ZSEP vs. ZAPR

Last updated Aug 1, 2026

ZSEP (Innovator Equity Defined Protection ETF - 1 Yr September) 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, ZSEP returned 6.50% vs 6.42% for ZAPR. Their 0.61 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.79% expense ratio.

Performance

ZSEP vs. ZAPR - 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 Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSEP achieves a 3.46% return, which is significantly lower than ZAPR's 3.82% return.

ZSEP

• 1D: 0.13%
• 1M: 0.43%
• 6M: 3.08%
• YTD: 3.46%
• 1Y: 6.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.15%

ZAPR

• 1D: 0.11%
• 1M: 0.38%
• 6M: 3.44%
• YTD: 3.82%
• 1Y: 6.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	$55.96K	$95.56K	$464.63K
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	$67.71K	$172.39K	$462.24K

ZSEP vs. ZAPR - Yearly Performance Comparison

	2026 (YTD)	2025
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	3.46%	7.44%
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April	3.82%	5.31%

Correlation

The correlation between ZSEP and ZAPR is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.61

The correlation between ZSEP and ZAPR has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

Return for Risk

ZSEP vs. ZAPR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZSEP

ZSEP Risk / Return Rank: 94
ZSEP Sharpe Ratio Rank: 94
ZSEP Sortino Ratio Rank: 94
ZSEP Omega Ratio Rank: 94
ZSEP Calmar Ratio Rank: 92
ZSEP Martin Ratio Rank: 95

ZAPR

ZAPR Risk / Return Rank: 98
ZAPR Sharpe Ratio Rank: 98
ZAPR Sortino Ratio Rank: 98
ZAPR Omega Ratio Rank: 98
ZAPR Calmar Ratio Rank: 99
ZAPR Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZSEP vs. ZAPR - 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 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.

	ZSEP	ZAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.59	4.36	-1.77
Sortino ratio: Return per unit of downside risk	3.88	7.66	-3.78
Omega ratio: Gain probability vs. loss probability	1.51	2.08	-0.57
Calmar ratio: Return relative to maximum drawdown	4.26	15.94	-11.68
Martin ratio: Return relative to average drawdown	21.67	66.81	-45.14

ZSEP vs. ZAPR - Sharpe Ratio Comparison

The current ZSEP Sharpe Ratio is 2.59, which is lower than the ZAPR Sharpe Ratio of 4.36. The chart below compares the historical Sharpe Ratios of ZSEP and ZAPR, 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. ZAPR - Drawdown Comparison

The maximum ZSEP drawdown since its inception was -3.97%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for ZSEP and ZAPR.

Drawdown Indicators

	ZSEP	ZAPR	Difference
Max Drawdown Largest peak-to-trough decline	-3.97%	-1.72%	-2.25%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-0.40%	-1.05%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.09%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.10%	+0.19%

Volatility

ZSEP vs. ZAPR - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) has a higher volatility of 0.45% compared to Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) at 0.40%. This indicates that ZSEP'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.

Volatility by Period

	ZSEP	ZAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	0.40%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	1.09%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	2.38%	1.47%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.23%	2.42%	+0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.23%	2.42%	+0.81%

ZSEP vs. ZAPR - Expense Ratio Comparison

Both ZSEP and ZAPR have an expense ratio of 0.79%.

Dividends

ZSEP vs. ZAPR - Dividend Comparison

Neither ZSEP nor ZAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZSEP and ZAPR in my portfolio?

ZSEP 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.

Which is riskier, ZSEP or ZAPR?

ZSEP has higher volatility (0.45%) compared to ZAPR (0.40%). In terms of maximum drawdown, ZSEP dropped -3.97% vs ZAPR's -1.72%.

Which ETF is better, ZSEP or ZAPR?

On 1-year performance, ZSEP leads with 6.50% vs 6.42% for ZAPR. Both ETFs have the same 0.79% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSEP or ZAPR?

Over the 1-year period, ZSEP has performed better with a 6.50% return vs 6.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSEP or ZAPR?

ZSEP and ZAPR have the same expense ratio: 0.79% per year.

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

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

Which has better risk-adjusted returns?

ZAPR currently has the higher Sharpe Ratio (4.36 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.