ZJAN vs. MAXJ

Last updated Jun 4, 2026

ZJAN (Innovator Equity Defined Protection ETF - 1 Yr January) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both exchange-traded funds - ZJAN 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, ZJAN returned 7.49% vs 9.25% for MAXJ. A 0.75 correlation means they provide meaningful diversification when combined. ZJAN charges 0.79%/yr vs 0.50%/yr for MAXJ.

Performance

ZJAN vs. MAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) 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, ZJAN achieves a 2.27% return, which is significantly lower than MAXJ's 2.88% return.

ZJAN

• 1D: -0.05%
• 1M: 0.76%
• YTD: 2.27%
• 6M: 2.87%
• 1Y: 7.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAXJ

• 1D: 0.03%
• 1M: 0.82%
• YTD: 2.88%
• 6M: 3.34%
• 1Y: 9.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZJAN vs. MAXJ - Yearly Performance Comparison

	2026 (YTD)	2025
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January	2.27%	6.79%
MAXJ iShares Large Cap Max Buffer Jun ETF	2.88%	9.08%

Correlation

The correlation between ZJAN and MAXJ is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.75

The correlation between ZJAN and MAXJ shifts across timeframes, from 0.65 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZJAN vs. MAXJ — Risk / Return Rank

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

ZJAN

ZJAN Risk / Return Rank: 94
ZJAN Sharpe Ratio Rank: 94
ZJAN Sortino Ratio Rank: 96
ZJAN Omega Ratio Rank: 96
ZJAN Calmar Ratio Rank: 90
ZJAN Martin Ratio Rank: 95

MAXJ

MAXJ Risk / Return Rank: 93
MAXJ Sharpe Ratio Rank: 91
MAXJ Sortino Ratio Rank: 95
MAXJ Omega Ratio Rank: 95
MAXJ Calmar Ratio Rank: 89
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.

ZJAN vs. MAXJ - Risk-Adjusted Trends Comparison

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

	ZJAN	MAXJ	Difference
Sharpe ratio: Return per unit of total volatility	3.70	3.19	+0.51
Sortino ratio: Return per unit of downside risk	5.70	5.25	+0.45
Omega ratio: Gain probability vs. loss probability	1.83	1.76	+0.07
Calmar ratio: Return relative to maximum drawdown	5.52	5.45	+0.07
Martin ratio: Return relative to average drawdown	28.73	30.88	-2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZJAN vs. MAXJ - Sharpe Ratio Comparison

The current ZJAN Sharpe Ratio is 3.70, which is comparable to the MAXJ Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of ZJAN 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

	ZJAN	MAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	3.19	+0.51
Sharpe Ratio (All Time) Calculated using the full available price history	2.18	1.64	+0.54

Drawdowns

ZJAN vs. MAXJ - Drawdown Comparison

The maximum ZJAN drawdown since its inception was -3.20%, smaller than the maximum MAXJ drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for ZJAN and MAXJ.

Drawdown Indicators

	ZJAN	MAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-3.20%	-6.35%	+3.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.36%	-1.70%	+0.34%
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.35%	-0.56%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.30%	-0.04%

Volatility

ZJAN vs. MAXJ - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) has a higher volatility of 0.39% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.30%. This indicates that ZJAN'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

	ZJAN	MAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.30%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	1.93%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	2.93%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	5.28%	-2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	5.28%	-2.31%

ZJAN vs. MAXJ - Expense Ratio Comparison

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

Dividends

ZJAN vs. MAXJ - Dividend Comparison

ZJAN 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%
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZJAN and MAXJ in my portfolio?

ZJAN and MAXJ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZJAN or MAXJ?

ZJAN has higher volatility (0.39%) compared to MAXJ (0.30%). In terms of maximum drawdown, ZJAN dropped -3.20% vs MAXJ's -6.35%.

Which ETF is better, ZJAN or MAXJ?

On 1-year performance, MAXJ leads with 9.25% vs 7.49% for ZJAN. 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, ZJAN or MAXJ?

Over the 1-year period, MAXJ has performed better with a 9.25% return vs 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZJAN or MAXJ?

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

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

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

What is the main difference between ZJAN and MAXJ?

ZJAN 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 ZJAN and 0.50% for MAXJ.

Which has better risk-adjusted returns?

ZJAN currently has the higher Sharpe Ratio (3.70 vs 3.19), 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.