KDEC vs. SMAX

Last updated Jun 4, 2026

KDEC (Innovator U.S. Small Cap Power Buffer ETF - December) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, KDEC returned 18.00% vs 9.17% for SMAX. A 0.68 correlation means they provide meaningful diversification when combined. KDEC charges 0.79%/yr vs 0.50%/yr for SMAX.

Performance

KDEC vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) 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, KDEC achieves a 8.83% return, which is significantly higher than SMAX's 3.09% return.

KDEC

• 1D: -0.40%
• 1M: 1.75%
• YTD: 8.83%
• 6M: 8.54%
• 1Y: 18.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: -0.09%
• 1M: 1.09%
• YTD: 3.09%
• 6M: 3.54%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KDEC vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	8.83%	6.52%	-4.08%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	8.01%	0.10%

Correlation

The correlation between KDEC and SMAX is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.68

The correlation between KDEC and SMAX has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.

Return for Risk

KDEC vs. SMAX — Risk / Return Rank

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

KDEC

KDEC Risk / Return Rank: 61
KDEC Sharpe Ratio Rank: 57
KDEC Sortino Ratio Rank: 60
KDEC Omega Ratio Rank: 55
KDEC Calmar Ratio Rank: 69
KDEC Martin Ratio Rank: 62

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 93
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 86
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.

KDEC vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) 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.

	KDEC	SMAX	Difference
Sharpe ratio Return per unit of total volatility	1.91	3.46	-1.55
Sortino ratio Return per unit of downside risk	2.79	5.32	-2.54
Omega ratio Gain probability vs. loss probability	1.34	1.75	-0.42
Calmar ratio Return relative to maximum drawdown	3.36	4.81	-1.45
Martin ratio Return relative to average drawdown	11.06	26.11	-15.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KDEC vs. SMAX - Sharpe Ratio Comparison

The current KDEC Sharpe Ratio is 1.91, which is lower than the SMAX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of KDEC and SMAX, 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

	KDEC	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	3.46	-1.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	2.01	-1.41

Drawdowns

KDEC vs. SMAX - Drawdown Comparison

The maximum KDEC drawdown since its inception was -16.52%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for KDEC and SMAX.

Drawdown Indicators

	KDEC	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-3.90%	-12.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-1.91%	-3.47%
Current Drawdown Current decline from peak	-0.40%	-0.09%	-0.31%
Average Drawdown Average peak-to-trough decline	-3.05%	-0.40%	-2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	0.35%	+1.28%

Volatility

KDEC vs. SMAX - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF - December (KDEC) has a higher volatility of 2.06% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.38%. This indicates that KDEC's price experiences larger fluctuations and is considered to be riskier than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KDEC	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	0.38%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	2.10%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	2.67%	+6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.39%	3.67%	+8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.39%	3.67%	+8.72%

KDEC vs. SMAX - Expense Ratio Comparison

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

Dividends

KDEC vs. SMAX - Dividend Comparison

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

Position	TTM	2025	2024
KDEC Innovator U.S. Small Cap Power Buffer ETF - December	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 KDEC and SMAX in my portfolio?

KDEC and SMAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KDEC or SMAX?

KDEC has higher volatility (2.06%) compared to SMAX (0.38%). In terms of maximum drawdown, KDEC dropped -16.52% vs SMAX's -3.90%.

Which ETF is better, KDEC or SMAX?

On 1-year performance, KDEC leads with 18.00% vs 9.17% for SMAX. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KDEC or SMAX?

Over the 1-year period, KDEC has performed better with a 18.00% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KDEC or SMAX?

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

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

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

What is the main difference between KDEC and SMAX?

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

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.46 vs 1.91), 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.