ZNOV vs. ZAPR
ZNOV (Innovator Equity Defined Protection ETF - 1 Yr November) 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, ZNOV returned 7.01% vs 6.96% for ZAPR. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.
Performance
ZNOV vs. ZAPR - Performance Comparison
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Returns By Period
In the year-to-date period, ZNOV achieves a 2.72% return, which is significantly lower than ZAPR's 3.14% return.
ZNOV
- 1D
- -0.16%
- 1M
- 0.29%
- YTD
- 2.72%
- 6M
- 2.76%
- 1Y
- 7.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAPR
- 1D
- -0.04%
- 1M
- 0.08%
- YTD
- 3.14%
- 6M
- 3.18%
- 1Y
- 6.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZNOV vs. ZAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November | 2.72% | 6.47% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 3.14% | 5.31% |
Correlation
The correlation between ZNOV and ZAPR is 0.55, 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 | 0.55 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | 0.60 |
The correlation between ZNOV and ZAPR has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
ZNOV vs. ZAPR — Risk / Return Rank
ZNOV
ZAPR
ZNOV vs. ZAPR - 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 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.
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 | ZAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -4.49 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 2.24 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | 4.30 | 17.39 | -13.09 |
| Martin ratioReturn relative to average drawdown | 19.92 | 80.28 | -60.36 |
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Drawdowns
ZNOV vs. ZAPR - Drawdown Comparison
The maximum ZNOV drawdown since its inception was -3.31%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for ZNOV and ZAPR.
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Drawdown Indicators
| ZNOV | ZAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.31% | -1.72% | -1.59% |
Max Drawdown (1Y)Largest decline over 1 year | -1.64% | -0.40% | -1.24% |
Current DrawdownCurrent decline from peak | -0.16% | -0.17% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -0.09% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.09% | +0.26% |
Volatility
ZNOV vs. ZAPR - Volatility Comparison
Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) has a higher volatility of 0.84% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.51%. This indicates that ZNOV'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.
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Volatility by Period
| ZNOV | ZAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.51% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 1.10% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 1.48% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.36% | 2.49% | +0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.36% | 2.49% | +0.87% |
ZNOV vs. ZAPR - Expense Ratio Comparison
Both ZNOV and ZAPR have an expense ratio of 0.79%.
Dividends
ZNOV vs. ZAPR - Dividend Comparison
Neither ZNOV nor ZAPR has paid dividends to shareholders.
Frequently Asked Questions
ZNOV and ZAPR have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZNOV has higher volatility (0.84%) compared to ZAPR (0.51%). In terms of maximum drawdown, ZNOV dropped -3.31% vs ZAPR's -1.72%.
On 1-year performance, ZNOV leads with 7.01% vs 6.96% for ZAPR. Both ETFs have the same 0.79% expense ratio. On volatility, ZAPR has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ZNOV has performed better with a 7.01% return vs 6.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZNOV and ZAPR have the same expense ratio: 0.79% per year.
ZNOV and ZAPR have nearly identical dividend yields, around 0.00%.
ZAPR currently has the higher Sharpe Ratio (4.74 vs 2.59), 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.
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