ZAPR vs. ZMAY
ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, ZAPR returned 6.96% vs 5.47% for ZMAY. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.
Performance
ZAPR vs. ZMAY - Performance Comparison
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Returns By Period
In the year-to-date period, ZAPR achieves a 3.14% return, which is significantly higher than ZMAY's 1.95% return.
ZAPR
- 1D
- -0.04%
- 1M
- 0.08%
- YTD
- 3.14%
- 6M
- 3.18%
- 1Y
- 6.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZMAY
- 1D
- -0.04%
- 1M
- 0.02%
- YTD
- 1.95%
- 6M
- 2.11%
- 1Y
- 5.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAPR vs. ZMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 3.14% | 5.10% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 1.95% | 4.22% |
Correlation
The correlation between ZAPR and ZMAY is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since May 1, 2025 | 0.59 |
The correlation between ZAPR and ZMAY has been stable across timeframes, ranging from 0.58 to 0.59 - a consistent structural relationship.
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Return for Risk
ZAPR vs. ZMAY — Risk / Return Rank
ZAPR
ZMAY
ZAPR vs. ZMAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY). 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.
| ZAPR | ZMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +3.00 | ||
| Omega ratioGain probability vs. loss probability | 2.24 | 1.78 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 17.39 | 7.83 | +9.56 |
| Martin ratioReturn relative to average drawdown | 80.28 | 46.52 | +33.76 |
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Drawdowns
ZAPR vs. ZMAY - Drawdown Comparison
The maximum ZAPR drawdown since its inception was -1.72%, which is greater than ZMAY's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for ZAPR and ZMAY.
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Drawdown Indicators
| ZAPR | ZMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.72% | -0.70% | -1.02% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -0.70% | +0.30% |
Current DrawdownCurrent decline from peak | -0.17% | -0.31% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -0.07% | -0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.09% | 0.12% | -0.03% |
Volatility
ZAPR vs. ZMAY - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) is 0.51%, while Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) has a volatility of 0.78%. This indicates that ZAPR experiences smaller price fluctuations and is considered to be less risky than ZMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZAPR | ZMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 0.78% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 1.10% | 1.28% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.48% | 1.60% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.49% | 1.69% | +0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.49% | 1.69% | +0.80% |
ZAPR vs. ZMAY - Expense Ratio Comparison
Both ZAPR and ZMAY have an expense ratio of 0.79%.
Dividends
ZAPR vs. ZMAY - Dividend Comparison
Neither ZAPR nor ZMAY has paid dividends to shareholders.
Frequently Asked Questions
ZAPR and ZMAY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZMAY has higher volatility (0.78%) compared to ZAPR (0.51%). In terms of maximum drawdown, ZAPR dropped -1.72% vs ZMAY's -0.70%.
On 1-year performance, ZAPR leads with 6.96% vs 5.47% for ZMAY. Both ETFs have the same 0.79% expense ratio. On volatility, ZAPR has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZAPR has performed better with a 6.96% return vs 5.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZAPR and ZMAY have the same expense ratio: 0.79% per year.
ZAPR and ZMAY have nearly identical dividend yields, around 0.00%.
ZAPR currently has the higher Sharpe Ratio (4.74 vs 3.44), 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.
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