USEP vs. ZDEK
Compare and contrast key facts about Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK).
USEP and ZDEK 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. ZDEK is an actively managed fund by Innovator. It was launched on Dec 1, 2024.
Performance
USEP vs. ZDEK - Performance Comparison
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USEP vs. ZDEK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | -1.24% | 11.75% | -0.89% |
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December | -0.30% | 7.78% | -0.38% |
Returns By Period
In the year-to-date period, USEP achieves a -1.24% return, which is significantly lower than ZDEK's -0.30% return.
USEP
- 1D
- 0.45%
- 1M
- -1.79%
- YTD
- -1.24%
- 6M
- 0.21%
- 1Y
- 12.66%
- 3Y*
- 12.20%
- 5Y*
- 7.02%
- 10Y*
- —
ZDEK
- 1D
- 0.14%
- 1M
- -0.70%
- YTD
- -0.30%
- 6M
- 1.51%
- 1Y
- 8.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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USEP vs. ZDEK - Expense Ratio Comparison
Both USEP and ZDEK have an expense ratio of 0.79%.
Return for Risk
USEP vs. ZDEK — Risk / Return Rank
USEP
ZDEK
USEP vs. ZDEK - 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 December (ZDEK). 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 | ZDEK | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.43 | 2.43 | -1.00 |
Sortino ratioReturn per unit of downside risk | 2.11 | 3.69 | -1.58 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.50 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | 2.12 | 5.32 | -3.20 |
Martin ratioReturn relative to average drawdown | 10.63 | 21.69 | -11.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USEP | ZDEK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.43 | 2.43 | -1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.96 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 1.54 | -0.64 |
Correlation
The correlation between USEP and ZDEK is 0.90, 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. ZDEK - Dividend Comparison
Neither USEP nor ZDEK 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% |
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
USEP vs. ZDEK - Drawdown Comparison
The maximum USEP drawdown since its inception was -13.37%, which is greater than ZDEK's maximum drawdown of -3.40%. Use the drawdown chart below to compare losses from any high point for USEP and ZDEK.
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Drawdown Indicators
| USEP | ZDEK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -3.40% | -9.97% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -1.57% | -4.50% |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | — | — |
Current DrawdownCurrent decline from peak | -2.18% | -0.87% | -1.31% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -0.50% | -1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 0.39% | +0.82% |
Volatility
USEP vs. ZDEK - Volatility Comparison
Innovator U.S. Equity Ultra Buffer ETF - September (USEP) has a higher volatility of 2.74% compared to Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) at 0.97%. This indicates that USEP's price experiences larger fluctuations and is considered to be riskier than ZDEK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USEP | ZDEK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.74% | 0.97% | +1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 4.27% | 2.01% | +2.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.90% | 3.33% | +5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.38% | 3.45% | +3.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.13% | 3.45% | +4.68% |