KJUL vs. SMAX

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator Russell 2000 Power Buffer ETF - July (KJUL) and iShares Large Cap Max Buffer Sep ETF (SMAX).

KJUL and SMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KJUL is a passively managed fund by Innovator that tracks the performance of the iShares Russell 2000 ETF. It was launched on Jun 30, 2020. SMAX is an actively managed fund by iShares. It was launched on Sep 30, 2024.

Performance

KJUL vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Russell 2000 Power Buffer ETF - July (KJUL) and iShares Large Cap Max Buffer Sep ETF (SMAX). The values are adjusted to include any dividend payments, if applicable.

KJUL vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KJUL Innovator Russell 2000 Power Buffer ETF - July	1.40%	7.70%	1.82%
SMAX iShares Large Cap Max Buffer Sep ETF	-0.28%	8.01%	1.02%

Returns By Period

In the year-to-date period, KJUL achieves a 1.40% return, which is significantly higher than SMAX's -0.28% return.

KJUL

• 1D: 0.35%
• 1M: -1.26%
• YTD: 1.40%
• 6M: 3.66%
• 1Y: 15.01%
• 3Y*: 9.08%
• 5Y*: 4.00%
• 10Y*: —

SMAX

• 1D: 0.22%
• 1M: -0.88%
• YTD: -0.28%
• 6M: 1.09%
• 1Y: 8.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KJUL vs. SMAX - Expense Ratio Comparison

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

KJUL

Innovator Russell 2000 Power Buffer ETF - July

SMAX

iShares Large Cap Max Buffer Sep ETF

Return for Risk

KJUL vs. SMAX — Risk / Return Rank

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

KJUL

KJUL Risk / Return Rank: 72
KJUL Sharpe Ratio Rank: 71
KJUL Sortino Ratio Rank: 72
KJUL Omega Ratio Rank: 70
KJUL Calmar Ratio Rank: 67
KJUL Martin Ratio Rank: 79

SMAX

SMAX Risk / Return Rank: 94
SMAX Sharpe Ratio Rank: 92
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 96
SMAX Calmar Ratio Rank: 93
SMAX Martin Ratio Rank: 95

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.

KJUL vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Russell 2000 Power Buffer ETF - July (KJUL) 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.

	KJUL	SMAX	Difference
Sharpe ratio Return per unit of total volatility	1.32	2.17	-0.86
Sortino ratio Return per unit of downside risk	1.92	3.29	-1.37
Omega ratio Gain probability vs. loss probability	1.27	1.50	-0.22
Calmar ratio Return relative to maximum drawdown	1.89	3.70	-1.81
Martin ratio Return relative to average drawdown	9.52	17.21	-7.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KJUL vs. SMAX - Sharpe Ratio Comparison

The current KJUL Sharpe Ratio is 1.32, which is lower than the SMAX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of KJUL and SMAX, 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

	KJUL	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.17	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.54	-1.04

Correlation

The correlation between KJUL and SMAX is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

KJUL vs. SMAX - Dividend Comparison

KJUL has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.98%.

	TTM	2025	2024
KJUL Innovator Russell 2000 Power Buffer ETF - July	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.98%	0.98%	0.27%

Drawdowns

KJUL vs. SMAX - Drawdown Comparison

The maximum KJUL drawdown since its inception was -16.69%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for KJUL and SMAX.

Drawdown Indicators

	KJUL	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-3.90%	-12.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-2.27%	-5.63%
Max Drawdown (5Y) Largest decline over 5 years	-16.69%	—	—
Current Drawdown Current decline from peak	-1.43%	-0.99%	-0.44%
Average Drawdown Average peak-to-trough decline	-4.12%	-0.44%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	0.49%	+1.08%

Volatility

KJUL vs. SMAX - Volatility Comparison

Innovator Russell 2000 Power Buffer ETF - July (KJUL) has a higher volatility of 3.54% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 1.31%. This indicates that KJUL'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

	KJUL	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	1.31%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	2.15%	+3.78%
Volatility (1Y) Calculated over the trailing 1-year period	11.45%	3.82%	+7.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.28%	3.80%	+8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	3.80%	+8.02%