MMAX vs. ZMAY

Last updated Jun 4, 2026

MMAX (iShares Large Cap Max Buffer Mar ETF) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds. Both are actively managed. Over the past year, MMAX returned 7.67% vs 5.95% for ZMAY. A 0.55 correlation means they provide meaningful diversification when combined. MMAX charges 0.50%/yr vs 0.79%/yr for ZMAY.

Performance

MMAX vs. ZMAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Mar ETF (MMAX) and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMAX achieves a 3.09% return, which is significantly higher than ZMAY's 2.20% return.

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMAY

• 1D: -0.06%
• 1M: 0.79%
• YTD: 2.20%
• 6M: 2.77%
• 1Y: 5.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMAX vs. ZMAY - Yearly Performance Comparison

	2026 (YTD)	2025
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	5.75%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	2.20%	4.67%

Correlation

The correlation between MMAX and ZMAY is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since May 2, 2025	0.55

The correlation between MMAX and ZMAY has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

Return for Risk

MMAX vs. ZMAY — Risk / Return Rank

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

MMAX

MMAX Risk / Return Rank: 99
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 99
MMAX Martin Ratio Rank: 99

ZMAY

ZMAY Risk / Return Rank: 97
ZMAY Sharpe Ratio Rank: 96
ZMAY Sortino Ratio Rank: 98
ZMAY Omega Ratio Rank: 97
ZMAY Calmar Ratio Rank: 98
ZMAY Martin Ratio Rank: 98

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.

MMAX vs. ZMAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Mar ETF (MMAX) and Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY). 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.

	MMAX	ZMAY	Difference
Sharpe ratio Return per unit of total volatility	5.52	4.12	+1.40
Sortino ratio Return per unit of downside risk	10.56	7.35	+3.21
Omega ratio Gain probability vs. loss probability	2.51	1.96	+0.56
Calmar ratio Return relative to maximum drawdown	22.49	15.29	+7.20
Martin ratio Return relative to average drawdown	112.49	70.95	+41.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMAX vs. ZMAY - Sharpe Ratio Comparison

The current MMAX Sharpe Ratio is 5.52, which is higher than the ZMAY Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of MMAX and ZMAY, 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

	MMAX	ZMAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.52	4.12	+1.40
Sharpe Ratio (All Time) Calculated using the full available price history	3.13	4.24	-1.11

Drawdowns

MMAX vs. ZMAY - Drawdown Comparison

The maximum MMAX drawdown since its inception was -1.93%, which is greater than ZMAY's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for MMAX and ZMAY.

Drawdown Indicators

	MMAX	ZMAY	Difference
Max Drawdown Largest peak-to-trough decline	-1.93%	-0.39%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.34%	-0.39%	+0.05%
Current Drawdown Current decline from peak	-0.13%	-0.06%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.05%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.08%	-0.01%

Volatility

MMAX vs. ZMAY - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Mar ETF (MMAX) is 0.36%, while Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) has a volatility of 0.53%. This indicates that MMAX experiences smaller price fluctuations and is considered to be less risky than ZMAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMAX	ZMAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.53%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	1.06%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	1.45%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.49%	1.52%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	1.52%	+0.97%

MMAX vs. ZMAY - Expense Ratio Comparison

MMAX has a 0.50% expense ratio, which is lower than ZMAY's 0.79% expense ratio.

Dividends

MMAX vs. ZMAY - Dividend Comparison

MMAX's dividend yield for the trailing twelve months is around 1.27%, while ZMAY has not paid dividends to shareholders.

Position	TTM	2025
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMAX and ZMAY in my portfolio?

MMAX and ZMAY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMAX or ZMAY?

ZMAY has higher volatility (0.53%) compared to MMAX (0.36%). In terms of maximum drawdown, MMAX dropped -1.93% vs ZMAY's -0.39%.

Which ETF is better, MMAX or ZMAY?

On 1-year performance, MMAX leads with 7.67% vs 5.95% for ZMAY. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMAX or ZMAY?

Over the 1-year period, MMAX has performed better with a 7.67% return vs 5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMAX or ZMAY?

MMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for ZMAY.

Which ETF pays a higher dividend yield, MMAX or ZMAY?

MMAX has the higher dividend yield at 1.27%, compared with 0.00% for ZMAY.

What is the main difference between MMAX and ZMAY?

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

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.52 vs 4.12), 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.