DMAX vs. NAPR
Compare and contrast key facts about iShares Large Cap Max Buffer December ETF (DMAX) and Innovator Nasdaq-100 Power Buffer ETF - April (NAPR).
DMAX and NAPR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DMAX is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Dec 31, 2024. NAPR is a passively managed fund by Innovator that tracks the performance of the NASDAQ-100 Index. It was launched on Mar 31, 2020. Both DMAX and NAPR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DMAX vs. NAPR - Performance Comparison
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DMAX vs. NAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | -0.37% | 7.81% |
NAPR Innovator Nasdaq-100 Power Buffer ETF - April | 1.71% | 6.64% |
Returns By Period
In the year-to-date period, DMAX achieves a -0.37% return, which is significantly lower than NAPR's 1.71% return.
DMAX
- 1D
- 0.40%
- 1M
- -0.84%
- YTD
- -0.37%
- 6M
- 1.76%
- 1Y
- 7.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NAPR
- 1D
- 0.13%
- 1M
- 0.66%
- YTD
- 1.71%
- 6M
- 3.74%
- 1Y
- 14.51%
- 3Y*
- 11.94%
- 5Y*
- 8.69%
- 10Y*
- —
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DMAX vs. NAPR - Expense Ratio Comparison
DMAX has a 0.50% expense ratio, which is lower than NAPR's 0.79% expense ratio.
Return for Risk
DMAX vs. NAPR — Risk / Return Rank
DMAX
NAPR
DMAX vs. NAPR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer December ETF (DMAX) and Innovator Nasdaq-100 Power Buffer ETF - April (NAPR). 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.
| DMAX | NAPR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.26 | 1.51 | +0.75 |
Sortino ratioReturn per unit of downside risk | 3.38 | 2.43 | +0.95 |
Omega ratioGain probability vs. loss probability | 1.51 | 1.52 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 3.99 | 1.93 | +2.06 |
Martin ratioReturn relative to average drawdown | 19.40 | 14.15 | +5.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DMAX | NAPR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 1.51 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.77 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.68 | 0.95 | +0.73 |
Correlation
The correlation between DMAX and NAPR is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DMAX vs. NAPR - Dividend Comparison
DMAX's dividend yield for the trailing twelve months is around 1.18%, while NAPR has not paid dividends to shareholders.
| TTM | 2025 | |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.18% | 1.18% |
NAPR Innovator Nasdaq-100 Power Buffer ETF - April | 0.00% | 0.00% |
Drawdowns
DMAX vs. NAPR - Drawdown Comparison
The maximum DMAX drawdown since its inception was -3.37%, smaller than the maximum NAPR drawdown of -16.53%. Use the drawdown chart below to compare losses from any high point for DMAX and NAPR.
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Drawdown Indicators
| DMAX | NAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.37% | -16.53% | +13.16% |
Max Drawdown (1Y)Largest decline over 1 year | -2.00% | -7.53% | +5.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.53% | — |
Current DrawdownCurrent decline from peak | -0.97% | 0.00% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -0.42% | -2.34% | +1.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 1.03% | -0.62% |
Volatility
DMAX vs. NAPR - Volatility Comparison
iShares Large Cap Max Buffer December ETF (DMAX) has a higher volatility of 0.98% compared to Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) at 0.65%. This indicates that DMAX's price experiences larger fluctuations and is considered to be riskier than NAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMAX | NAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.65% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 1.81% | 2.23% | -0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.46% | 9.65% | -6.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.57% | 11.30% | -7.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.57% | 10.71% | -7.14% |