ZMAY vs. AIOO

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO).

ZMAY and AIOO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZMAY is an actively managed fund by Innovator. It was launched on May 1, 2025. AIOO is an actively managed fund by Allianz. It was launched on Jun 30, 2025.

Performance

ZMAY vs. AIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

ZMAY vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.70%	2.85%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.01%	2.67%

Returns By Period

In the year-to-date period, ZMAY achieves a 0.70% return, which is significantly higher than AIOO's 0.01% return.

ZMAY

• 1D: 0.38%
• 1M: 0.17%
• YTD: 0.70%
• 6M: 2.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIOO

• 1D: 0.08%
• 1M: -0.25%
• YTD: 0.01%
• 6M: 0.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZMAY vs. AIOO - Expense Ratio Comparison

ZMAY has a 0.79% expense ratio, which is higher than AIOO's 0.64% expense ratio.

ZMAY

Innovator Equity Defined Protection ETF - 1 Yr May

AIOO

AllianzIM U.S. Equity Buffer100 Protection ETF

Return for Risk

ZMAY vs. AIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ZMAY	AIOO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	3.96	1.82	+2.14

Correlation

The correlation between ZMAY and AIOO is 0.61, 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

ZMAY vs. AIOO - Dividend Comparison

Neither ZMAY nor AIOO has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZMAY vs. AIOO - Drawdown Comparison

The maximum ZMAY drawdown since its inception was -0.39%, smaller than the maximum AIOO drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for ZMAY and AIOO.

Drawdown Indicators

	ZMAY	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-0.39%	-0.74%	+0.35%
Current Drawdown Current decline from peak	0.00%	-0.45%	+0.45%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.19%	+0.14%

Volatility

Volatility by Period

	ZMAY	AIOO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.51%	1.99%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.51%	1.99%	-0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.51%	1.99%	-0.48%