ZMAR vs. OCTW

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW).

ZMAR and OCTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZMAR is an actively managed fund by Innovator. It was launched on Mar 3, 2025. OCTW is a passively managed fund by Allianz that tracks the performance of the SPDR S&P 500 ETF Trust. It was launched on Sep 30, 2020.

Performance

ZMAR vs. OCTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW). The values are adjusted to include any dividend payments, if applicable.

ZMAR vs. OCTW - Yearly Performance Comparison

	2026 (YTD)	2025
ZMAR Innovator Equity Defined Protection ETF - 1 Yr March	0.46%	5.95%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	-0.95%	9.30%

Returns By Period

In the year-to-date period, ZMAR achieves a 0.46% return, which is significantly higher than OCTW's -0.95% return.

ZMAR

• 1D: 0.12%
• 1M: -0.65%
• YTD: 0.46%
• 6M: 1.92%
• 1Y: 7.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OCTW

• 1D: 0.42%
• 1M: -1.55%
• YTD: -0.95%
• 6M: 0.51%
• 1Y: 9.74%
• 3Y*: 9.86%
• 5Y*: 7.86%
• 10Y*: —

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

ZMAR vs. OCTW - Expense Ratio Comparison

ZMAR has a 0.79% expense ratio, which is higher than OCTW's 0.74% expense ratio.

ZMAR

Innovator Equity Defined Protection ETF - 1 Yr March

OCTW

AllianzIM U.S. Equity Buffer20 Oct ETF

Return for Risk

ZMAR vs. OCTW — Risk / Return Rank

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

ZMAR

ZMAR Risk / Return Rank: 95
ZMAR Sharpe Ratio Rank: 93
ZMAR Sortino Ratio Rank: 97
ZMAR Omega Ratio Rank: 96
ZMAR Calmar Ratio Rank: 92
ZMAR Martin Ratio Rank: 96

OCTW

OCTW Risk / Return Rank: 69
OCTW Sharpe Ratio Rank: 66
OCTW Sortino Ratio Rank: 68
OCTW Omega Ratio Rank: 75
OCTW Calmar Ratio Rank: 61
OCTW Martin Ratio Rank: 77

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.

ZMAR vs. OCTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW). 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.

	ZMAR	OCTW	Difference
Sharpe ratio Return per unit of total volatility	2.31	1.22	+1.09
Sortino ratio Return per unit of downside risk	3.65	1.80	+1.85
Omega ratio Gain probability vs. loss probability	1.55	1.30	+0.25
Calmar ratio Return relative to maximum drawdown	3.74	1.70	+2.04
Martin ratio Return relative to average drawdown	18.69	9.08	+9.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMAR vs. OCTW - Sharpe Ratio Comparison

The current ZMAR Sharpe Ratio is 2.31, which is higher than the OCTW Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of ZMAR and OCTW, 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

	ZMAR	OCTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.22	+1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.86	1.34	+0.52

Correlation

The correlation between ZMAR and OCTW is 0.82, 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

ZMAR vs. OCTW - Dividend Comparison

Neither ZMAR nor OCTW has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZMAR vs. OCTW - Drawdown Comparison

The maximum ZMAR drawdown since its inception was -2.30%, smaller than the maximum OCTW drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for ZMAR and OCTW.

Drawdown Indicators

	ZMAR	OCTW	Difference
Max Drawdown Largest peak-to-trough decline	-2.30%	-8.38%	+6.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-5.86%	+3.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.38%	—
Current Drawdown Current decline from peak	-0.65%	-1.93%	+1.28%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.84%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	1.10%	-0.72%

Volatility

ZMAR vs. OCTW - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr March (ZMAR) is 1.19%, while AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) has a volatility of 2.45%. This indicates that ZMAR experiences smaller price fluctuations and is considered to be less risky than OCTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMAR	OCTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.19%	2.45%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	1.67%	4.09%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	8.04%	-4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	6.25%	-3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	6.19%	-2.98%