ZNOV vs. BAMU

Last updated Jun 24, 2026

ZNOV (Innovator Equity Defined Protection ETF - 1 Yr November) and BAMU (Brookstone Ultra-Short Bond ETF) are both exchange-traded funds - ZNOV is a Defined Outcome fund actively managed by Innovator, while BAMU is a Ultrashort Bond fund actively managed by Brookstone. Both are actively managed. Over the past year, ZNOV returned 6.55% vs 2.87% for BAMU. At a correlation of -0.02, they often move in opposite directions. ZNOV charges 0.79%/yr vs 1.09%/yr for BAMU.

Performance

ZNOV vs. BAMU - 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 Brookstone Ultra-Short Bond ETF (BAMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZNOV achieves a 2.53% return, which is significantly higher than BAMU's 1.18% return.

ZNOV

• 1D: -0.18%
• 1M: 0.11%
• YTD: 2.53%
• 6M: 2.49%
• 1Y: 6.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAMU

• 1D: 0.00%
• 1M: 0.16%
• YTD: 1.18%
• 6M: 1.29%
• 1Y: 2.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZNOV vs. BAMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November	2.53%	6.27%	0.84%
BAMU Brookstone Ultra-Short Bond ETF	1.18%	3.21%	0.64%

Correlation

The correlation between ZNOV and BAMU is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	-0.02

Return for Risk

ZNOV vs. BAMU — Risk / Return Rank

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

ZNOV

ZNOV Risk / Return Rank: 87
ZNOV Sharpe Ratio Rank: 83
ZNOV Sortino Ratio Rank: 91
ZNOV Omega Ratio Rank: 87
ZNOV Calmar Ratio Rank: 82
ZNOV Martin Ratio Rank: 90

BAMU

BAMU Risk / Return Rank: 98
BAMU Sharpe Ratio Rank: 98
BAMU Sortino Ratio Rank: 98
BAMU Omega Ratio Rank: 98
BAMU Calmar Ratio Rank: 99
BAMU 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.

ZNOV vs. BAMU - 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 Brookstone Ultra-Short Bond ETF (BAMU). 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.

	ZNOV	BAMU	Difference
Sharpe ratio: Return per unit of total volatility	2.42	4.94	-2.52
Sortino ratio: Return per unit of downside risk	3.86	8.71	-4.85
Omega ratio: Gain probability vs. loss probability	1.49	2.41	-0.92
Calmar ratio: Return relative to maximum drawdown	4.01	24.37	-20.36
Martin ratio: Return relative to average drawdown	18.57	96.52	-77.96

ZNOV vs. BAMU - Sharpe Ratio Comparison

The current ZNOV Sharpe Ratio is 2.42, which is lower than the BAMU Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of ZNOV and BAMU, 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

ZNOV vs. BAMU - Drawdown Comparison

The maximum ZNOV drawdown since its inception was -3.31%, which is greater than BAMU's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for ZNOV and BAMU.

Drawdown Indicators

	ZNOV	BAMU	Difference
Max Drawdown Largest peak-to-trough decline	-3.31%	-0.36%	-2.95%
Max Drawdown (1Y) Largest decline over 1 year	-1.64%	-0.12%	-1.52%
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.02%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.03%	+0.32%

Volatility

ZNOV vs. BAMU - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) has a higher volatility of 0.86% compared to Brookstone Ultra-Short Bond ETF (BAMU) at 0.09%. This indicates that ZNOV's price experiences larger fluctuations and is considered to be riskier than BAMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZNOV	BAMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	0.09%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	0.39%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	0.58%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	0.87%	+2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.36%	0.87%	+2.49%

ZNOV vs. BAMU - Expense Ratio Comparison

ZNOV has a 0.79% expense ratio, which is lower than BAMU's 1.09% expense ratio.

Dividends

ZNOV vs. BAMU - Dividend Comparison

ZNOV has not paid dividends to shareholders, while BAMU's dividend yield for the trailing twelve months is around 3.05%.

Position	TTM	2025	2024	2023
BAMU Brookstone Ultra-Short Bond ETF	3.05%	3.20%	3.97%	0.84%
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZNOV and BAMU in my portfolio?

ZNOV and BAMU have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZNOV or BAMU?

ZNOV has higher volatility (0.86%) compared to BAMU (0.09%). In terms of maximum drawdown, ZNOV dropped -3.31% vs BAMU's -0.36%.

Which ETF is better, ZNOV or BAMU?

On 1-year performance, ZNOV leads with 6.55% vs 2.87% for BAMU. On fees, ZNOV is cheaper at 0.79% per year. On volatility, BAMU has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZNOV or BAMU?

Over the 1-year period, ZNOV has performed better with a 6.55% return vs 2.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZNOV or BAMU?

ZNOV is cheaper with a 0.79% expense ratio, compared with 1.09% for BAMU.

Which ETF pays a higher dividend yield, ZNOV or BAMU?

BAMU has the higher dividend yield at 3.05%, compared with 0.00% for ZNOV.

What is the main difference between ZNOV and BAMU?

ZNOV is categorized as Defined Outcome, while BAMU is Ultrashort Bond. They also come from different issuers: Innovator and Brookstone. Their fees differ too: 0.79% for ZNOV and 1.09% for BAMU.

Which has better risk-adjusted returns?

BAMU currently has the higher Sharpe Ratio (4.94 vs 2.42), 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.