BJUN vs. DMAX

Last updated Jun 4, 2026

BJUN (Innovator U.S. Equity Buffer ETF - June) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - BJUN tracks the S&P 500 Price Return Index while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, BJUN returned 14.41% vs 8.46% for DMAX. Their correlation of 0.85 suggests significant overlap in exposure. BJUN charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

BJUN vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - June (BJUN) and iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BJUN achieves a 4.45% return, which is significantly higher than DMAX's 2.34% return.

BJUN

• 1D: -0.51%
• 1M: 0.57%
• YTD: 4.45%
• 6M: 5.26%
• 1Y: 14.41%
• 3Y*: 14.50%
• 5Y*: 8.67%
• 10Y*: —

DMAX

• 1D: -0.07%
• 1M: 0.86%
• YTD: 2.34%
• 6M: 3.01%
• 1Y: 8.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BJUN vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
BJUN Innovator U.S. Equity Buffer ETF - June	4.45%	12.79%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.81%

Correlation

The correlation between BJUN and DMAX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.85

The correlation between BJUN and DMAX has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

BJUN vs. DMAX — Risk / Return Rank

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

BJUN

BJUN Risk / Return Rank: 76
BJUN Sharpe Ratio Rank: 69
BJUN Sortino Ratio Rank: 76
BJUN Omega Ratio Rank: 80
BJUN Calmar Ratio Rank: 67
BJUN Martin Ratio Rank: 87

DMAX

DMAX Risk / Return Rank: 94
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 91
DMAX Martin Ratio Rank: 95

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.

BJUN vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - June (BJUN) and iShares Large Cap Max Buffer December ETF (DMAX). 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.

	BJUN	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	3.65	-1.38
Sortino ratio: Return per unit of downside risk	3.39	5.65	-2.25
Omega ratio: Gain probability vs. loss probability	1.48	1.79	-0.31
Calmar ratio: Return relative to maximum drawdown	3.32	6.01	-2.69
Martin ratio: Return relative to average drawdown	18.84	30.74	-11.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BJUN vs. DMAX - Sharpe Ratio Comparison

The current BJUN Sharpe Ratio is 2.27, which is lower than the DMAX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of BJUN and DMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BJUN	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	3.65	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	2.14	-1.40

Drawdowns

BJUN vs. DMAX - Drawdown Comparison

The maximum BJUN drawdown since its inception was -22.71%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for BJUN and DMAX.

Drawdown Indicators

	BJUN	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	-3.37%	-19.34%
Max Drawdown (1Y) Largest decline over 1 year	-4.36%	-1.41%	-2.95%
Max Drawdown (3Y) Largest decline over 3 years	-12.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.69%	—	—
Current Drawdown Current decline from peak	-0.51%	-0.07%	-0.44%
Average Drawdown Average peak-to-trough decline	-2.85%	-0.38%	-2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.28%	+0.49%

Volatility

BJUN vs. DMAX - Volatility Comparison

Innovator U.S. Equity Buffer ETF - June (BJUN) has a higher volatility of 0.63% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.32%. This indicates that BJUN's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJUN	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.32%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	4.67%	1.54%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	6.40%	2.33%	+4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.88%	3.40%	+7.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.21%	3.40%	+9.81%

BJUN vs. DMAX - Expense Ratio Comparison

BJUN has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

BJUN vs. DMAX - Dividend Comparison

BJUN has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.

Position	TTM	2025
BJUN Innovator U.S. Equity Buffer ETF - June	0.00%	0.00%
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%

Frequently Asked Questions

Can I hold both BJUN and DMAX in my portfolio?

BJUN and DMAX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BJUN or DMAX?

BJUN has higher volatility (0.63%) compared to DMAX (0.32%). In terms of maximum drawdown, BJUN dropped -22.71% vs DMAX's -3.37%.

Which ETF is better, BJUN or DMAX?

On 1-year performance, BJUN leads with 14.41% vs 8.46% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJUN or DMAX?

Over the 1-year period, BJUN has performed better with a 14.41% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJUN or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for BJUN.

Which ETF pays a higher dividend yield, BJUN or DMAX?

DMAX has the higher dividend yield at 1.15%, compared with 0.00% for BJUN.

What is the main difference between BJUN and DMAX?

BJUN tracks S&P 500 Price Return Index, while DMAX tracks S&P 500 Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for BJUN and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.65 vs 2.27), 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.