USEP vs. ZAPR

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR).

USEP and ZAPR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USEP is a passively managed fund by Innovator that tracks the performance of the S&P 500 Index. It was launched on Aug 30, 2019. ZAPR is an actively managed fund by Innovator. It was launched on Apr 1, 2025.

Performance

USEP vs. ZAPR - Performance Comparison

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

USEP vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
USEP Innovator U.S. Equity Ultra Buffer ETF - September	-1.68%	14.08%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	1.24%	5.29%

Returns By Period

In the year-to-date period, USEP achieves a -1.68% return, which is significantly lower than ZAPR's 1.24% return.

USEP

• 1D: 1.47%
• 1M: -2.27%
• YTD: -1.68%
• 6M: -0.00%
• 1Y: 12.37%
• 3Y*: 12.04%
• 5Y*: 6.93%
• 10Y*: —

ZAPR

• 1D: 0.04%
• 1M: 0.46%
• YTD: 1.24%
• 6M: 2.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USEP vs. ZAPR - Expense Ratio Comparison

Both USEP and ZAPR have an expense ratio of 0.79%.

USEP

Innovator U.S. Equity Ultra Buffer ETF - September

ZAPR

Innovator Equity Defined Protection ETF - 1 Yr April

Return for Risk

USEP vs. ZAPR — Risk / Return Rank

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

USEP

USEP Risk / Return Rank: 80
USEP Sharpe Ratio Rank: 76
USEP Sortino Ratio Rank: 79
USEP Omega Ratio Rank: 83
USEP Calmar Ratio Rank: 77
USEP Martin Ratio Rank: 87

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.

USEP vs. ZAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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.

	USEP	ZAPR	Difference
Sharpe ratio Return per unit of total volatility	1.40	—	—
Sortino ratio Return per unit of downside risk	2.07	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	2.10	—	—
Martin ratio Return relative to average drawdown	10.59	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	USEP	ZAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	2.55	-1.65

Correlation

The correlation between USEP and ZAPR is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

USEP vs. ZAPR - Dividend Comparison

Neither USEP nor ZAPR has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019
USEP Innovator U.S. Equity Ultra Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

USEP vs. ZAPR - Drawdown Comparison

The maximum USEP drawdown since its inception was -13.37%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for USEP and ZAPR.

Drawdown Indicators

	USEP	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-1.72%	-11.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.84%	—	—
Current Drawdown Current decline from peak	-2.62%	0.00%	-2.62%
Average Drawdown Average peak-to-trough decline	-1.94%	-0.10%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	—	—

Volatility

Volatility by Period

	USEP	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.90%	2.62%	+6.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.38%	2.62%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.13%	2.62%	+5.51%