ZFEB vs. SMAX

Last updated Jun 3, 2026

ZFEB (Innovator Equity Defined Protection ETF - 1 Yr February) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, ZFEB returned 8.02% vs 9.50% for SMAX. A 0.76 correlation means they provide meaningful diversification when combined. ZFEB charges 0.79%/yr vs 0.50%/yr for SMAX.

Performance

ZFEB vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) and iShares Large Cap Max Buffer Sep ETF (SMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZFEB achieves a 2.40% return, which is significantly lower than SMAX's 3.19% return.

ZFEB

• 1D: 0.00%
• 1M: 0.72%
• YTD: 2.40%
• 6M: 3.09%
• 1Y: 8.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: 0.04%
• 1M: 1.11%
• YTD: 3.19%
• 6M: 3.66%
• 1Y: 9.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZFEB vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February	2.40%	6.10%
SMAX iShares Large Cap Max Buffer Sep ETF	3.19%	7.08%

Correlation

The correlation between ZFEB and SMAX is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.76

The correlation between ZFEB and SMAX has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

ZFEB vs. SMAX — Risk / Return Rank

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

ZFEB

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

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 93
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 96
SMAX Calmar Ratio Rank: 87
SMAX Martin Ratio Rank: 94

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.

ZFEB vs. SMAX - Risk-Adjusted Trends Comparison

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

	ZFEB	SMAX	Difference
Sharpe ratio Return per unit of total volatility	3.65	3.57	+0.08
Sortino ratio Return per unit of downside risk	5.77	5.51	+0.26
Omega ratio Gain probability vs. loss probability	1.81	1.79	+0.03
Calmar ratio Return relative to maximum drawdown	6.07	5.03	+1.03
Martin ratio Return relative to average drawdown	29.68	27.36	+2.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZFEB vs. SMAX - Sharpe Ratio Comparison

The current ZFEB Sharpe Ratio is 3.65, which is comparable to the SMAX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of ZFEB and SMAX, 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

	ZFEB	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.65	3.57	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	2.25	2.03	+0.22

Drawdowns

ZFEB vs. SMAX - Drawdown Comparison

The maximum ZFEB drawdown since its inception was -3.00%, smaller than the maximum SMAX drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for ZFEB and SMAX.

Drawdown Indicators

	ZFEB	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.00%	-3.90%	+0.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-1.91%	+0.56%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.40%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.35%	-0.07%

Volatility

ZFEB vs. SMAX - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr February (ZFEB) has a higher volatility of 0.41% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.37%. This indicates that ZFEB's price experiences larger fluctuations and is considered to be riskier than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZFEB	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.37%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.44%	2.10%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	2.67%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.88%	3.67%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.88%	3.67%	-0.79%

ZFEB vs. SMAX - Expense Ratio Comparison

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

Dividends

ZFEB vs. SMAX - Dividend Comparison

ZFEB has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%
ZFEB Innovator Equity Defined Protection ETF - 1 Yr February	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZFEB and SMAX in my portfolio?

ZFEB and SMAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZFEB or SMAX?

ZFEB has higher volatility (0.41%) compared to SMAX (0.37%). In terms of maximum drawdown, ZFEB dropped -3.00% vs SMAX's -3.90%.

Which ETF is better, ZFEB or SMAX?

On 1-year performance, SMAX leads with 9.50% vs 8.02% for ZFEB. On fees, SMAX 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, ZFEB or SMAX?

Over the 1-year period, SMAX has performed better with a 9.50% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZFEB or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for ZFEB.

Which ETF pays a higher dividend yield, ZFEB or SMAX?

SMAX has the higher dividend yield at 0.95%, compared with 0.00% for ZFEB.

What is the main difference between ZFEB and SMAX?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for ZFEB and 0.50% for SMAX.

Which has better risk-adjusted returns?

ZFEB currently has the higher Sharpe Ratio (3.65 vs 3.57), 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.