NAPR vs. SMAX

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) and iShares Large Cap Max Buffer Sep ETF (SMAX).

NAPR and SMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NAPR is a passively managed fund by Innovator that tracks the performance of the NASDAQ-100 Index. It was launched on Mar 31, 2020. SMAX is an actively managed fund by iShares. It was launched on Sep 30, 2024.

Performance

NAPR vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) and iShares Large Cap Max Buffer Sep ETF (SMAX). The values are adjusted to include any dividend payments, if applicable.

NAPR vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NAPR Innovator Nasdaq-100 Power Buffer ETF - April	1.71%	6.56%	4.17%
SMAX iShares Large Cap Max Buffer Sep ETF	-0.49%	8.01%	1.02%

Returns By Period

In the year-to-date period, NAPR achieves a 1.71% return, which is significantly higher than SMAX's -0.49% return.

NAPR

• 1D: 0.13%
• 1M: 0.66%
• YTD: 1.71%
• 6M: 3.74%
• 1Y: 14.51%
• 3Y*: 11.94%
• 5Y*: 8.69%
• 10Y*: —

SMAX

• 1D: 0.72%
• 1M: -1.17%
• YTD: -0.49%
• 6M: 1.14%
• 1Y: 8.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NAPR vs. SMAX - Expense Ratio Comparison

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

NAPR

Innovator Nasdaq-100 Power Buffer ETF - April

SMAX

iShares Large Cap Max Buffer Sep ETF

Return for Risk

NAPR vs. SMAX — Risk / Return Rank

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

NAPR

NAPR Risk / Return Rank: 86
NAPR Sharpe Ratio Rank: 80
NAPR Sortino Ratio Rank: 87
NAPR Omega Ratio Rank: 96
NAPR Calmar Ratio Rank: 74
NAPR Martin Ratio Rank: 94

SMAX

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

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.

NAPR vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) 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.

	NAPR	SMAX	Difference
Sharpe ratio Return per unit of total volatility	1.51	2.15	-0.64
Sortino ratio Return per unit of downside risk	2.43	3.26	-0.82
Omega ratio Gain probability vs. loss probability	1.52	1.49	+0.03
Calmar ratio Return relative to maximum drawdown	1.93	3.67	-1.74
Martin ratio Return relative to average drawdown	14.15	17.23	-3.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NAPR vs. SMAX - Sharpe Ratio Comparison

The current NAPR Sharpe Ratio is 1.51, which is comparable to the SMAX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of NAPR 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

	NAPR	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	2.15	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.50	-0.56

Correlation

The correlation between NAPR and SMAX is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

NAPR vs. SMAX - Dividend Comparison

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

	TTM	2025	2024
NAPR Innovator Nasdaq-100 Power Buffer ETF - April	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.98%	0.98%	0.27%

Drawdowns

NAPR vs. SMAX - Drawdown Comparison

The maximum NAPR drawdown since its inception was -16.53%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for NAPR and SMAX.

Drawdown Indicators

	NAPR	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.53%	-3.90%	-12.63%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-2.27%	-5.26%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	—	—
Current Drawdown Current decline from peak	0.00%	-1.21%	+1.21%
Average Drawdown Average peak-to-trough decline	-2.34%	-0.43%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.48%	+0.55%

Volatility

NAPR vs. SMAX - Volatility Comparison

The current volatility for Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) is 0.65%, while iShares Large Cap Max Buffer Sep ETF (SMAX) has a volatility of 1.30%. This indicates that NAPR experiences smaller price fluctuations and is considered to be less risky than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAPR	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	1.30%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	2.14%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	9.65%	3.82%	+5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.30%	3.80%	+7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.71%	3.80%	+6.91%