MAXJ vs. XBAP
MAXJ (iShares Large Cap Max Buffer Jun ETF) and XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) are both exchange-traded funds - MAXJ is a Equity Hedged fund actively managed by iShares, while XBAP is a Defined Outcome fund actively managed by Innovator. Both are actively managed. Over the past year, MAXJ returned 9.57% vs 15.04% for XBAP. A 0.73 correlation means they provide meaningful diversification when combined. MAXJ charges 0.50%/yr vs 0.79%/yr for XBAP.
Performance
MAXJ vs. XBAP - Performance Comparison
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Returns By Period
In the year-to-date period, MAXJ achieves a 2.84% return, which is significantly lower than XBAP's 7.40% return.
MAXJ
- 1D
- 0.00%
- 1M
- 0.55%
- YTD
- 2.84%
- 6M
- 3.38%
- 1Y
- 9.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XBAP
- 1D
- -0.86%
- 1M
- 0.51%
- YTD
- 7.40%
- 6M
- 8.28%
- 1Y
- 15.04%
- 3Y*
- 13.50%
- 5Y*
- 9.66%
- 10Y*
- —
MAXJ vs. XBAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MAXJ iShares Large Cap Max Buffer Jun ETF | 2.84% | 8.97% | 4.55% |
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April | 7.40% | 13.38% | 5.47% |
Correlation
The correlation between MAXJ and XBAP is 0.61, 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 | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024 | 0.73 |
The correlation between MAXJ and XBAP shifts across timeframes, from 0.61 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MAXJ vs. XBAP — Risk / Return Rank
MAXJ
XBAP
MAXJ vs. XBAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Jun ETF (MAXJ) and Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP). 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.
| MAXJ | XBAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.81 | 2.10 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 5.64 | 15.49 | -9.85 |
| Martin ratioReturn relative to average drawdown | 32.01 | 76.14 | -44.13 |
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
| MAXJ | XBAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.33 | 4.21 | -0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.97 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.63 | 1.00 | +0.63 |
Drawdowns
MAXJ vs. XBAP - Drawdown Comparison
The maximum MAXJ drawdown since its inception was -6.35%, smaller than the maximum XBAP drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for MAXJ and XBAP.
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Drawdown Indicators
| MAXJ | XBAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.35% | -14.57% | +8.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.70% | -0.98% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.25% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.57% | — |
Current DrawdownCurrent decline from peak | -0.03% | -0.86% | +0.83% |
Average DrawdownAverage peak-to-trough decline | -0.56% | -1.74% | +1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.20% | +0.10% |
Volatility
MAXJ vs. XBAP - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Jun ETF (MAXJ) is 0.29%, while Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) has a volatility of 1.12%. This indicates that MAXJ experiences smaller price fluctuations and is considered to be less risky than XBAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAXJ | XBAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 1.12% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 2.71% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.91% | 3.60% | -0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.27% | 9.97% | -4.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.27% | 9.87% | -4.60% |
MAXJ vs. XBAP - Expense Ratio Comparison
MAXJ has a 0.50% expense ratio, which is lower than XBAP's 0.79% expense ratio.
Dividends
MAXJ vs. XBAP - Dividend Comparison
MAXJ's dividend yield for the trailing twelve months is around 0.98%, while XBAP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MAXJ iShares Large Cap Max Buffer Jun ETF | 0.98% | 1.01% | 0.81% |
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MAXJ and XBAP have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XBAP has higher volatility (1.12%) compared to MAXJ (0.29%). In terms of maximum drawdown, MAXJ dropped -6.35% vs XBAP's -14.57%.
On 1-year performance, XBAP leads with 15.04% vs 9.57% for MAXJ. On fees, MAXJ is cheaper at 0.50% per year. On volatility, MAXJ has been the lower-risk option at 0.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, XBAP has performed better with a 15.04% return vs 9.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MAXJ is cheaper with a 0.50% expense ratio, compared with 0.79% for XBAP.
MAXJ has the higher dividend yield at 0.98%, compared with 0.00% for XBAP.
MAXJ is categorized as Equity Hedged, while XBAP is Defined Outcome. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.50% for MAXJ and 0.79% for XBAP.
XBAP currently has the higher Sharpe Ratio (4.21 vs 3.33), 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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