ZSEP vs. ZJUN

Last updated Jun 24, 2026

ZSEP (Innovator Equity Defined Protection ETF - 1 Yr September) and ZJUN (Innovator Equity Defined Protection ETF - 1 Yr June) are both Defined Outcome funds from Innovator. Both are actively managed. Over the past year, ZSEP returned 6.87% vs 5.27% for ZJUN. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.79% expense ratio.

Performance

ZSEP vs. ZJUN - 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 June (ZJUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSEP achieves a 2.58% return, which is significantly higher than ZJUN's 1.66% return.

ZSEP

• 1D: -0.11%
• 1M: 0.16%
• YTD: 2.58%
• 6M: 2.42%
• 1Y: 6.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZJUN

• 1D: -0.24%
• 1M: -0.40%
• YTD: 1.66%
• 6M: 1.72%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZSEP vs. ZJUN - Yearly Performance Comparison

	2026 (YTD)	2025
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	2.58%	5.11%
ZJUN Innovator Equity Defined Protection ETF - 1 Yr June	1.66%	4.15%

Correlation

The correlation between ZSEP and ZJUN is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.61

The correlation between ZSEP and ZJUN has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

ZSEP vs. ZJUN — Risk / Return Rank

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

ZSEP

ZSEP Risk / Return Rank: 92
ZSEP Sharpe Ratio Rank: 92
ZSEP Sortino Ratio Rank: 94
ZSEP Omega Ratio Rank: 93
ZSEP Calmar Ratio Rank: 88
ZSEP Martin Ratio Rank: 94

ZJUN

ZJUN Risk / Return Rank: 91
ZJUN Sharpe Ratio Rank: 87
ZJUN Sortino Ratio Rank: 92
ZJUN Omega Ratio Rank: 93
ZJUN Calmar Ratio Rank: 89
ZJUN Martin Ratio Rank: 94

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. ZJUN - 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 June (ZJUN). 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	ZJUN	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.58	+0.30
Sortino ratio: Return per unit of downside risk	4.38	3.97	+0.41
Omega ratio: Gain probability vs. loss probability	1.59	1.59	+0.01
Calmar ratio: Return relative to maximum drawdown	4.76	4.92	-0.16
Martin ratio: Return relative to average drawdown	24.28	25.50	-1.22

ZSEP vs. ZJUN - Sharpe Ratio Comparison

The current ZSEP Sharpe Ratio is 2.89, which is comparable to the ZJUN Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of ZSEP and ZJUN, 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. ZJUN - Drawdown Comparison

The maximum ZSEP drawdown since its inception was -3.97%, which is greater than ZJUN's maximum drawdown of -1.08%. Use the drawdown chart below to compare losses from any high point for ZSEP and ZJUN.

Drawdown Indicators

	ZSEP	ZJUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.97%	-1.08%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	-1.08%	-0.37%
Current Drawdown Current decline from peak	-0.25%	-0.75%	+0.50%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.10%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.21%	+0.07%

Volatility

ZSEP vs. ZJUN - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) is 0.52%, while Innovator Equity Defined Protection ETF - 1 Yr June (ZJUN) has a volatility of 1.03%. This indicates that ZSEP experiences smaller price fluctuations and is considered to be less risky than ZJUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSEP	ZJUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	1.03%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	1.74%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	2.05%	+0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	2.04%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	2.04%	+1.27%

ZSEP vs. ZJUN - Expense Ratio Comparison

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

Dividends

ZSEP vs. ZJUN - Dividend Comparison

Neither ZSEP nor ZJUN has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ZSEP and ZJUN in my portfolio?

ZSEP and ZJUN have a correlation of 0.60, 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 ZJUN?

ZJUN has higher volatility (1.03%) compared to ZSEP (0.52%). In terms of maximum drawdown, ZSEP dropped -3.97% vs ZJUN's -1.08%.

Which ETF is better, ZSEP or ZJUN?

On 1-year performance, ZSEP leads with 6.87% vs 5.27% for ZJUN. Both ETFs have the same 0.79% expense ratio. On volatility, ZSEP has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZSEP or ZJUN?

Over the 1-year period, ZSEP has performed better with a 6.87% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZSEP or ZJUN?

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

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

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

Which has better risk-adjusted returns?

ZSEP currently has the higher Sharpe Ratio (2.89 vs 2.58), 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.