DMAX vs. ZSEP

Last updated Jun 3, 2026

DMAX (iShares Large Cap Max Buffer December ETF) and ZSEP (Innovator Equity Defined Protection ETF - 1 Yr September) are both Defined Outcome funds. DMAX is passively managed, while ZSEP is actively managed. Over the past year, DMAX returned 8.68% vs 7.80% for ZSEP. A 0.74 correlation means they provide meaningful diversification when combined. DMAX charges 0.50%/yr vs 0.79%/yr for ZSEP.

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.

Returns By Period

In the year-to-date period, DMAX achieves a 2.42% return, which is significantly lower than ZSEP's 2.65% return.

DMAX

• 1D: 0.02%
• 1M: 0.83%
• YTD: 2.42%
• 6M: 3.14%
• 1Y: 8.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZSEP

• 1D: -0.02%
• 1M: 0.71%
• YTD: 2.65%
• 6M: 3.09%
• 1Y: 7.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DMAX vs. ZSEP - Yearly Performance Comparison

	2026 (YTD)	2025
DMAX iShares Large Cap Max Buffer December ETF	2.42%	7.81%
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	2.65%	6.82%

Correlation

The correlation between DMAX and ZSEP is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.74

The correlation between DMAX and ZSEP has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

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: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 92
DMAX Martin Ratio Rank: 95

ZSEP

ZSEP Risk / Return Rank: 92
ZSEP Sharpe Ratio Rank: 90
ZSEP Sortino Ratio Rank: 94
ZSEP Omega Ratio Rank: 93
ZSEP Calmar Ratio Rank: 89
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	3.74	3.16	+0.58
Sortino ratio Return per unit of downside risk	5.80	4.85	+0.95
Omega ratio Gain probability vs. loss probability	1.81	1.66	+0.15
Calmar ratio Return relative to maximum drawdown	6.15	5.45	+0.70
Martin ratio Return relative to average drawdown	31.49	27.97	+3.52
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 3.74, which is comparable to the ZSEP Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of DMAX and ZSEP, 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

	DMAX	ZSEP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	3.16	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	2.16	2.03	+0.13

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	-1.41%	-1.45%	+0.04%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.36%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.28%	0.00%

Volatility

DMAX vs. ZSEP - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer December ETF (DMAX) is 0.33%, while Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) has a volatility of 0.43%. 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	0.33%	0.43%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.54%	1.86%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	2.48%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	3.30%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.40%	3.30%	+0.10%

DMAX vs. ZSEP - Expense Ratio Comparison

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

Dividends

DMAX vs. ZSEP - Dividend Comparison

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

Position	TTM	2025
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%
ZSEP Innovator Equity Defined Protection ETF - 1 Yr September	0.00%	0.00%

Frequently Asked Questions

Can I hold both DMAX and ZSEP in my portfolio?

DMAX and ZSEP have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAX or ZSEP?

ZSEP has higher volatility (0.43%) compared to DMAX (0.33%). In terms of maximum drawdown, DMAX dropped -3.37% vs ZSEP's -3.97%.

Which ETF is better, DMAX or ZSEP?

On 1-year performance, DMAX leads with 8.68% vs 7.80% for ZSEP. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAX or ZSEP?

Over the 1-year period, DMAX has performed better with a 8.68% return vs 7.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAX or ZSEP?

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

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

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

What is the main difference between DMAX and ZSEP?

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

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.74 vs 3.16), 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.