USEP vs. ZMAR
Compare and contrast key facts about Innovator U.S. Equity Ultra Buffer ETF - September (USEP) and Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR).
USEP and ZMAR 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. ZMAR is an actively managed fund by Innovator. It was launched on Mar 3, 2025.
Performance
USEP vs. ZMAR - Performance Comparison
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USEP vs. ZMAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
USEP Innovator U.S. Equity Ultra Buffer ETF - September | -1.68% | 11.77% |
ZMAR Innovator Equity Defined Protection ETF - 1 Yr March | 0.33% | 5.95% |
Returns By Period
In the year-to-date period, USEP achieves a -1.68% return, which is significantly lower than ZMAR's 0.33% return.
USEP
- 1D
- 1.47%
- 1M
- -2.27%
- YTD
- -1.68%
- 6M
- -0.00%
- 1Y
- 12.37%
- 3Y*
- 12.04%
- 5Y*
- 6.93%
- 10Y*
- —
ZMAR
- 1D
- 0.68%
- 1M
- -0.70%
- YTD
- 0.33%
- 6M
- 1.87%
- 1Y
- 7.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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USEP vs. ZMAR - Expense Ratio Comparison
Both USEP and ZMAR have an expense ratio of 0.79%.
Return for Risk
USEP vs. ZMAR — Risk / Return Rank
USEP
ZMAR
USEP vs. ZMAR - 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 March (ZMAR). 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 | ZMAR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.40 | 2.28 | -0.88 |
Sortino ratioReturn per unit of downside risk | 2.07 | 3.60 | -1.54 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.54 | -0.22 |
Calmar ratioReturn relative to maximum drawdown | 2.10 | 3.79 | -1.69 |
Martin ratioReturn relative to average drawdown | 10.59 | 19.05 | -8.47 |
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 | ZMAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.40 | 2.28 | -0.88 |
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 | 1.83 | -0.93 |
Correlation
The correlation between USEP and ZMAR is 0.83, 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. ZMAR - Dividend Comparison
Neither USEP nor ZMAR 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% |
ZMAR Innovator Equity Defined Protection ETF - 1 Yr March | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
USEP vs. ZMAR - Drawdown Comparison
The maximum USEP drawdown since its inception was -13.37%, which is greater than ZMAR's maximum drawdown of -2.30%. Use the drawdown chart below to compare losses from any high point for USEP and ZMAR.
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Drawdown Indicators
| USEP | ZMAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.37% | -2.30% | -11.07% |
Max Drawdown (1Y)Largest decline over 1 year | -6.07% | -1.92% | -4.15% |
Max Drawdown (5Y)Largest decline over 5 years | -11.84% | — | — |
Current DrawdownCurrent decline from peak | -2.62% | -0.77% | -1.85% |
Average DrawdownAverage peak-to-trough decline | -1.94% | -0.25% | -1.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 0.38% | +0.82% |
Volatility
USEP vs. ZMAR - Volatility Comparison
Innovator U.S. Equity Ultra Buffer ETF - September (USEP) has a higher volatility of 2.70% compared to Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) at 1.19%. This indicates that USEP's price experiences larger fluctuations and is considered to be riskier than ZMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USEP | ZMAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 1.19% | +1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 4.25% | 1.67% | +2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.90% | 3.11% | +5.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.38% | 3.21% | +4.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.13% | 3.21% | +4.92% |