NDEC vs. DMAX
NDEC (Innovator Growth-100 Power Buffer ETF - December) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - NDEC tracks the Invesco QQQ Trust, Series 1 while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, NDEC returned 14.52% vs 7.41% for DMAX. Their correlation of 0.81 means they have usually moved in the same direction. NDEC charges 0.79%/yr vs 0.50%/yr for DMAX.
Performance
NDEC vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, NDEC achieves a 7.34% return, which is significantly higher than DMAX's 3.19% return.
NDEC
- 1D
- 0.49%
- 1M
- -0.06%
- 6M
- 6.67%
- YTD
- 7.34%
- 1Y
- 14.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.02%
DMAX
- 1D
- 0.27%
- 1M
- 0.66%
- 6M
- 2.84%
- YTD
- 3.19%
- 1Y
- 7.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $158.92K | $293.43K | $280.72K | |
| $165.85K | $367.56K | $591.89K |
NDEC vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NDEC Innovator Growth-100 Power Buffer ETF - December | 7.34% | 13.67% |
DMAX iShares Large Cap Max Buffer December ETF | 3.19% | 7.51% |
Correlation
The correlation between NDEC and DMAX is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025 | 0.81 |
The correlation between NDEC and DMAX has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.
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Return for Risk
NDEC vs. DMAX — Risk / Return Rank
NDEC
DMAX
NDEC vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - December (NDEC) and iShares Large Cap Max Buffer December ETF (DMAX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NDEC | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.61 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 4.97 | -2.77 |
| Martin ratioReturn relative to average drawdown | 9.94 | 24.54 | -14.59 |
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Drawdowns
NDEC vs. DMAX - Drawdown Comparison
The maximum NDEC drawdown since its inception was -12.98%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for NDEC and DMAX.
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Drawdown Indicators
| NDEC | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.98% | -3.37% | -9.61% |
Max Drawdown (1Y)Largest decline over 1 year | -6.19% | -1.41% | -4.78% |
Current DrawdownCurrent decline from peak | -1.00% | 0.00% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -1.39% | -0.36% | -1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 0.29% | +1.07% |
Volatility
NDEC vs. DMAX - Volatility Comparison
Innovator Growth-100 Power Buffer ETF - December (NDEC) has a higher volatility of 2.61% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.60%. This indicates that NDEC's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NDEC | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 0.60% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 6.86% | 1.70% | +5.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 2.33% | +5.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.44% | 3.30% | +8.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.44% | 3.30% | +8.14% |
NDEC vs. DMAX - Expense Ratio Comparison
NDEC has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Dividends
NDEC vs. DMAX - Dividend Comparison
NDEC has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.14%.
| Position | TTM | 2025 |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.14% | 1.18% |
NDEC Innovator Growth-100 Power Buffer ETF - December | 0.00% | 0.00% |
Frequently Asked Questions
NDEC and DMAX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NDEC has higher volatility (2.61%) compared to DMAX (0.60%). In terms of maximum drawdown, NDEC dropped -12.98% vs DMAX's -3.37%.
On 1-year performance, NDEC leads with 14.52% vs 7.41% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NDEC has performed better with a 14.52% return vs 7.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for NDEC.
DMAX has the higher dividend yield at 1.14%, compared with 0.00% for NDEC.
NDEC tracks Invesco QQQ Trust, Series 1, while DMAX tracks S&P 500 Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for NDEC and 0.50% for DMAX.
DMAX currently has the higher Sharpe Ratio (3.01 vs 1.70), 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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