UJUL vs. DMAX

Last updated Jun 5, 2026

UJUL (Innovator U.S. Equity Ultra Buffer ETF - July) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - UJUL tracks the S&P 500 while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, UJUL returned 14.76% vs 8.42% for DMAX. Their correlation of 0.83 suggests significant overlap in exposure. UJUL charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

UJUL vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) and iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UJUL achieves a 4.62% return, which is significantly higher than DMAX's 2.40% return.

UJUL

• 1D: -0.01%
• 1M: 1.17%
• YTD: 4.62%
• 6M: 5.11%
• 1Y: 14.76%
• 3Y*: 12.89%
• 5Y*: 8.54%
• 10Y*: —

DMAX

• 1D: 0.05%
• 1M: 0.80%
• YTD: 2.40%
• 6M: 3.08%
• 1Y: 8.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UJUL vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	4.62%	12.44%
DMAX iShares Large Cap Max Buffer December ETF	2.40%	7.81%

Correlation

The correlation between UJUL and DMAX is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.83

The correlation between UJUL and DMAX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

UJUL vs. DMAX — Risk / Return Rank

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

UJUL

UJUL Risk / Return Rank: 85
UJUL Sharpe Ratio Rank: 82
UJUL Sortino Ratio Rank: 89
UJUL Omega Ratio Rank: 90
UJUL Calmar Ratio Rank: 75
UJUL Martin Ratio Rank: 91

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 91
DMAX Martin Ratio Rank: 95

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.

UJUL vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) 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.

	UJUL	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.63	3.63	-1.00
Sortino ratio: Return per unit of downside risk	4.08	5.62	-1.54
Omega ratio: Gain probability vs. loss probability	1.57	1.78	-0.21
Calmar ratio: Return relative to maximum drawdown	3.73	5.98	-2.26
Martin ratio: Return relative to average drawdown	21.27	30.60	-9.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UJUL vs. DMAX - Sharpe Ratio Comparison

The current UJUL Sharpe Ratio is 2.63, which is comparable to the DMAX Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of UJUL and DMAX, 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

	UJUL	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	3.63	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	2.15	-1.35

Drawdowns

UJUL vs. DMAX - Drawdown Comparison

The maximum UJUL drawdown since its inception was -14.11%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for UJUL and DMAX.

Drawdown Indicators

	UJUL	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.11%	-3.37%	-10.74%
Max Drawdown (1Y) Largest decline over 1 year	-3.98%	-1.41%	-2.57%
Max Drawdown (3Y) Largest decline over 3 years	-11.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.38%	—	—
Current Drawdown Current decline from peak	-0.01%	-0.02%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.86%	-0.38%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.28%	+0.42%

Volatility

UJUL vs. DMAX - Volatility Comparison

Innovator U.S. Equity Ultra Buffer ETF - July (UJUL) has a higher volatility of 0.37% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.31%. This indicates that UJUL'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.

Volatility by Period

	UJUL	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	0.31%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	4.02%	1.54%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	5.63%	2.33%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.12%	3.39%	+4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.94%	3.39%	+5.55%

UJUL vs. DMAX - Expense Ratio Comparison

UJUL has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

UJUL vs. DMAX - Dividend Comparison

UJUL has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UJUL Innovator U.S. Equity Ultra Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.43%

Frequently Asked Questions

Can I hold both UJUL and DMAX in my portfolio?

UJUL 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.

Which is riskier, UJUL or DMAX?

UJUL has higher volatility (0.37%) compared to DMAX (0.31%). In terms of maximum drawdown, UJUL dropped -14.11% vs DMAX's -3.37%.

Which ETF is better, UJUL or DMAX?

On 1-year performance, UJUL leads with 14.76% vs 8.42% for DMAX. On fees, DMAX is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJUL or DMAX?

Over the 1-year period, UJUL has performed better with a 14.76% return vs 8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJUL or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for UJUL.

Which ETF pays a higher dividend yield, UJUL or DMAX?

DMAX has the higher dividend yield at 1.15%, compared with 0.00% for UJUL.

What is the main difference between UJUL and DMAX?

UJUL tracks S&P 500, while DMAX tracks S&P 500 Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for UJUL and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.63 vs 2.63), 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.