ZNOV vs. SMAX

Last updated Jun 4, 2026

ZNOV (Innovator Equity Defined Protection ETF - 1 Yr November) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, ZNOV returned 7.34% vs 9.17% for SMAX. A 0.68 correlation means they provide meaningful diversification when combined. ZNOV charges 0.79%/yr vs 0.50%/yr for SMAX.

Performance

ZNOV vs. SMAX - 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 Sep ETF (SMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZNOV achieves a 2.81% return, which is significantly lower than SMAX's 3.09% return.

ZNOV

• 1D: -0.05%
• 1M: 0.96%
• YTD: 2.81%
• 6M: 2.95%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: -0.09%
• 1M: 1.09%
• YTD: 3.09%
• 6M: 3.54%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZNOV vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZNOV Innovator Equity Defined Protection ETF - 1 Yr November	2.81%	6.27%	0.76%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	8.01%	1.10%

Correlation

The correlation between ZNOV and SMAX 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 Nov 4, 2024	0.68

The correlation between ZNOV and SMAX has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

Return for Risk

ZNOV vs. SMAX — Risk / Return Rank

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

ZNOV

ZNOV Risk / Return Rank: 88
ZNOV Sharpe Ratio Rank: 85
ZNOV Sortino Ratio Rank: 93
ZNOV Omega Ratio Rank: 90
ZNOV Calmar Ratio Rank: 84
ZNOV Martin Ratio Rank: 90

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 93
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 86
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.

ZNOV vs. SMAX - 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 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.

	ZNOV	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.78	3.46	-0.67
Sortino ratio: Return per unit of downside risk	4.56	5.32	-0.76
Omega ratio: Gain probability vs. loss probability	1.58	1.75	-0.17
Calmar ratio: Return relative to maximum drawdown	4.50	4.81	-0.31
Martin ratio: Return relative to average drawdown	21.22	26.11	-4.89
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. SMAX - Sharpe Ratio Comparison

The current ZNOV Sharpe Ratio is 2.78, which is comparable to the SMAX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of ZNOV 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

	ZNOV	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	3.46	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	1.89	2.01	-0.12

Drawdowns

ZNOV vs. SMAX - Drawdown Comparison

The maximum ZNOV drawdown since its inception was -3.31%, smaller than the maximum SMAX drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for ZNOV and SMAX.

Drawdown Indicators

	ZNOV	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.31%	-3.90%	+0.59%
Max Drawdown (1Y) Largest decline over 1 year	-1.64%	-1.91%	+0.27%
Current Drawdown Current decline from peak	-0.05%	-0.09%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.40%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.35%	0.00%

Volatility

ZNOV vs. SMAX - 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 Sep ETF (SMAX) at 0.38%. This indicates that ZNOV'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

	ZNOV	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.38%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	1.91%	2.10%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	2.67%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	3.67%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	3.67%	-0.32%

ZNOV vs. SMAX - Expense Ratio Comparison

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

Dividends

ZNOV vs. SMAX - Dividend Comparison

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

Frequently Asked Questions

Can I hold both ZNOV and SMAX in my portfolio?

ZNOV and SMAX 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, ZNOV or SMAX?

ZNOV has higher volatility (0.51%) compared to SMAX (0.38%). In terms of maximum drawdown, ZNOV dropped -3.31% vs SMAX's -3.90%.

Which ETF is better, ZNOV or SMAX?

On 1-year performance, SMAX leads with 9.17% vs 7.34% for ZNOV. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZNOV or SMAX?

Over the 1-year period, SMAX has performed better with a 9.17% return vs 7.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZNOV or SMAX?

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

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

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

What is the main difference between ZNOV and SMAX?

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

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.46 vs 2.78), 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.