DDFL vs. SMAX

Last updated Jun 5, 2026

DDFL (Innovator Equity Dual Directional 15 Buffer ETF - July) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. A 0.70 correlation means they provide meaningful diversification when combined. DDFL charges 0.79%/yr vs 0.50%/yr for SMAX.

Performance

DDFL vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) and iShares Large Cap Max Buffer Sep ETF (SMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDFL achieves a 2.83% return, which is significantly lower than SMAX's 3.13% return.

DDFL

• 1D: 0.02%
• 1M: 0.67%
• YTD: 2.83%
• 6M: 3.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: 0.04%
• 1M: 0.96%
• YTD: 3.13%
• 6M: 3.51%
• 1Y: 9.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DDFL vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	2.83%	4.76%
SMAX iShares Large Cap Max Buffer Sep ETF	3.13%	4.53%

Correlation

The correlation between DDFL and SMAX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.70

Return for Risk

DDFL vs. SMAX — Risk / Return Rank

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

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 94
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 96
SMAX Calmar Ratio Rank: 87
SMAX 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.

DDFL vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 15 Buffer ETF - July (DDFL) and iShares Large Cap Max Buffer Sep ETF (SMAX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DDFL	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.59	2.01	+0.57

Drawdowns

DDFL vs. SMAX - Drawdown Comparison

The maximum DDFL drawdown since its inception was -1.63%, smaller than the maximum SMAX drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for DDFL and SMAX.

Drawdown Indicators

	DDFL	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-1.63%	-3.90%	+2.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.91%	—
Current Drawdown Current decline from peak	-0.02%	-0.05%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.19%	-0.40%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	DDFL	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	2.67%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	3.66%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.25%	3.66%	-0.41%

DDFL vs. SMAX - Expense Ratio Comparison

DDFL has a 0.79% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

DDFL vs. SMAX - Dividend Comparison

DDFL has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024
DDFL Innovator Equity Dual Directional 15 Buffer ETF - July	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%

Frequently Asked Questions

Can I hold both DDFL and SMAX in my portfolio?

DDFL and SMAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DDFL or SMAX?

On fees, SMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DDFL or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for DDFL.

Which ETF pays a higher dividend yield, DDFL or SMAX?

SMAX has the higher dividend yield at 0.95%, compared with 0.00% for DDFL.

What is the main difference between DDFL and SMAX?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for DDFL and 0.50% for SMAX.