EJUL vs. DMAX
EJUL (Innovator Emerging Markets Power Buffer ETF - July) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - EJUL tracks the MSCI Emerging Markets Index while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, EJUL returned 17.58% vs 8.42% for DMAX. A 0.51 correlation means they provide meaningful diversification when combined. EJUL charges 0.89%/yr vs 0.50%/yr for DMAX.
Performance
EJUL vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, EJUL achieves a 4.79% return, which is significantly higher than DMAX's 2.40% return.
EJUL
- 1D
- 0.16%
- 1M
- 0.58%
- YTD
- 4.79%
- 6M
- 6.15%
- 1Y
- 17.58%
- 3Y*
- 10.38%
- 5Y*
- 3.05%
- 10Y*
- —
DMAX
- 1D
- 0.05%
- 1M
- 0.80%
- YTD
- 2.40%
- 6M
- 3.08%
- 1Y
- 8.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
EJUL vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
EJUL Innovator Emerging Markets Power Buffer ETF - July | 4.79% | 20.56% |
DMAX iShares Large Cap Max Buffer December ETF | 2.40% | 7.81% |
Correlation
The correlation between EJUL and DMAX is 0.53, 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 | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | 0.51 |
The correlation between EJUL and DMAX has been stable across timeframes, ranging from 0.51 to 0.53 - a consistent structural relationship.
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Return for Risk
EJUL vs. DMAX — Risk / Return Rank
EJUL
DMAX
EJUL vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Emerging Markets Power Buffer ETF - July (EJUL) 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.
| EJUL | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.78 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.64 | 5.98 | -1.35 |
| Martin ratioReturn relative to average drawdown | 20.22 | 30.60 | -10.38 |
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
| EJUL | DMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | 3.63 | -1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 2.15 | -1.88 |
Drawdowns
EJUL vs. DMAX - Drawdown Comparison
The maximum EJUL drawdown since its inception was -21.61%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for EJUL and DMAX.
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Drawdown Indicators
| EJUL | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.61% | -3.37% | -18.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.81% | -1.41% | -2.40% |
Max Drawdown (3Y)Largest decline over 3 years | -8.36% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.61% | — | — |
Current DrawdownCurrent decline from peak | -0.06% | -0.02% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -0.38% | -6.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.28% | +0.59% |
Volatility
EJUL vs. DMAX - Volatility Comparison
Innovator Emerging Markets Power Buffer ETF - July (EJUL) has a higher volatility of 0.83% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.31%. This indicates that EJUL'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.
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Volatility by Period
| EJUL | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.31% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 4.73% | 1.54% | +3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.30% | 2.33% | +4.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.66% | 3.39% | +7.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 3.39% | +8.05% |
EJUL vs. DMAX - Expense Ratio Comparison
EJUL has a 0.89% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Dividends
EJUL vs. DMAX - Dividend Comparison
EJUL has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EJUL Innovator Emerging Markets Power Buffer ETF - July | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.64% |
Frequently Asked Questions
EJUL and DMAX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EJUL has higher volatility (0.83%) compared to DMAX (0.31%). In terms of maximum drawdown, EJUL dropped -21.61% vs DMAX's -3.37%.
On 1-year performance, EJUL leads with 17.58% vs 8.42% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EJUL has performed better with a 17.58% return vs 8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DMAX is cheaper with a 0.50% expense ratio, compared with 0.89% for EJUL.
DMAX has the higher dividend yield at 1.15%, compared with 0.00% for EJUL.
EJUL tracks MSCI Emerging Markets Index, while DMAX tracks S&P 500 Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.89% for EJUL and 0.50% for DMAX.
DMAX currently has the higher Sharpe Ratio (3.63 vs 2.45), 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.
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