ZSEP vs. ENFR
ZSEP (Innovator Equity Defined Protection ETF - 1 Yr September) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - ZSEP is a Defined Outcome fund actively managed by Innovator, while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. ZSEP is actively managed, while ENFR is passively managed. Over the past year, ZSEP returned 7.42% vs 24.84% for ENFR. At a 0.16 correlation, their price movements are largely independent. ZSEP charges 0.79%/yr vs 0.35%/yr for ENFR.
Performance
ZSEP vs. ENFR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZSEP achieves a 2.69% return, which is significantly lower than ENFR's 23.07% return.
ZSEP
- 1D
- 0.02%
- 1M
- 0.27%
- YTD
- 2.69%
- 6M
- 2.84%
- 1Y
- 7.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ENFR
- 1D
- 1.01%
- 1M
- -5.94%
- YTD
- 23.07%
- 6M
- 24.76%
- 1Y
- 24.84%
- 3Y*
- 28.26%
- 5Y*
- 19.69%
- 10Y*
- 11.81%
ZSEP vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September | 2.69% | 6.78% | 1.42% |
ENFR Alerian Energy Infrastructure ETF | 23.07% | 5.88% | 12.09% |
Correlation
The correlation between ZSEP and ENFR is -0.09, 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 | -0.09 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024 | 0.16 |
The correlation between ZSEP and ENFR shifts across timeframes, from -0.09 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZSEP vs. ENFR — Risk / Return Rank
ZSEP
ENFR
ZSEP vs. ENFR - 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 Alerian Energy Infrastructure ETF (ENFR). 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 | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.29 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 5.14 | 2.89 | +2.26 |
| Martin ratioReturn relative to average drawdown | 26.26 | 7.40 | +18.86 |
Loading charts...
Drawdowns
ZSEP vs. ENFR - Drawdown Comparison
The maximum ZSEP drawdown since its inception was -3.97%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for ZSEP and ENFR.
Loading charts...
Drawdown Indicators
| ZSEP | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.97% | -68.28% | +64.31% |
Max Drawdown (1Y)Largest decline over 1 year | -1.45% | -8.64% | +7.19% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.58% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.29% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.64% | — |
Current DrawdownCurrent decline from peak | -0.15% | -6.12% | +5.97% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -15.94% | +15.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 3.36% | -3.08% |
Volatility
ZSEP vs. ENFR - Volatility Comparison
The current volatility for Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) is 0.51%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.42%. This indicates that ZSEP experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZSEP | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.51% | 5.42% | -4.91% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 11.57% | -9.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 14.82% | -12.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 19.24% | -15.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 24.68% | -21.37% |
ZSEP vs. ENFR - Expense Ratio Comparison
ZSEP has a 0.79% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
ZSEP vs. ENFR - Dividend Comparison
ZSEP has not paid dividends to shareholders, while ENFR's dividend yield for the trailing twelve months is around 4.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 4.08% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSEP and ENFR have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.42%) compared to ZSEP (0.51%). In terms of maximum drawdown, ZSEP dropped -3.97% vs ENFR's -68.28%.
On 1-year performance, ENFR leads with 24.84% vs 7.42% for ZSEP. On fees, ENFR is cheaper at 0.35% 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.
Over the 1-year period, ENFR has performed better with a 24.84% return vs 7.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.79% for ZSEP.
ENFR has the higher dividend yield at 4.08%, compared with 0.00% for ZSEP.
ZSEP is categorized as Defined Outcome, while ENFR is Energy Equities. They also come from different issuers: Innovator and SS&C. Their fees differ too: 0.79% for ZSEP and 0.35% for ENFR.
ZSEP currently has the higher Sharpe Ratio (3.08 vs 1.69), 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.
Find the right allocation for ZSEP and ENFR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer