ZDEK vs. MAXJ

Last updated Jun 3, 2026

ZDEK (Innovator Equity Defined Protection ETF - 1 Yr December) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both exchange-traded funds - ZDEK 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, ZDEK returned 9.29% vs 9.63% for MAXJ. A 0.78 correlation means they provide meaningful diversification when combined. ZDEK charges 0.79%/yr vs 0.50%/yr for MAXJ.

Performance

ZDEK vs. MAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) 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, ZDEK achieves a 2.60% return, which is significantly lower than MAXJ's 2.84% return.

ZDEK

• 1D: 0.02%
• 1M: 0.90%
• YTD: 2.60%
• 6M: 2.94%
• 1Y: 9.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAXJ

• 1D: -0.02%
• 1M: 0.69%
• YTD: 2.84%
• 6M: 3.56%
• 1Y: 9.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZDEK vs. MAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	2.60%	7.78%	-0.38%
MAXJ iShares Large Cap Max Buffer Jun ETF	2.84%	8.97%	-0.28%

Correlation

The correlation between ZDEK and MAXJ is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.78

The correlation between ZDEK and MAXJ has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

Return for Risk

ZDEK vs. MAXJ — Risk / Return Rank

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

ZDEK

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

MAXJ

MAXJ Risk / Return Rank: 94
MAXJ Sharpe Ratio Rank: 92
MAXJ Sortino Ratio Rank: 96
MAXJ Omega Ratio Rank: 96
MAXJ Calmar Ratio Rank: 90
MAXJ 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.

ZDEK vs. MAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) 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.

	ZDEK	MAXJ	Difference
Sharpe ratio Return per unit of total volatility	3.37	3.30	+0.07
Sortino ratio Return per unit of downside risk	5.26	5.45	-0.19
Omega ratio Gain probability vs. loss probability	1.73	1.79	-0.06
Calmar ratio Return relative to maximum drawdown	6.23	5.80	+0.43
Martin ratio Return relative to average drawdown	31.93	32.89	-0.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZDEK vs. MAXJ - Sharpe Ratio Comparison

The current ZDEK Sharpe Ratio is 3.37, which is comparable to the MAXJ Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of ZDEK 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.

Sharpe Ratios by Period

	ZDEK	MAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	3.30	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	2.03	1.64	+0.40

Drawdowns

ZDEK vs. MAXJ - Drawdown Comparison

The maximum ZDEK drawdown since its inception was -3.40%, smaller than the maximum MAXJ drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for ZDEK and MAXJ.

Drawdown Indicators

	ZDEK	MAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-6.35%	+2.95%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-1.70%	+0.19%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.45%	-0.56%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.30%	-0.01%

Volatility

ZDEK vs. MAXJ - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr December (ZDEK) has a higher volatility of 0.35% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.33%. This indicates that ZDEK'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

	ZDEK	MAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.33%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	1.93%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	2.93%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	5.29%	-1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	5.29%	-1.97%

ZDEK vs. MAXJ - Expense Ratio Comparison

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

Dividends

ZDEK vs. MAXJ - Dividend Comparison

ZDEK 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%
ZDEK Innovator Equity Defined Protection ETF - 1 Yr December	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZDEK and MAXJ in my portfolio?

ZDEK and MAXJ have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZDEK or MAXJ?

ZDEK has higher volatility (0.35%) compared to MAXJ (0.33%). In terms of maximum drawdown, ZDEK dropped -3.40% vs MAXJ's -6.35%.

Which ETF is better, ZDEK or MAXJ?

On 1-year performance, MAXJ leads with 9.63% vs 9.29% for ZDEK. On fees, MAXJ 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, ZDEK or MAXJ?

Over the 1-year period, MAXJ has performed better with a 9.63% return vs 9.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZDEK or MAXJ?

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

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

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

What is the main difference between ZDEK and MAXJ?

ZDEK 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 ZDEK and 0.50% for MAXJ.

Which has better risk-adjusted returns?

ZDEK currently has the higher Sharpe Ratio (3.37 vs 3.30), 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.