TSLO vs. ZMAY

Last updated Jun 4, 2026

TSLO (Leverage Shares 2x Capped Accelerated TSLA Monthly ETF) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds. Both are actively managed. At a 0.38 correlation, their price movements are largely independent. TSLO charges 0.77%/yr vs 0.79%/yr for ZMAY.

Performance

TSLO vs. ZMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2x Capped Accelerated TSLA Monthly ETF (TSLO) 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, TSLO achieves a -5.63% return, which is significantly lower than ZMAY's 2.20% return.

TSLO

• 1D: -0.08%
• 1M: 5.33%
• YTD: -5.63%
• 6M: -0.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMAY

• 1D: -0.06%
• 1M: 0.79%
• YTD: 2.20%
• 6M: 2.77%
• 1Y: 5.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLO vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
TSLO Leverage Shares 2x Capped Accelerated TSLA Monthly ETF	-5.63%	20.81%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	2.20%	2.07%

Correlation

The correlation between TSLO and ZMAY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 14, 2025	0.38

Return for Risk

TSLO vs. ZMAY — Risk / Return Rank

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

ZMAY

ZMAY Risk / Return Rank: 97
ZMAY Sharpe Ratio Rank: 96
ZMAY Sortino Ratio Rank: 98
ZMAY Omega Ratio Rank: 97
ZMAY Calmar Ratio Rank: 98
ZMAY Martin Ratio Rank: 98

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.

TSLO vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Capped Accelerated TSLA Monthly ETF (TSLO) 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.

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

Sharpe Ratios by Period

	TSLO	ZMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	4.24	-3.77

Drawdowns

TSLO vs. ZMAY - Drawdown Comparison

The maximum TSLO drawdown since its inception was -25.40%, which is greater than ZMAY's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for TSLO and ZMAY.

Drawdown Indicators

	TSLO	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-0.39%	-25.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.39%	—
Current Drawdown Current decline from peak	-8.53%	-0.06%	-8.47%
Average Drawdown Average peak-to-trough decline	-7.88%	-0.05%	-7.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.08%	—

Volatility

Volatility by Period

	TSLO	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	38.08%	1.45%	+36.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.08%	1.52%	+36.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.08%	1.52%	+36.56%

TSLO vs. ZMAY - Expense Ratio Comparison

TSLO has a 0.77% expense ratio, which is lower than ZMAY's 0.79% expense ratio.

Dividends

TSLO vs. ZMAY - Dividend Comparison

TSLO's dividend yield for the trailing twelve months is around 20.92%, while ZMAY has not paid dividends to shareholders.

Position	TTM	2025
TSLO Leverage Shares 2x Capped Accelerated TSLA Monthly ETF	20.92%	19.74%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLO and ZMAY in my portfolio?

TSLO and ZMAY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSLO or ZMAY?

On fees, TSLO is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSLO or ZMAY?

TSLO is cheaper with a 0.77% expense ratio, compared with 0.79% for ZMAY.

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

TSLO has the higher dividend yield at 20.92%, compared with 0.00% for ZMAY.

What is the main difference between TSLO and ZMAY?

They also come from different issuers: Leverage Shares and Innovator. Their fees differ too: 0.77% for TSLO and 0.79% for ZMAY.