Newer versions are forwards and backwards compatible with older versions. The compression format stabilized starting with version 0.8.1.
Also, be careful with universe packages. They are fast and loose with them. The version of redis commonly deployed on 14.04 has a known security issue that bit us some time ago (CVE 2015-4335). See https://bugs.launchpad.net/ubuntu/trusty/+source/redis/+bug/... .
It is unfortunate that Xenial picked up version 0.5, but Yann Collet worked hard to get version 1.3.1 backported for this exact reason https://bugs.launchpad.net/ubuntu/+source/libzstd/+bug/17170....