ZJUL vs. DMAX

Last updated Jun 4, 2026

ZJUL (Innovator Equity Defined Protection ETF - 1 Yr July) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. ZJUL is actively managed, while DMAX is passively managed. Over the past year, ZJUL returned 7.56% vs 8.46% for DMAX. A 0.73 correlation means they provide meaningful diversification when combined. ZJUL charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

ZJUL vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) 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, ZJUL achieves a 2.58% return, which is significantly higher than DMAX's 2.34% return.

ZJUL

• 1D: 0.02%
• 1M: 0.66%
• YTD: 2.58%
• 6M: 2.81%
• 1Y: 7.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAX

• 1D: -0.07%
• 1M: 0.86%
• YTD: 2.34%
• 6M: 3.01%
• 1Y: 8.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZJUL vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	2.58%	7.53%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.81%

Correlation

The correlation between ZJUL and DMAX is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.73

The correlation between ZJUL and DMAX shifts across timeframes, from 0.62 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZJUL vs. DMAX — Risk / Return Rank

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

ZJUL

ZJUL Risk / Return Rank: 91
ZJUL Sharpe Ratio Rank: 87
ZJUL Sortino Ratio Rank: 94
ZJUL Omega Ratio Rank: 92
ZJUL Calmar Ratio Rank: 89
ZJUL Martin Ratio Rank: 95

DMAX

DMAX Risk / Return Rank: 94
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.

ZJUL vs. DMAX - Risk-Adjusted Trends Comparison

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

	ZJUL	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.91	3.65	-0.74
Sortino ratio: Return per unit of downside risk	4.78	5.65	-0.87
Omega ratio: Gain probability vs. loss probability	1.62	1.79	-0.17
Calmar ratio: Return relative to maximum drawdown	5.29	6.01	-0.72
Martin ratio: Return relative to average drawdown	28.77	30.74	-1.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZJUL vs. DMAX - Sharpe Ratio Comparison

The current ZJUL Sharpe Ratio is 2.91, which is comparable to the DMAX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of ZJUL 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

	ZJUL	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	3.65	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	2.14	-0.54

Drawdowns

ZJUL vs. DMAX - Drawdown Comparison

The maximum ZJUL drawdown since its inception was -5.51%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for ZJUL and DMAX.

Drawdown Indicators

	ZJUL	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-3.37%	-2.14%
Max Drawdown (1Y) Largest decline over 1 year	-1.43%	-1.41%	-0.02%
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.47%	-0.38%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.28%	-0.02%

Volatility

ZJUL vs. DMAX - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 1 Yr July (ZJUL) is 0.24%, while iShares Large Cap Max Buffer December ETF (DMAX) has a volatility of 0.32%. This indicates that ZJUL experiences smaller price fluctuations and is considered to be less risky than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJUL	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	0.32%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	1.54%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	2.33%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.65%	3.40%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	3.40%	+1.25%

ZJUL vs. DMAX - Expense Ratio Comparison

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

Dividends

ZJUL vs. DMAX - Dividend Comparison

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

Position	TTM	2025
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%
ZJUL Innovator Equity Defined Protection ETF - 1 Yr July	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZJUL and DMAX in my portfolio?

ZJUL and DMAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZJUL or DMAX?

DMAX has higher volatility (0.32%) compared to ZJUL (0.24%). In terms of maximum drawdown, ZJUL dropped -5.51% vs DMAX's -3.37%.

Which ETF is better, ZJUL or DMAX?

On 1-year performance, DMAX leads with 8.46% vs 7.56% for ZJUL. 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, ZJUL or DMAX?

Over the 1-year period, DMAX has performed better with a 8.46% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZJUL or DMAX?

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

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

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

What is the main difference between ZJUL and DMAX?

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

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.65 vs 2.91), 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.