ZNOV vs. DMAX

Last updated Jun 3, 2026

ZNOV (Innovator Equity Defined Protection ETF - 1 Yr November) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. ZNOV is actively managed, while DMAX is passively managed. Over the past year, ZNOV returned 7.58% vs 8.68% for DMAX. A 0.69 correlation means they provide meaningful diversification when combined. ZNOV charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

ZNOV vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) 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, ZNOV achieves a 2.87% return, which is significantly higher than DMAX's 2.42% return.

ZNOV

• 1D: 0.00%
• 1M: 0.94%
• YTD: 2.87%
• 6M: 3.23%
• 1Y: 7.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAX

• 1D: 0.02%
• 1M: 0.83%
• YTD: 2.42%
• 6M: 3.14%
• 1Y: 8.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZNOV vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November	2.87%	6.10%
DMAX iShares Large Cap Max Buffer December ETF	2.42%	7.81%

Correlation

The correlation between ZNOV 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	0.69

The correlation between ZNOV and DMAX has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

Return for Risk

ZNOV vs. DMAX — Risk / Return Rank

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

ZNOV

ZNOV Risk / Return Rank: 89
ZNOV Sharpe Ratio Rank: 85
ZNOV Sortino Ratio Rank: 93
ZNOV Omega Ratio Rank: 90
ZNOV Calmar Ratio Rank: 85
ZNOV Martin Ratio Rank: 91

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 94
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.

ZNOV vs. DMAX - Risk-Adjusted Trends Comparison

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

	ZNOV	DMAX	Difference
Sharpe ratio Return per unit of total volatility	2.87	3.74	-0.87
Sortino ratio Return per unit of downside risk	4.71	5.80	-1.09
Omega ratio Gain probability vs. loss probability	1.60	1.81	-0.21
Calmar ratio Return relative to maximum drawdown	4.72	6.15	-1.43
Martin ratio Return relative to average drawdown	22.31	31.49	-9.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZNOV vs. DMAX - Sharpe Ratio Comparison

The current ZNOV Sharpe Ratio is 2.87, which is comparable to the DMAX Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of ZNOV 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

	ZNOV	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	3.74	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	2.16	-0.26

Drawdowns

ZNOV vs. DMAX - Drawdown Comparison

The maximum ZNOV drawdown since its inception was -3.31%, roughly equal to the maximum DMAX drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for ZNOV and DMAX.

Drawdown Indicators

	ZNOV	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.31%	-3.37%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-1.64%	-1.41%	-0.23%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.38%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.28%	+0.07%

Volatility

ZNOV vs. DMAX - Volatility Comparison

Innovator Equity Defined Protection ETF - 1 Yr November (ZNOV) has a higher volatility of 0.51% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.33%. This indicates that ZNOV'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

	ZNOV	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.33%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	1.91%	1.54%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	2.33%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	3.40%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	3.40%	-0.05%

ZNOV vs. DMAX - Expense Ratio Comparison

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

Dividends

ZNOV vs. DMAX - Dividend Comparison

ZNOV 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%
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZNOV and DMAX in my portfolio?

ZNOV 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, ZNOV or DMAX?

ZNOV has higher volatility (0.51%) compared to DMAX (0.33%). In terms of maximum drawdown, ZNOV dropped -3.31% vs DMAX's -3.37%.

Which ETF is better, ZNOV or DMAX?

On 1-year performance, DMAX leads with 8.68% vs 7.58% for ZNOV. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZNOV or DMAX?

Over the 1-year period, DMAX has performed better with a 8.68% return vs 7.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZNOV or DMAX?

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

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

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

What is the main difference between ZNOV and DMAX?

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

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.74 vs 2.87), 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.