ZALT vs. EALT

Last updated Jun 24, 2026

ZALT (Innovator U.S. Equity 10 Buffer ETF - Quarterly) and EALT (Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly) are both Options Trading funds from Innovator. Both are actively managed. Over the past year, ZALT returned 9.81% vs 10.22% for EALT. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.69% expense ratio.

Performance

ZALT vs. EALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) and Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly (EALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZALT achieves a 3.81% return, which is significantly higher than EALT's 1.32% return.

ZALT

• 1D: 0.03%
• 1M: 0.42%
• YTD: 3.81%
• 6M: 3.24%
• 1Y: 9.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EALT

• 1D: -0.03%
• 1M: 0.58%
• YTD: 1.32%
• 6M: 0.35%
• 1Y: 10.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZALT vs. EALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	3.81%	9.44%	11.92%	3.79%
EALT Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly	1.32%	9.45%	18.02%	6.68%

Correlation

The correlation between ZALT and EALT is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.83

The correlation between ZALT and EALT has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

ZALT vs. EALT — Risk / Return Rank

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

ZALT

ZALT Risk / Return Rank: 87
ZALT Sharpe Ratio Rank: 81
ZALT Sortino Ratio Rank: 83
ZALT Omega Ratio Rank: 89
ZALT Calmar Ratio Rank: 92
ZALT Martin Ratio Rank: 92

EALT

EALT Risk / Return Rank: 39
EALT Sharpe Ratio Rank: 42
EALT Sortino Ratio Rank: 38
EALT Omega Ratio Rank: 43
EALT Calmar Ratio Rank: 33
EALT Martin Ratio Rank: 40

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.

ZALT vs. EALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) and Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly (EALT). 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.

	ZALT	EALT	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.39	+1.02
Sortino ratio: Return per unit of downside risk	3.40	1.91	+1.49
Omega ratio: Gain probability vs. loss probability	1.51	1.26	+0.25
Calmar ratio: Return relative to maximum drawdown	5.76	1.54	+4.22
Martin ratio: Return relative to average drawdown	20.59	5.81	+14.78

ZALT vs. EALT - Sharpe Ratio Comparison

The current ZALT Sharpe Ratio is 2.40, which is higher than the EALT Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of ZALT and EALT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZALT vs. EALT - Drawdown Comparison

The maximum ZALT drawdown since its inception was -8.19%, smaller than the maximum EALT drawdown of -14.76%. Use the drawdown chart below to compare losses from any high point for ZALT and EALT.

Drawdown Indicators

	ZALT	EALT	Difference
Max Drawdown Largest peak-to-trough decline	-8.19%	-14.76%	+6.57%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-6.66%	+4.95%
Current Drawdown Current decline from peak	-0.06%	-0.43%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.47%	-1.62%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.76%	-1.28%

Volatility

ZALT vs. EALT - Volatility Comparison

The current volatility for Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) is 0.36%, while Innovator U.S. Equity 5 To 15 Buffer ETF - Quarterly (EALT) has a volatility of 0.55%. This indicates that ZALT experiences smaller price fluctuations and is considered to be less risky than EALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZALT	EALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.55%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	5.17%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	7.41%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	9.97%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.31%	9.97%	-3.66%

ZALT vs. EALT - Expense Ratio Comparison

Both ZALT and EALT have an expense ratio of 0.69%.

Dividends

ZALT vs. EALT - Dividend Comparison

Neither ZALT nor EALT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZALT and EALT in my portfolio?

ZALT and EALT have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZALT or EALT?

EALT has higher volatility (0.55%) compared to ZALT (0.36%). In terms of maximum drawdown, ZALT dropped -8.19% vs EALT's -14.76%.

Which ETF is better, ZALT or EALT?

On 1-year performance, EALT leads with 10.22% vs 9.81% for ZALT. Both ETFs have the same 0.69% expense ratio. On volatility, ZALT has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZALT or EALT?

Over the 1-year period, EALT has performed better with a 10.22% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZALT or EALT?

ZALT and EALT have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, ZALT or EALT?

ZALT and EALT have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ZALT currently has the higher Sharpe Ratio (2.40 vs 1.39), 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.