AIOO vs. DMAX

Last updated Aug 1, 2026

AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. AIOO is actively managed, while DMAX is passively managed. Over the past year, AIOO returned 4.97% vs 7.41% for DMAX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. AIOO charges 0.64%/yr vs 0.50%/yr for DMAX.

Performance

AIOO vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) 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, AIOO achieves a 2.41% return, which is significantly lower than DMAX's 3.19% return.

AIOO

• 1D: 0.10%
• 1M: 0.20%
• 6M: 2.08%
• YTD: 2.41%
• 1Y: 4.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.72%

DMAX

• 1D: 0.27%
• 1M: 0.66%
• 6M: 2.84%
• YTD: 3.19%
• 1Y: 7.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	$338.86K	$297.94K	$421.07K
DMAX iShares Large Cap Max Buffer December ETF	$158.92K	$293.43K	$280.72K

AIOO vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.41%	2.65%
DMAX iShares Large Cap Max Buffer December ETF	3.19%	4.59%

Correlation

The correlation between AIOO and DMAX is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.68

The correlation between AIOO and DMAX has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

Return for Risk

AIOO vs. DMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AIOO

AIOO Risk / Return Rank: 93
AIOO Sharpe Ratio Rank: 91
AIOO Sortino Ratio Rank: 93
AIOO Omega Ratio Rank: 92
AIOO Calmar Ratio Rank: 96
AIOO Martin Ratio Rank: 94

DMAX

DMAX Risk / Return Rank: 96
DMAX Sharpe Ratio Rank: 96
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 94
DMAX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AIOO vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) 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.

	AIOO	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	3.01	-0.68
Sortino ratio: Return per unit of downside risk	3.59	4.56	-0.96
Omega ratio: Gain probability vs. loss probability	1.44	1.61	-0.17
Calmar ratio: Return relative to maximum drawdown	6.44	4.97	+1.47
Martin ratio: Return relative to average drawdown	18.58	24.54	-5.95

AIOO vs. DMAX - Sharpe Ratio Comparison

The current AIOO Sharpe Ratio is 2.33, which is comparable to the DMAX Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of AIOO 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

AIOO vs. DMAX - Drawdown Comparison

The maximum AIOO drawdown since its inception was -0.74%, smaller than the maximum DMAX drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for AIOO and DMAX.

Drawdown Indicators

	AIOO	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.74%	-3.37%	+2.63%
Max Drawdown (1Y) Largest decline over 1 year	-0.74%	-1.41%	+0.67%
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.36%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.29%	-0.03%

Volatility

AIOO vs. DMAX - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) is 0.40%, while iShares Large Cap Max Buffer December ETF (DMAX) has a volatility of 0.60%. This indicates that AIOO 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

	AIOO	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.60%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	1.39%	1.70%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	2.33%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.02%	3.30%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.02%	3.30%	-1.28%

AIOO vs. DMAX - Expense Ratio Comparison

AIOO has a 0.64% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

AIOO vs. DMAX - Dividend Comparison

AIOO has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.14%.

Position	TTM	2025
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.00%	0.00%
DMAX iShares Large Cap Max Buffer December ETF	1.14%	1.18%

Frequently Asked Questions

Can I hold both AIOO and DMAX in my portfolio?

AIOO and DMAX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIOO or DMAX?

DMAX has higher volatility (0.60%) compared to AIOO (0.40%). In terms of maximum drawdown, AIOO dropped -0.74% vs DMAX's -3.37%.

Which ETF is better, AIOO or DMAX?

On 1-year performance, DMAX leads with 7.41% vs 4.97% for AIOO. On fees, DMAX is cheaper at 0.50% per year. On volatility, AIOO has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIOO or DMAX?

Over the 1-year period, DMAX has performed better with a 7.41% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIOO or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.64% for AIOO.

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

DMAX has the higher dividend yield at 1.14%, compared with 0.00% for AIOO.

What is the main difference between AIOO and DMAX?

They also come from different issuers: Allianz and iShares. Their fees differ too: 0.64% for AIOO and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.01 vs 2.33), 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.