DMAX vs. ZSEP

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Large Cap Max Buffer December ETF (DMAX) and Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP).

DMAX and ZSEP 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. ZSEP is an actively managed fund by Innovator. It was launched on Sep 1, 2024.

Performance

DMAX vs. ZSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer December ETF (DMAX) and Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP). The values are adjusted to include any dividend payments, if applicable.

DMAX vs. ZSEP - Yearly Performance Comparison

	2026 (YTD)	2025
DMAX iShares Large Cap Max Buffer December ETF	-0.26%	7.81%
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	-0.07%	6.82%

Returns By Period

In the year-to-date period, DMAX achieves a -0.26% return, which is significantly lower than ZSEP's -0.07% return.

DMAX

• 1D: 0.11%
• 1M: -0.73%
• YTD: -0.26%
• 6M: 1.70%
• 1Y: 7.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZSEP

• 1D: 0.14%
• 1M: -0.56%
• YTD: -0.07%
• 6M: 0.87%
• 1Y: 7.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DMAX vs. ZSEP - Expense Ratio Comparison

DMAX has a 0.50% expense ratio, which is lower than ZSEP's 0.79% expense ratio.

ZSEP

Innovator Equity Defined Protection ETF - 1 Yr September

DMAX

iShares Large Cap Max Buffer December ETF

Return for Risk

DMAX vs. ZSEP — Risk / Return Rank

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

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 93
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 94
DMAX Martin Ratio Rank: 96

ZSEP

ZSEP Risk / Return Rank: 91
ZSEP Sharpe Ratio Rank: 88
ZSEP Sortino Ratio Rank: 92
ZSEP Omega Ratio Rank: 93
ZSEP Calmar Ratio Rank: 87
ZSEP 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.

DMAX vs. ZSEP - 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 Equity Defined Protection ETF - 1 Yr September (ZSEP). 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	ZSEP	Difference
Sharpe ratio Return per unit of total volatility	2.25	1.95	+0.30
Sortino ratio Return per unit of downside risk	3.38	2.86	+0.52
Omega ratio Gain probability vs. loss probability	1.51	1.45	+0.07
Calmar ratio Return relative to maximum drawdown	3.94	2.99	+0.95
Martin ratio Return relative to average drawdown	19.00	15.25	+3.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMAX vs. ZSEP - Sharpe Ratio Comparison

The current DMAX Sharpe Ratio is 2.25, which is comparable to the ZSEP Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of DMAX and ZSEP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DMAX	ZSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	1.95	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	1.65	+0.05

Correlation

The correlation between DMAX and ZSEP is 0.75, 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. ZSEP - Dividend Comparison

DMAX's dividend yield for the trailing twelve months is around 1.18%, while ZSEP has not paid dividends to shareholders.

	TTM	2025
DMAX iShares Large Cap Max Buffer December ETF	1.18%	1.18%
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	0.00%	0.00%

Drawdowns

DMAX vs. ZSEP - Drawdown Comparison

The maximum DMAX drawdown since its inception was -3.37%, smaller than the maximum ZSEP drawdown of -3.97%. Use the drawdown chart below to compare losses from any high point for DMAX and ZSEP.

Drawdown Indicators

	DMAX	ZSEP	Difference
Max Drawdown Largest peak-to-trough decline	-3.37%	-3.97%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-2.46%	+0.46%
Current Drawdown Current decline from peak	-0.86%	-0.74%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.42%	-0.39%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.48%	-0.07%

Volatility

DMAX vs. ZSEP - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer December ETF (DMAX) is 0.99%, while Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) has a volatility of 1.17%. This indicates that DMAX experiences smaller price fluctuations and is considered to be less risky than ZSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAX	ZSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	1.17%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.82%	1.99%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	3.67%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.56%	3.41%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.56%	3.41%	+0.15%