ZMAY vs. ZAPR

Last updated Jun 3, 2026

ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, ZMAY returned 6.10% vs 7.23% for ZAPR. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

ZMAY vs. ZAPR - 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 Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZMAY achieves a 2.26% return, which is significantly lower than ZAPR's 3.22% return.

ZMAY

• 1D: 0.08%
• 1M: 0.72%
• YTD: 2.26%
• 6M: 2.89%
• 1Y: 6.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAPR

• 1D: 0.08%
• 1M: 0.49%
• YTD: 3.22%
• 6M: 3.76%
• 1Y: 7.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZMAY vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	2.26%	4.67%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.22%	4.96%

Correlation

The correlation between ZMAY and ZAPR is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.58

The correlation between ZMAY and ZAPR has been stable across timeframes, ranging from 0.56 to 0.58 - a consistent structural relationship.

Return for Risk

ZMAY vs. ZAPR — Risk / Return Rank

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

ZMAY

ZMAY Risk / Return Rank: 98
ZMAY Sharpe Ratio Rank: 96
ZMAY Sortino Ratio Rank: 98
ZMAY Omega Ratio Rank: 98
ZMAY Calmar Ratio Rank: 98
ZMAY Martin Ratio Rank: 98

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 97
ZAPR Sortino Ratio Rank: 99
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 98
ZAPR Martin Ratio Rank: 99

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.

ZMAY vs. ZAPR - 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 Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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.

	ZMAY	ZAPR	Difference
Sharpe ratio Return per unit of total volatility	4.23	4.97	-0.74
Sortino ratio Return per unit of downside risk	7.55	9.20	-1.65
Omega ratio Gain probability vs. loss probability	1.99	2.31	-0.32
Calmar ratio Return relative to maximum drawdown	15.74	18.15	-2.41
Martin ratio Return relative to average drawdown	73.27	93.89	-20.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMAY vs. ZAPR - Sharpe Ratio Comparison

The current ZMAY Sharpe Ratio is 4.23, which is comparable to the ZAPR Sharpe Ratio of 4.97. The chart below compares the historical Sharpe Ratios of ZMAY and ZAPR, 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

	ZMAY	ZAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.23	4.97	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	4.29	2.96	+1.33

Drawdowns

ZMAY vs. ZAPR - Drawdown Comparison

The maximum ZMAY drawdown since its inception was -0.39%, smaller than the maximum ZAPR drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for ZMAY and ZAPR.

Drawdown Indicators

	ZMAY	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-0.39%	-1.72%	+1.33%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-0.40%	+0.01%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.05%	-0.09%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.08%	0.00%

Volatility

ZMAY vs. ZAPR - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) has a higher volatility of 0.55% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.37%. This indicates that ZMAY's price experiences larger fluctuations and is considered to be riskier than ZAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMAY	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	0.37%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	1.01%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.45%	1.46%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.52%	2.51%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.52%	2.51%	-0.99%

ZMAY vs. ZAPR - Expense Ratio Comparison

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

Dividends

ZMAY vs. ZAPR - Dividend Comparison

Neither ZMAY nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZMAY and ZAPR in my portfolio?

ZMAY and ZAPR have a correlation of 0.56, 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 ZAPR?

ZMAY has higher volatility (0.55%) compared to ZAPR (0.37%). In terms of maximum drawdown, ZMAY dropped -0.39% vs ZAPR's -1.72%.

Which ETF is better, ZMAY or ZAPR?

On 1-year performance, ZAPR leads with 7.23% vs 6.10% for ZMAY. Both ETFs have the same 0.79% expense ratio. On volatility, ZAPR has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZMAY or ZAPR?

Over the 1-year period, ZAPR has performed better with a 7.23% return vs 6.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZMAY or ZAPR?

ZMAY and ZAPR have the same expense ratio: 0.79% per year.

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

ZMAY and ZAPR have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.97 vs 4.23), 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.