ZDEK vs. ZMAY

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY).

ZDEK and ZMAY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZDEK is an actively managed fund by Innovator. It was launched on Dec 1, 2024. ZMAY is an actively managed fund by Innovator. It was launched on May 1, 2025.

Performance

ZDEK vs. ZMAY - Performance Comparison

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

ZDEK vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	-0.30%	7.96%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.71%	4.67%

Returns By Period

In the year-to-date period, ZDEK achieves a -0.30% return, which is significantly lower than ZMAY's 0.71% return.

ZDEK

• 1D: 0.14%
• 1M: -0.70%
• YTD: -0.30%
• 6M: 1.51%
• 1Y: 8.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMAY

• 1D: 0.01%
• 1M: 0.16%
• YTD: 0.71%
• 6M: 2.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZDEK vs. ZMAY - Expense Ratio Comparison

Both ZDEK and ZMAY have an expense ratio of 0.79%.

ZDEK

Innovator Equity Defined Protection ETF - 1 Yr December

ZMAY

Innovator Equity Defined Protection ETF - 1 Yr May

Return for Risk

ZDEK vs. ZMAY — Risk / Return Rank

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

ZDEK

ZDEK Risk / Return Rank: 96
ZDEK Sharpe Ratio Rank: 94
ZDEK Sortino Ratio Rank: 97
ZDEK Omega Ratio Rank: 96
ZDEK Calmar Ratio Rank: 97
ZDEK Martin Ratio Rank: 97

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.

ZDEK vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) 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.

	ZDEK	ZMAY	Difference
Sharpe ratio Return per unit of total volatility	2.43	—	—
Sortino ratio Return per unit of downside risk	3.69	—	—
Omega ratio Gain probability vs. loss probability	1.50	—	—
Calmar ratio Return relative to maximum drawdown	5.32	—	—
Martin ratio Return relative to average drawdown	21.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZDEK	ZMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	3.96	-2.42

Correlation

The correlation between ZDEK and ZMAY is 0.70, 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

ZDEK vs. ZMAY - Dividend Comparison

Neither ZDEK nor ZMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZDEK vs. ZMAY - Drawdown Comparison

The maximum ZDEK drawdown since its inception was -3.40%, which is greater than ZMAY's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for ZDEK and ZMAY.

Drawdown Indicators

	ZDEK	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-0.39%	-3.01%
Max Drawdown (1Y) Largest decline over 1 year	-1.57%	—	—
Current Drawdown Current decline from peak	-0.87%	0.00%	-0.87%
Average Drawdown Average peak-to-trough decline	-0.50%	-0.05%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	—	—

Volatility

Volatility by Period

	ZDEK	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.33%	1.50%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	1.50%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.45%	1.50%	+1.95%