ZNOV vs. AIOO

Last updated Apr 1, 2026

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

ZNOV and AIOO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZNOV is an actively managed fund by Innovator. It was launched on Oct 31, 2024. AIOO is an actively managed fund by Allianz. It was launched on Jun 30, 2025.

Performance

ZNOV vs. AIOO - Performance Comparison

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

ZNOV vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November	-0.47%	3.05%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.01%	2.67%

Returns By Period

In the year-to-date period, ZNOV achieves a -0.47% return, which is significantly lower than AIOO's 0.01% return.

ZNOV

• 1D: 0.46%
• 1M: -1.01%
• YTD: -0.47%
• 6M: 0.58%
• 1Y: 5.98%
• 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)

ZNOV vs. AIOO - Expense Ratio Comparison

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

ZNOV

Innovator Equity Defined Protection ETF - 1 Yr November

AIOO

AllianzIM U.S. Equity Buffer100 Protection ETF

Return for Risk

ZNOV vs. AIOO — Risk / Return Rank

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

ZNOV

ZNOV Risk / Return Rank: 88
ZNOV Sharpe Ratio Rank: 83
ZNOV Sortino Ratio Rank: 89
ZNOV Omega Ratio Rank: 88
ZNOV Calmar Ratio Rank: 88
ZNOV Martin Ratio Rank: 91

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.

ZNOV vs. AIOO - Risk-Adjusted Trends Comparison

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

	ZNOV	AIOO	Difference
Sharpe ratio Return per unit of total volatility	1.67	—	—
Sortino ratio Return per unit of downside risk	2.54	—	—
Omega ratio Gain probability vs. loss probability	1.37	—	—
Calmar ratio Return relative to maximum drawdown	2.90	—	—
Martin ratio Return relative to average drawdown	12.70	—	—
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

	ZNOV	AIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.36	1.82	-0.46

Correlation

The correlation between ZNOV and AIOO is 0.60, 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

ZNOV vs. AIOO - Dividend Comparison

Neither ZNOV nor AIOO has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ZNOV vs. AIOO - Drawdown Comparison

The maximum ZNOV drawdown since its inception was -3.31%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for ZNOV and AIOO.

Drawdown Indicators

	ZNOV	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-3.31%	-0.74%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.11%	—	—
Current Drawdown Current decline from peak	-1.15%	-0.45%	-0.70%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.19%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	—	—

Volatility

Volatility by Period

	ZNOV	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.59%	1.99%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	1.99%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.45%	1.99%	+1.46%