XMAY vs. ZAPR

Last updated Jun 4, 2026

XMAY (FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. Both are actively managed. Over the past year, XMAY returned 10.25% vs 7.17% for ZAPR. A 0.65 correlation means they provide meaningful diversification when combined. XMAY charges 0.85%/yr vs 0.79%/yr for ZAPR.

Performance

XMAY vs. ZAPR - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with XMAY having a 3.39% return and ZAPR slightly lower at 3.25%.

XMAY

• 1D: -0.16%
• 1M: 0.93%
• YTD: 3.39%
• 6M: 4.13%
• 1Y: 10.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAPR

• 1D: 0.03%
• 1M: 0.52%
• YTD: 3.25%
• 6M: 3.73%
• 1Y: 7.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XMAY vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
XMAY FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May	3.39%	10.10%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.25%	5.29%

Correlation

The correlation between XMAY and ZAPR is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.65

The correlation between XMAY and ZAPR has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

Return for Risk

XMAY vs. ZAPR — Risk / Return Rank

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

XMAY

XMAY Risk / Return Rank: 92
XMAY Sharpe Ratio Rank: 88
XMAY Sortino Ratio Rank: 93
XMAY Omega Ratio Rank: 94
XMAY Calmar Ratio Rank: 91
XMAY Martin Ratio Rank: 96

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 97
ZAPR Sortino Ratio Rank: 99
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 98
ZAPR Martin Ratio Rank: 99

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.

XMAY vs. ZAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) 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.

	XMAY	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.93	4.93	-2.00
Sortino ratio: Return per unit of downside risk	4.54	9.13	-4.60
Omega ratio: Gain probability vs. loss probability	1.65	2.30	-0.65
Calmar ratio: Return relative to maximum drawdown	5.79	17.93	-12.14
Martin ratio: Return relative to average drawdown	33.30	92.53	-59.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMAY vs. ZAPR - Sharpe Ratio Comparison

The current XMAY Sharpe Ratio is 2.93, which is lower than the ZAPR Sharpe Ratio of 4.93. The chart below compares the historical Sharpe Ratios of XMAY and ZAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XMAY	ZAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	4.93	-2.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	2.96	-1.61

Drawdowns

XMAY vs. ZAPR - Drawdown Comparison

The maximum XMAY drawdown since its inception was -8.24%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for XMAY and ZAPR.

Drawdown Indicators

	XMAY	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-8.24%	-1.72%	-6.52%
Max Drawdown (1Y) Largest decline over 1 year	-1.78%	-0.40%	-1.38%
Current Drawdown Current decline from peak	-0.20%	-0.03%	-0.17%
Average Drawdown Average peak-to-trough decline	-0.41%	-0.09%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	0.08%	+0.23%

Volatility

XMAY vs. ZAPR - Volatility Comparison

FT Vest U.S. Equity Enhance & Moderate Buffer ETF - May (XMAY) has a higher volatility of 0.72% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.37%. This indicates that XMAY's price experiences larger fluctuations and is considered to be riskier than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMAY	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	0.37%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	2.56%	1.01%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	1.46%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.46%	2.51%	+4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.46%	2.51%	+4.95%

XMAY vs. ZAPR - Expense Ratio Comparison

XMAY has a 0.85% expense ratio, which is higher than ZAPR's 0.79% expense ratio.

Dividends

XMAY vs. ZAPR - Dividend Comparison

Neither XMAY nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XMAY and ZAPR in my portfolio?

XMAY and ZAPR have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMAY or ZAPR?

XMAY has higher volatility (0.72%) compared to ZAPR (0.37%). In terms of maximum drawdown, XMAY dropped -8.24% vs ZAPR's -1.72%.

Which ETF is better, XMAY or ZAPR?

On 1-year performance, XMAY leads with 10.25% vs 7.17% for ZAPR. On fees, ZAPR is cheaper at 0.79% per year. On volatility, ZAPR has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMAY or ZAPR?

Over the 1-year period, XMAY has performed better with a 10.25% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMAY or ZAPR?

ZAPR is cheaper with a 0.79% expense ratio, compared with 0.85% for XMAY.

Which ETF pays a higher dividend yield, XMAY or ZAPR?

XMAY and ZAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between XMAY and ZAPR?

They also come from different issuers: First Trust and Innovator. Their fees differ too: 0.85% for XMAY and 0.79% for ZAPR.

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.93 vs 2.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.