XBAP vs. MAXJ

Last updated Jun 23, 2026

XBAP (Innovator U.S. Equity Accelerated 9 Buffer ETF - April) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both exchange-traded funds - XBAP is a Defined Outcome fund actively managed by Innovator, while MAXJ is a Equity Hedged fund actively managed by iShares. Both are actively managed. Over the past year, XBAP returned 15.47% vs 9.15% for MAXJ. A 0.72 correlation means they provide meaningful diversification when combined. XBAP charges 0.79%/yr vs 0.50%/yr for MAXJ.

Performance

XBAP vs. MAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) and iShares Large Cap Max Buffer Jun ETF (MAXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XBAP achieves a 7.98% return, which is significantly higher than MAXJ's 3.18% return.

XBAP

• 1D: 0.01%
• 1M: 0.30%
• YTD: 7.98%
• 6M: 8.23%
• 1Y: 15.47%
• 3Y*: 13.36%
• 5Y*: 9.64%
• 10Y*: —

MAXJ

• 1D: 0.09%
• 1M: 0.52%
• YTD: 3.18%
• 6M: 3.28%
• 1Y: 9.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XBAP vs. MAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XBAP Innovator U.S. Equity Accelerated 9 Buffer ETF - April	7.98%	13.38%	5.65%
MAXJ iShares Large Cap Max Buffer Jun ETF	3.18%	8.97%	4.56%

Correlation

The correlation between XBAP and MAXJ is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.72

The correlation between XBAP and MAXJ shifts across timeframes, from 0.58 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XBAP vs. MAXJ — Risk / Return Rank

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

XBAP

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

MAXJ

MAXJ Risk / Return Rank: 95
MAXJ Sharpe Ratio Rank: 95
MAXJ Sortino Ratio Rank: 97
MAXJ Omega Ratio Rank: 97
MAXJ Calmar Ratio Rank: 90
MAXJ 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.

XBAP vs. MAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) and iShares Large Cap Max Buffer Jun ETF (MAXJ). 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.

	XBAP	MAXJ	Difference
Sharpe ratio: Return per unit of total volatility	4.32	3.66	+0.66
Sortino ratio: Return per unit of downside risk	7.88	6.27	+1.61
Omega ratio: Gain probability vs. loss probability	2.13	1.87	+0.26
Calmar ratio: Return relative to maximum drawdown	11.99	5.39	+6.60
Martin ratio: Return relative to average drawdown	69.63	31.75	+37.88

XBAP vs. MAXJ - Sharpe Ratio Comparison

The current XBAP Sharpe Ratio is 4.32, which is comparable to the MAXJ Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of XBAP and MAXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XBAP vs. MAXJ - Drawdown Comparison

The maximum XBAP drawdown since its inception was -14.57%, which is greater than MAXJ's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for XBAP and MAXJ.

Drawdown Indicators

	XBAP	MAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-14.57%	-6.35%	-8.22%
Max Drawdown (1Y) Largest decline over 1 year	-1.30%	-1.70%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-8.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.57%	—	—
Current Drawdown Current decline from peak	-0.32%	0.00%	-0.32%
Average Drawdown Average peak-to-trough decline	-1.73%	-0.55%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	0.29%	-0.07%

Volatility

XBAP vs. MAXJ - Volatility Comparison

Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) has a higher volatility of 1.52% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.32%. This indicates that XBAP's price experiences larger fluctuations and is considered to be riskier than MAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBAP	MAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	0.32%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	1.89%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	3.60%	2.52%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.98%	5.22%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.84%	5.22%	+4.62%

XBAP vs. MAXJ - Expense Ratio Comparison

XBAP has a 0.79% expense ratio, which is higher than MAXJ's 0.50% expense ratio.

Dividends

XBAP vs. MAXJ - Dividend Comparison

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

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

Can I hold both XBAP and MAXJ in my portfolio?

XBAP and MAXJ have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBAP or MAXJ?

XBAP has higher volatility (1.52%) compared to MAXJ (0.32%). In terms of maximum drawdown, XBAP dropped -14.57% vs MAXJ's -6.35%.

Which ETF is better, XBAP or MAXJ?

On 1-year performance, XBAP leads with 15.47% vs 9.15% for MAXJ. On fees, MAXJ is cheaper at 0.50% per year. On volatility, MAXJ has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBAP or MAXJ?

Over the 1-year period, XBAP has performed better with a 15.47% return vs 9.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBAP or MAXJ?

MAXJ is cheaper with a 0.50% expense ratio, compared with 0.79% for XBAP.

Which ETF pays a higher dividend yield, XBAP or MAXJ?

MAXJ has the higher dividend yield at 0.98%, compared with 0.00% for XBAP.

What is the main difference between XBAP and MAXJ?

XBAP is categorized as Defined Outcome, while MAXJ is Equity Hedged. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for XBAP and 0.50% for MAXJ.

Which has better risk-adjusted returns?

XBAP currently has the higher Sharpe Ratio (4.32 vs 3.66), 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.