ZALT vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) and State Street SPDR S&P 500 ETF (SPY).

ZALT and SPY 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. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

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.

ZALT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	-0.34%	9.44%	11.92%	3.95%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	11.68%

Returns By Period

In the year-to-date period, ZALT achieves a -0.34% return, which is significantly higher than SPY's -4.37% return.

ZALT

• 1D: 0.03%
• 1M: -1.16%
• YTD: -0.34%
• 6M: 1.82%
• 1Y: 9.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

ZALT vs. SPY - Expense Ratio Comparison

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

ZALT

Innovator U.S. Equity 10 Buffer ETF - Quarterly

SPY

State Street SPDR S&P 500 ETF

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: 68
ZALT Sharpe Ratio Rank: 60
ZALT Sortino Ratio Rank: 62
ZALT Omega Ratio Rank: 79
ZALT Calmar Ratio Rank: 55
ZALT Martin Ratio Rank: 83

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
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	1.06	0.93	+0.13
Sortino ratio Return per unit of downside risk	1.60	1.45	+0.14
Omega ratio Gain probability vs. loss probability	1.30	1.22	+0.08
Calmar ratio Return relative to maximum drawdown	1.42	1.53	-0.11
Martin ratio Return relative to average drawdown	9.40	7.30	+2.11
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 1.06, which is comparable to the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of ZALT and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.93	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	0.56	+0.98

Correlation

The correlation between ZALT and SPY is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 1.14%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

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	-6.43%	-12.05%	+5.62%
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	-1.50%	-6.24%	+4.74%
Average Drawdown Average peak-to-trough decline	-0.50%	-9.09%	+8.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	2.52%	-1.55%

Volatility

ZALT vs. SPY - Volatility Comparison

The current volatility for Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) is 1.32%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. 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	1.32%	5.31%	-3.99%
Volatility (6M) Calculated over the trailing 6-month period	3.57%	9.47%	-5.90%
Volatility (1Y) Calculated over the trailing 1-year period	8.55%	19.05%	-10.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	17.06%	-10.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	17.92%	-11.37%