ZALT vs. SPY

Last updated Jun 4, 2026

ZALT (Innovator U.S. Equity 10 Buffer ETF - Quarterly) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ZALT is a Options Trading fund actively managed by Innovator, while SPY is a S&P 500 fund tracking the S&P 500 Index. ZALT is actively managed, while SPY is passively managed. Over the past year, ZALT returned 10.35% vs 27.98% for SPY. Their correlation of 0.82 suggests significant overlap in exposure. ZALT charges 0.69%/yr vs 0.09%/yr for SPY.

Performance

ZALT vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZALT achieves a 3.61% return, which is significantly lower than SPY's 10.91% return.

ZALT

• 1D: -0.04%
• 1M: 0.94%
• YTD: 3.61%
• 6M: 3.99%
• 1Y: 10.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

ZALT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	3.61%	9.44%	11.92%	3.95%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	11.68%

Correlation

The correlation between ZALT and SPY is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.82

The correlation between ZALT and SPY has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

ZALT vs. SPY - Sectors Allocation Comparison

Sectors	ZALT	SPY
Technology	36.2%	35.9%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.4%	8.4%
Industrials	8.1%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

ZALT vs. SPY — Risk / Return Rank

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

ZALT

ZALT Risk / Return Rank: 85
ZALT Sharpe Ratio Rank: 77
ZALT Sortino Ratio Rank: 79
ZALT Omega Ratio Rank: 86
ZALT Calmar Ratio Rank: 92
ZALT Martin Ratio Rank: 91

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.38	+0.12
Sortino ratio: Return per unit of downside risk	3.54	3.24	+0.30
Omega ratio: Gain probability vs. loss probability	1.53	1.43	+0.10
Calmar ratio: Return relative to maximum drawdown	6.08	3.16	+2.92
Martin ratio: Return relative to average drawdown	21.69	14.72	+6.98
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. SPY - Sharpe Ratio Comparison

The current ZALT Sharpe Ratio is 2.50, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of ZALT and SPY, 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

	ZALT	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.38	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	0.59	+1.14

Drawdowns

ZALT vs. SPY - Drawdown Comparison

The maximum ZALT drawdown since its inception was -8.19%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ZALT and SPY.

Drawdown Indicators

	ZALT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-8.19%	-55.19%	+47.00%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-8.88%	+7.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.04%	-0.70%	+0.66%
Average Drawdown Average peak-to-trough decline	-0.48%	-9.05%	+8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.91%	-1.43%

Volatility

ZALT vs. SPY - Volatility Comparison

The current volatility for Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) is 0.39%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that ZALT experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZALT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	2.84%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	8.90%	-5.93%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	11.83%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	17.05%	-10.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	17.94%	-11.56%

ZALT vs. SPY - Expense Ratio Comparison

ZALT has a 0.69% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ZALT vs. SPY - Dividend Comparison

ZALT has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZALT and SPY in my portfolio?

ZALT and SPY have a correlation of 0.81, 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 SPY?

SPY has higher volatility (2.84%) compared to ZALT (0.39%). In terms of maximum drawdown, ZALT dropped -8.19% vs SPY's -55.19%.

Which ETF is better, ZALT or SPY?

On 1-year performance, SPY leads with 27.98% vs 10.35% for ZALT. On fees, SPY is cheaper at 0.09% per year. On volatility, ZALT has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZALT or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs 10.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZALT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.69% for ZALT.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for ZALT.

What is the main difference between ZALT and SPY?

ZALT is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.69% for ZALT and 0.09% for SPY.

Which has better risk-adjusted returns?

ZALT currently has the higher Sharpe Ratio (2.50 vs 2.38), 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.