ZOCT vs. UMAY

Last updated Jun 4, 2026

ZOCT (Innovator Equity Defined Protection ETF - 1 Yr October) and UMAY (Innovator U.S. Equity Ultra Buffer ETF - May) are both Defined Outcome funds from Innovator. ZOCT is actively managed, while UMAY is passively managed. Over the past year, ZOCT returned 7.26% vs 10.48% for UMAY. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

ZOCT vs. UMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr October (ZOCT) and Innovator U.S. Equity Ultra Buffer ETF - May (UMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZOCT achieves a 2.64% return, which is significantly lower than UMAY's 3.93% return.

ZOCT

• 1D: -0.02%
• 1M: 0.82%
• YTD: 2.64%
• 6M: 2.94%
• 1Y: 7.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UMAY

• 1D: -0.27%
• 1M: 1.86%
• YTD: 3.93%
• 6M: 4.74%
• 1Y: 10.48%
• 3Y*: 11.51%
• 5Y*: 6.49%
• 10Y*: —

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

ZOCT vs. UMAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZOCT Innovator Equity Defined Protection ETF - 1 Yr October	2.64%	6.24%	0.68%
UMAY Innovator U.S. Equity Ultra Buffer ETF - May	3.93%	8.79%	2.23%

Correlation

The correlation between ZOCT and UMAY is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	0.79

The correlation between ZOCT and UMAY has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

ZOCT vs. UMAY — Risk / Return Rank

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

ZOCT

ZOCT Risk / Return Rank: 92
ZOCT Sharpe Ratio Rank: 92
ZOCT Sortino Ratio Rank: 95
ZOCT Omega Ratio Rank: 95
ZOCT Calmar Ratio Rank: 87
ZOCT Martin Ratio Rank: 93

UMAY

UMAY Risk / Return Rank: 93
UMAY Sharpe Ratio Rank: 89
UMAY Sortino Ratio Rank: 93
UMAY Omega Ratio Rank: 94
UMAY Calmar Ratio Rank: 95
UMAY Martin Ratio Rank: 96

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.

ZOCT vs. UMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr October (ZOCT) and Innovator U.S. Equity Ultra Buffer ETF - May (UMAY). 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.

	ZOCT	UMAY	Difference
Sharpe ratio: Return per unit of total volatility	3.29	2.99	+0.30
Sortino ratio: Return per unit of downside risk	5.33	4.63	+0.69
Omega ratio: Gain probability vs. loss probability	1.72	1.67	+0.05
Calmar ratio: Return relative to maximum drawdown	4.99	7.71	-2.73
Martin ratio: Return relative to average drawdown	24.15	39.51	-15.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZOCT vs. UMAY - Sharpe Ratio Comparison

The current ZOCT Sharpe Ratio is 3.29, which is comparable to the UMAY Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of ZOCT and UMAY, 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

	ZOCT	UMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.29	2.99	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.91	0.86	+1.05

Drawdowns

ZOCT vs. UMAY - Drawdown Comparison

The maximum ZOCT drawdown since its inception was -3.18%, smaller than the maximum UMAY drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for ZOCT and UMAY.

Drawdown Indicators

	ZOCT	UMAY	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-12.12%	+8.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.46%	-1.36%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.12%	—
Current Drawdown Current decline from peak	-0.04%	-0.27%	+0.23%
Average Drawdown Average peak-to-trough decline	-0.34%	-2.14%	+1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	0.27%	+0.03%

Volatility

ZOCT vs. UMAY - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr October (ZOCT) is 0.30%, while Innovator U.S. Equity Ultra Buffer ETF - May (UMAY) has a volatility of 1.20%. This indicates that ZOCT experiences smaller price fluctuations and is considered to be less risky than UMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZOCT	UMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	1.20%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	1.69%	2.40%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	2.22%	3.53%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.04%	8.46%	-5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.04%	7.93%	-4.89%

ZOCT vs. UMAY - Expense Ratio Comparison

Both ZOCT and UMAY have an expense ratio of 0.79%.

Dividends

ZOCT vs. UMAY - Dividend Comparison

Neither ZOCT nor UMAY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZOCT and UMAY in my portfolio?

ZOCT and UMAY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZOCT or UMAY?

UMAY has higher volatility (1.20%) compared to ZOCT (0.30%). In terms of maximum drawdown, ZOCT dropped -3.18% vs UMAY's -12.12%.

Which ETF is better, ZOCT or UMAY?

On 1-year performance, UMAY leads with 10.48% vs 7.26% for ZOCT. Both ETFs have the same 0.79% expense ratio. On volatility, ZOCT has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZOCT or UMAY?

Over the 1-year period, UMAY has performed better with a 10.48% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZOCT or UMAY?

ZOCT and UMAY have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, ZOCT or UMAY?

ZOCT and UMAY have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ZOCT currently has the higher Sharpe Ratio (3.29 vs 2.99), 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.