ZMAY vs. DBO

Last updated Aug 1, 2026

ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - ZMAY is a Defined Outcome fund actively managed by Innovator, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. ZMAY is actively managed, while DBO is passively managed. Over the past year, ZMAY returned 5.14% vs 60.30% for DBO. Their -0.19 correlation means they have often moved in opposite directions in the past. ZMAY charges 0.79%/yr vs 0.78%/yr for DBO.

Performance

ZMAY vs. DBO - 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 Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZMAY achieves a 2.57% return, which is significantly lower than DBO's 76.48% return.

ZMAY

• 1D: 0.28%
• 1M: 0.52%
• 6M: 2.33%
• YTD: 2.57%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.49%

DBO

• 1D: 1.56%
• 1M: 24.59%
• 6M: 53.46%
• YTD: 76.48%
• 1Y: 60.30%
• 3Y*: 14.86%
• 5Y*: 13.46%
• 10Y*: 12.59%
• ALL TIME*: 0.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DBO Invesco DB Oil Fund	$11.01M	$10.23M	$13.95M
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	$231.74K	$677.58K	$2.56M

ZMAY vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	2.57%	4.22%
DBO Invesco DB Oil Fund	76.48%	5.20%

Correlation

The correlation between ZMAY and DBO is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.18
Correlation (All Time) Calculated using the full available price history since May 1, 2025	-0.19

Return for Risk

ZMAY vs. DBO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZMAY

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

DBO

DBO Risk / Return Rank: 58
DBO Sharpe Ratio Rank: 62
DBO Sortino Ratio Rank: 61
DBO Omega Ratio Rank: 57
DBO Calmar Ratio Rank: 57
DBO Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZMAY vs. DBO - 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 Invesco DB Oil Fund (DBO). 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.

	ZMAY	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.98	1.45	+1.54
Sortino ratio: Return per unit of downside risk	4.89	2.05	+2.84
Omega ratio: Gain probability vs. loss probability	1.66	1.25	+0.41
Calmar ratio: Return relative to maximum drawdown	7.36	2.01	+5.35
Martin ratio: Return relative to average drawdown	33.69	6.09	+27.59

ZMAY vs. DBO - Sharpe Ratio Comparison

The current ZMAY Sharpe Ratio is 2.98, which is higher than the DBO Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of ZMAY and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZMAY vs. DBO - Drawdown Comparison

The maximum ZMAY drawdown since its inception was -0.70%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for ZMAY and DBO.

Drawdown Indicators

	ZMAY	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-0.70%	-90.18%	+89.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.70%	-27.73%	+27.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	0.00%	-53.56%	+53.56%
Average Drawdown Average peak-to-trough decline	-0.09%	-62.20%	+62.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	9.96%	-9.81%

Volatility

ZMAY vs. DBO - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) is 0.78%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that ZMAY experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMAY	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	17.75%	-16.97%
Volatility (6M) Calculated over the trailing 6-month period	1.49%	33.77%	-32.28%
Volatility (1Y) Calculated over the trailing 1-year period	1.73%	38.53%	-36.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.79%	33.35%	-31.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.79%	32.20%	-30.41%

ZMAY vs. DBO - Expense Ratio Comparison

ZMAY has a 0.79% expense ratio, which is higher than DBO's 0.78% expense ratio.

Dividends

ZMAY vs. DBO - Dividend Comparison

ZMAY has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.99%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBO Invesco DB Oil Fund	1.99%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZMAY and DBO in my portfolio?

ZMAY and DBO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZMAY or DBO?

DBO has higher volatility (17.75%) compared to ZMAY (0.78%). In terms of maximum drawdown, ZMAY dropped -0.70% vs DBO's -90.18%.

Which ETF is better, ZMAY or DBO?

On 1-year performance, DBO leads with 60.30% vs 5.14% for ZMAY. On fees, DBO is cheaper at 0.78% per year. On volatility, ZMAY has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZMAY or DBO?

Over the 1-year period, DBO has performed better with a 60.30% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZMAY or DBO?

DBO is cheaper with a 0.78% expense ratio, compared with 0.79% for ZMAY.

Which ETF pays a higher dividend yield, ZMAY or DBO?

DBO has the higher dividend yield at 1.99%, compared with 0.00% for ZMAY.

What is the main difference between ZMAY and DBO?

ZMAY is categorized as Defined Outcome, while DBO is Oil & Gas. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for ZMAY and 0.78% for DBO.

Which has better risk-adjusted returns?

ZMAY currently has the higher Sharpe Ratio (2.98 vs 1.45), 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.