ZAUG vs. JPIE

Last updated Jun 4, 2026

ZAUG (Innovator Equity Defined Protection ETF - 1 Yr August) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - ZAUG is a Defined Outcome fund actively managed by Innovator, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past year, ZAUG returned 8.08% vs 5.90% for JPIE. At a 0.29 correlation, their price movements are largely independent. ZAUG charges 0.79%/yr vs 0.40%/yr for JPIE.

Performance

ZAUG vs. JPIE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG) and JPMorgan Income ETF (JPIE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZAUG achieves a 2.70% return, which is significantly higher than JPIE's 1.43% return.

ZAUG

• 1D: -0.09%
• 1M: 0.72%
• YTD: 2.70%
• 6M: 3.10%
• 1Y: 8.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPIE

• 1D: -0.13%
• 1M: 0.37%
• YTD: 1.43%
• 6M: 1.83%
• 1Y: 5.90%
• 3Y*: 6.43%
• 5Y*: —
• 10Y*: —

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

ZAUG vs. JPIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZAUG Innovator Equity Defined Protection ETF - 1 Yr August	2.70%	7.38%	3.62%
JPIE JPMorgan Income ETF	1.43%	7.39%	2.38%

Correlation

The correlation between ZAUG and JPIE is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Aug 2, 2024	0.29

Return for Risk

ZAUG vs. JPIE — Risk / Return Rank

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

ZAUG

ZAUG Risk / Return Rank: 92
ZAUG Sharpe Ratio Rank: 92
ZAUG Sortino Ratio Rank: 95
ZAUG Omega Ratio Rank: 95
ZAUG Calmar Ratio Rank: 85
ZAUG Martin Ratio Rank: 94

JPIE

JPIE Risk / Return Rank: 93
JPIE Sharpe Ratio Rank: 94
JPIE Sortino Ratio Rank: 96
JPIE Omega Ratio Rank: 96
JPIE Calmar Ratio Rank: 88
JPIE Martin Ratio Rank: 93

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.

ZAUG vs. JPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG) and JPMorgan Income ETF (JPIE). 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.

	ZAUG	JPIE	Difference
Sharpe ratio: Return per unit of total volatility	3.31	3.73	-0.42
Sortino ratio: Return per unit of downside risk	5.30	5.87	-0.57
Omega ratio: Gain probability vs. loss probability	1.73	1.84	-0.11
Calmar ratio: Return relative to maximum drawdown	4.71	5.16	-0.45
Martin ratio: Return relative to average drawdown	27.32	25.53	+1.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZAUG vs. JPIE - Sharpe Ratio Comparison

The current ZAUG Sharpe Ratio is 3.31, which is comparable to the JPIE Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of ZAUG and JPIE, 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

	ZAUG	JPIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.31	3.73	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	0.98	+0.68

Drawdowns

ZAUG vs. JPIE - Drawdown Comparison

The maximum ZAUG drawdown since its inception was -4.83%, smaller than the maximum JPIE drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for ZAUG and JPIE.

Drawdown Indicators

	ZAUG	JPIE	Difference
Max Drawdown Largest peak-to-trough decline	-4.83%	-9.96%	+5.13%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-1.15%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Current Drawdown Current decline from peak	-0.09%	-0.13%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.41%	-2.10%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.23%	+0.07%

Volatility

ZAUG vs. JPIE - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr August (ZAUG) is 0.29%, while JPMorgan Income ETF (JPIE) has a volatility of 0.60%. This indicates that ZAUG experiences smaller price fluctuations and is considered to be less risky than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZAUG	JPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.29%	0.60%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	1.28%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	1.59%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.58%	3.52%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.58%	3.52%	+1.06%

ZAUG vs. JPIE - Expense Ratio Comparison

ZAUG has a 0.79% expense ratio, which is higher than JPIE's 0.40% expense ratio.

Dividends

ZAUG vs. JPIE - Dividend Comparison

ZAUG has not paid dividends to shareholders, while JPIE's dividend yield for the trailing twelve months is around 5.62%.

Position	TTM	2025	2024	2023	2022	2021
JPIE JPMorgan Income ETF	5.62%	5.65%	6.11%	5.70%	4.49%	0.63%
ZAUG Innovator Equity Defined Protection ETF - 1 Yr August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZAUG and JPIE in my portfolio?

ZAUG and JPIE have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZAUG or JPIE?

JPIE has higher volatility (0.60%) compared to ZAUG (0.29%). In terms of maximum drawdown, ZAUG dropped -4.83% vs JPIE's -9.96%.

Which ETF is better, ZAUG or JPIE?

On 1-year performance, ZAUG leads with 8.08% vs 5.90% for JPIE. On fees, JPIE is cheaper at 0.40% per year. On volatility, ZAUG has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZAUG or JPIE?

Over the 1-year period, ZAUG has performed better with a 8.08% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZAUG or JPIE?

JPIE is cheaper with a 0.40% expense ratio, compared with 0.79% for ZAUG.

Which ETF pays a higher dividend yield, ZAUG or JPIE?

JPIE has the higher dividend yield at 5.62%, compared with 0.00% for ZAUG.

What is the main difference between ZAUG and JPIE?

ZAUG is categorized as Defined Outcome, while JPIE is Multisector Bonds. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.79% for ZAUG and 0.40% for JPIE.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.73 vs 3.31), 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.