XBFR vs. ZMAY
XBFR (Innovator Equity Managed 10 Buffer ETF) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds from Innovator. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.
Performance
XBFR vs. ZMAY - Performance Comparison
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Returns By Period
XBFR
- 1D
- -0.01%
- 1M
- -0.43%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZMAY
- 1D
- -0.07%
- 1M
- -0.13%
- 6M
- 2.04%
- YTD
- 2.04%
- 1Y
- 4.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XBFR vs. ZMAY - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
XBFR Innovator Equity Managed 10 Buffer ETF | 6.21% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 1.66% |
Correlation
The correlation between XBFR and ZMAY is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 24, 2026 | 0.78 |
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Return for Risk
XBFR vs. ZMAY — Risk / Return Rank
XBFR
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZMAY
XBFR vs. ZMAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed 10 Buffer ETF (XBFR) 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.
| XBFR | ZMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.67 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 7.09 | — |
| Martin ratioReturn relative to average drawdown | — | 35.52 | — |
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Drawdowns
XBFR vs. ZMAY - Drawdown Comparison
The maximum XBFR drawdown since its inception was -4.12%, which is greater than ZMAY's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for XBFR and ZMAY.
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Drawdown Indicators
| XBFR | ZMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -0.70% | -3.42% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.70% | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.21% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -1.12% | -0.08% | -1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.14% | — |
Volatility
XBFR vs. ZMAY - Volatility Comparison
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Volatility by Period
| XBFR | ZMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.85% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.33% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 8.90% | 1.63% | +7.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.90% | 1.71% | +7.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.90% | 1.71% | +7.19% |
XBFR vs. ZMAY - Expense Ratio Comparison
Both XBFR and ZMAY have an expense ratio of 0.79%.
Dividends
XBFR vs. ZMAY - Dividend Comparison
XBFR's dividend yield for the trailing twelve months is around 0.10%, while ZMAY has not paid dividends to shareholders.
| Position | TTM |
|---|---|
XBFR Innovator Equity Managed 10 Buffer ETF | 0.10% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 0.00% |
Frequently Asked Questions
XBFR and ZMAY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XBFR and ZMAY have the same expense ratio: 0.79% per year.
XBFR has the higher dividend yield at 0.10%, compared with 0.00% for ZMAY.
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