Volatility

Volatility by Period

	TOCT	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.96%	1.73%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	1.79%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	1.79%	+1.17%

TOCT vs. ZMAY - Expense Ratio Comparison

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

Dividends

TOCT vs. ZMAY - Dividend Comparison

Neither TOCT nor ZMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TOCT and ZMAY in my portfolio?

TOCT and ZMAY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOCT or ZMAY?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOCT or ZMAY?

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

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

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