ZSEP vs. APXM

Last updated Jun 23, 2026

ZSEP (Innovator Equity Defined Protection ETF - 1 Yr September) and APXM (FT Vest U.S. Equity Max Buffer ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, ZSEP returned 7.42% vs 5.14% for APXM. A 0.61 correlation means they provide meaningful diversification when combined. ZSEP charges 0.79%/yr vs 0.85%/yr for APXM.

Performance

ZSEP vs. APXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) and FT Vest U.S. Equity Max Buffer ETF - April (APXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSEP achieves a 2.69% return, which is significantly higher than APXM's 2.01% return.

ZSEP

• 1D: 0.02%
• 1M: 0.27%
• YTD: 2.69%
• 6M: 2.84%
• 1Y: 7.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APXM

• 1D: -0.05%
• 1M: 0.14%
• YTD: 2.01%
• 6M: 2.14%
• 1Y: 5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZSEP vs. APXM - Yearly Performance Comparison

	2026 (YTD)	2025
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	2.69%	8.81%
APXM FT Vest U.S. Equity Max Buffer ETF - April	2.01%	5.24%

Correlation

The correlation between ZSEP and APXM is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Apr 21, 2025	0.61

The correlation between ZSEP and APXM has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Return for Risk

ZSEP vs. APXM — Risk / Return Rank

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

ZSEP

ZSEP Risk / Return Rank: 93
ZSEP Sharpe Ratio Rank: 92
ZSEP Sortino Ratio Rank: 94
ZSEP Omega Ratio Rank: 94
ZSEP Calmar Ratio Rank: 89
ZSEP Martin Ratio Rank: 94

APXM

APXM Risk / Return Rank: 97
APXM Sharpe Ratio Rank: 97
APXM Sortino Ratio Rank: 98
APXM Omega Ratio Rank: 98
APXM Calmar Ratio Rank: 96
APXM Martin Ratio Rank: 98

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.

ZSEP vs. APXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) and FT Vest U.S. Equity Max Buffer ETF - April (APXM). 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.

	ZSEP	APXM	Difference
Sharpe ratio: Return per unit of total volatility	3.08	4.29	-1.21
Sortino ratio: Return per unit of downside risk	4.73	7.06	-2.34
Omega ratio: Gain probability vs. loss probability	1.64	2.22	-0.57
Calmar ratio: Return relative to maximum drawdown	5.14	8.62	-3.48
Martin ratio: Return relative to average drawdown	26.26	61.17	-34.91

ZSEP vs. APXM - Sharpe Ratio Comparison

The current ZSEP Sharpe Ratio is 3.08, which is comparable to the APXM Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of ZSEP and APXM, 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

ZSEP vs. APXM - Drawdown Comparison

The maximum ZSEP drawdown since its inception was -3.97%, which is greater than APXM's maximum drawdown of -0.60%. Use the drawdown chart below to compare losses from any high point for ZSEP and APXM.

Drawdown Indicators

	ZSEP	APXM	Difference
Max Drawdown Largest peak-to-trough decline	-3.97%	-0.60%	-3.37%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-0.60%	-0.85%
Current Drawdown Current decline from peak	-0.15%	-0.17%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.04%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.08%	+0.20%

Volatility

ZSEP vs. APXM - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) is 0.51%, while FT Vest U.S. Equity Max Buffer ETF - April (APXM) has a volatility of 0.73%. This indicates that ZSEP experiences smaller price fluctuations and is considered to be less risky than APXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSEP	APXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.73%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	1.04%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	1.21%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	1.35%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	1.35%	+1.96%

ZSEP vs. APXM - Expense Ratio Comparison

ZSEP has a 0.79% expense ratio, which is lower than APXM's 0.85% expense ratio.

Dividends

ZSEP vs. APXM - Dividend Comparison

Neither ZSEP nor APXM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZSEP and APXM in my portfolio?

ZSEP and APXM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZSEP or APXM?

APXM has higher volatility (0.73%) compared to ZSEP (0.51%). In terms of maximum drawdown, ZSEP dropped -3.97% vs APXM's -0.60%.

Which ETF is better, ZSEP or APXM?

On 1-year performance, ZSEP leads with 7.42% vs 5.14% for APXM. On fees, ZSEP is cheaper at 0.79% per year. On volatility, ZSEP has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSEP or APXM?

Over the 1-year period, ZSEP has performed better with a 7.42% return vs 5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSEP or APXM?

ZSEP is cheaper with a 0.79% expense ratio, compared with 0.85% for APXM.

Which ETF pays a higher dividend yield, ZSEP or APXM?

ZSEP and APXM have nearly identical dividend yields, around 0.00%.

What is the main difference between ZSEP and APXM?

They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for ZSEP and 0.85% for APXM.

Which has better risk-adjusted returns?

APXM currently has the higher Sharpe Ratio (4.29 vs 3.08), 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.