ZALT vs. PHEQ

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) and Parametric Hedged Equity ETF (PHEQ).

ZALT and PHEQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZALT is an actively managed fund by Innovator. It was launched on Sep 29, 2023. PHEQ is an actively managed fund by Parametric. It was launched on Oct 16, 2023.

Performance

ZALT vs. PHEQ - 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 Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

ZALT vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	0.15%	9.44%	11.92%	3.74%
PHEQ Parametric Hedged Equity ETF	-1.25%	11.76%	14.94%	7.19%

Returns By Period

In the year-to-date period, ZALT achieves a 0.15% return, which is significantly higher than PHEQ's -1.25% return.

ZALT

• 1D: 0.49%
• 1M: -0.82%
• YTD: 0.15%
• 6M: 2.21%
• 1Y: 9.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: 0.55%
• 1M: -1.25%
• YTD: -1.25%
• 6M: 0.92%
• 1Y: 13.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZALT vs. PHEQ - Expense Ratio Comparison

ZALT has a 0.69% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

ZALT

Innovator U.S. Equity 10 Buffer ETF - Quarterly

PHEQ

Parametric Hedged Equity ETF

Return for Risk

ZALT vs. PHEQ — Risk / Return Rank

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

ZALT

ZALT Risk / Return Rank: 67
ZALT Sharpe Ratio Rank: 60
ZALT Sortino Ratio Rank: 62
ZALT Omega Ratio Rank: 79
ZALT Calmar Ratio Rank: 53
ZALT Martin Ratio Rank: 81

PHEQ

PHEQ Risk / Return Rank: 71
PHEQ Sharpe Ratio Rank: 67
PHEQ Sortino Ratio Rank: 70
PHEQ Omega Ratio Rank: 77
PHEQ Calmar Ratio Rank: 64
PHEQ Martin Ratio Rank: 78

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. PHEQ - 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 Parametric Hedged Equity ETF (PHEQ). 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.

	ZALT	PHEQ	Difference
Sharpe ratio Return per unit of total volatility	1.11	1.23	-0.12
Sortino ratio Return per unit of downside risk	1.67	1.83	-0.16
Omega ratio Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio Return relative to maximum drawdown	1.49	1.73	-0.24
Martin ratio Return relative to average drawdown	9.86	8.89	+0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZALT vs. PHEQ - Sharpe Ratio Comparison

The current ZALT Sharpe Ratio is 1.11, which is comparable to the PHEQ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of ZALT and PHEQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZALT	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	1.23	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	1.53	+0.04

Correlation

The correlation between ZALT and PHEQ is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZALT vs. PHEQ - Dividend Comparison

ZALT has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 1.10%.

	TTM	2025	2024	2023
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	0.00%	0.00%	0.00%	0.00%
PHEQ Parametric Hedged Equity ETF	1.10%	1.19%	1.39%	1.73%

Drawdowns

ZALT vs. PHEQ - Drawdown Comparison

The maximum ZALT drawdown since its inception was -8.19%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for ZALT and PHEQ.

Drawdown Indicators

	ZALT	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-8.19%	-12.55%	+4.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.43%	-7.85%	+1.42%
Current Drawdown Current decline from peak	-1.01%	-2.24%	+1.23%
Average Drawdown Average peak-to-trough decline	-0.50%	-1.02%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.53%	-0.56%

Volatility

ZALT vs. PHEQ - Volatility Comparison

The current volatility for Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) is 1.39%, while Parametric Hedged Equity ETF (PHEQ) has a volatility of 2.90%. This indicates that ZALT experiences smaller price fluctuations and is considered to be less risky than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZALT	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	2.90%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	3.60%	4.84%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	8.56%	10.66%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	8.78%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	8.78%	-2.23%