LJUL vs. MMAX

Last updated Apr 4, 2026

Compare and contrast key facts about Innovator Premium Income 15 Buffer ETF - July (LJUL) and iShares Large Cap Max Buffer Mar ETF (MMAX).

LJUL and MMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LJUL is an actively managed fund by Innovator. It was launched on Jun 28, 2024. MMAX is an actively managed fund by iShares. It was launched on Mar 31, 2025.

Performance

LJUL vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Premium Income 15 Buffer ETF - July (LJUL) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

LJUL vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
LJUL Innovator Premium Income 15 Buffer ETF - July	0.83%	4.78%
MMAX iShares Large Cap Max Buffer Mar ETF	1.26%	5.88%

Returns By Period

In the year-to-date period, LJUL achieves a 0.83% return, which is significantly lower than MMAX's 1.26% return.

LJUL

• 1D: 0.03%
• 1M: 0.23%
• YTD: 0.83%
• 6M: 2.16%
• 1Y: 6.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: 0.08%
• 1M: 0.43%
• YTD: 1.26%
• 6M: 2.89%
• 1Y: 7.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LJUL vs. MMAX - Expense Ratio Comparison

LJUL has a 0.79% expense ratio, which is higher than MMAX's 0.50% expense ratio.

LJUL

Innovator Premium Income 15 Buffer ETF - July

MMAX

iShares Large Cap Max Buffer Mar ETF

Return for Risk

LJUL vs. MMAX — Risk / Return Rank

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

LJUL

LJUL Risk / Return Rank: 80
LJUL Sharpe Ratio Rank: 74
LJUL Sortino Ratio Rank: 83
LJUL Omega Ratio Rank: 95
LJUL Calmar Ratio Rank: 55
LJUL 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.

LJUL vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 15 Buffer ETF - July (LJUL) and iShares Large Cap Max Buffer Mar ETF (MMAX). 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.

	LJUL	MMAX	Difference
Sharpe ratio Return per unit of total volatility	1.42	2.73	-1.32
Sortino ratio Return per unit of downside risk	2.29	3.97	-1.69
Omega ratio Gain probability vs. loss probability	1.49	1.81	-0.31
Calmar ratio Return relative to maximum drawdown	1.77	—	—
Martin ratio Return relative to average drawdown	16.27	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LJUL vs. MMAX - Sharpe Ratio Comparison

The current LJUL Sharpe Ratio is 1.42, which is lower than the MMAX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of LJUL and MMAX, 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

	LJUL	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	2.73	-1.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	2.78	-1.07

Correlation

The correlation between LJUL and MMAX is 0.56, 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

LJUL vs. MMAX - Dividend Comparison

LJUL's dividend yield for the trailing twelve months is around 5.29%, more than MMAX's 1.30% yield.

	TTM	2025	2024
LJUL Innovator Premium Income 15 Buffer ETF - July	5.29%	5.36%	2.78%
MMAX iShares Large Cap Max Buffer Mar ETF	1.30%	1.31%	0.00%

Drawdowns

LJUL vs. MMAX - Drawdown Comparison

The maximum LJUL drawdown since its inception was -3.21%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for LJUL and MMAX.

Drawdown Indicators

	LJUL	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.21%	-1.93%	-1.28%
Max Drawdown (1Y) Largest decline over 1 year	-1.08%	-0.90%	-0.18%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.13%	-0.11%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.31%	+0.04%

Volatility

LJUL vs. MMAX - Volatility Comparison

Innovator Premium Income 15 Buffer ETF - July (LJUL) has a higher volatility of 0.76% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.36%. This indicates that LJUL's price experiences larger fluctuations and is considered to be riskier than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LJUL	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.36%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	1.30%	0.96%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.96%	2.60%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.39%	2.60%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.39%	2.60%	+0.79%