ZMAY vs. DMAX

Last updated Jun 23, 2026

ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. ZMAY is actively managed, while DMAX is passively managed. Over the past year, ZMAY returned 5.47% vs 8.23% for DMAX. A 0.65 correlation means they provide meaningful diversification when combined. ZMAY charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

ZMAY vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) 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, ZMAY achieves a 1.95% return, which is significantly lower than DMAX's 2.34% return.

ZMAY

• 1D: -0.04%
• 1M: 0.02%
• YTD: 1.95%
• 6M: 2.11%
• 1Y: 5.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAX

• 1D: -0.02%
• 1M: 0.22%
• YTD: 2.34%
• 6M: 2.59%
• 1Y: 8.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZMAY vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	1.95%	4.22%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	8.07%

Correlation

The correlation between ZMAY and DMAX is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since May 1, 2025	0.65

The correlation between ZMAY and DMAX has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

ZMAY vs. DMAX — Risk / Return Rank

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

ZMAY

ZMAY Risk / Return Rank: 96
ZMAY Sharpe Ratio Rank: 94
ZMAY Sortino Ratio Rank: 96
ZMAY Omega Ratio Rank: 96
ZMAY Calmar Ratio Rank: 95
ZMAY Martin Ratio Rank: 97

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 95
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 92
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.

ZMAY vs. DMAX - Risk-Adjusted Trends Comparison

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

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.

	ZMAY	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	3.44	3.55	-0.10
Sortino ratio: Return per unit of downside risk	5.64	5.45	+0.19
Omega ratio: Gain probability vs. loss probability	1.78	1.76	+0.03
Calmar ratio: Return relative to maximum drawdown	7.83	5.85	+1.98
Martin ratio: Return relative to average drawdown	46.52	29.41	+17.12

ZMAY vs. DMAX - Sharpe Ratio Comparison

The current ZMAY Sharpe Ratio is 3.44, which is comparable to the DMAX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of ZMAY 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.

Drawdowns

ZMAY vs. DMAX - Drawdown Comparison

The maximum ZMAY drawdown since its inception was -0.70%, smaller than the maximum DMAX drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for ZMAY and DMAX.

Drawdown Indicators

	ZMAY	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.70%	-3.37%	+2.67%
Max Drawdown (1Y) Largest decline over 1 year	-0.70%	-1.41%	+0.71%
Current Drawdown Current decline from peak	-0.31%	-0.24%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.07%	-0.38%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.28%	-0.16%

Volatility

ZMAY vs. DMAX - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr May (ZMAY) has a higher volatility of 0.78% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.64%. This indicates that ZMAY's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMAY	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.64%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	1.64%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	1.60%	2.34%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.69%	3.38%	-1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.69%	3.38%	-1.69%

ZMAY vs. DMAX - Expense Ratio Comparison

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

Dividends

ZMAY vs. DMAX - Dividend Comparison

ZMAY 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%
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZMAY and DMAX in my portfolio?

ZMAY and DMAX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZMAY or DMAX?

ZMAY has higher volatility (0.78%) compared to DMAX (0.64%). In terms of maximum drawdown, ZMAY dropped -0.70% vs DMAX's -3.37%.

Which ETF is better, ZMAY or DMAX?

On 1-year performance, DMAX leads with 8.23% vs 5.47% for ZMAY. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZMAY or DMAX?

Over the 1-year period, DMAX has performed better with a 8.23% return vs 5.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZMAY or DMAX?

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

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

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

What is the main difference between ZMAY and DMAX?

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

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.55 vs 3.44), 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.