AOCT vs. MMAX
AOCT (Innovator Equity Defined Protection ETF - 2 Yr to October 2026) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, AOCT returned 7.29% vs 7.67% for MMAX. A 0.61 correlation means they provide meaningful diversification when combined. AOCT charges 0.79%/yr vs 0.50%/yr for MMAX.
Performance
AOCT vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, AOCT achieves a 2.49% return, which is significantly lower than MMAX's 3.09% return.
AOCT
- 1D
- -0.07%
- 1M
- 0.72%
- YTD
- 2.49%
- 6M
- 2.99%
- 1Y
- 7.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.13%
- 1M
- 0.60%
- YTD
- 3.09%
- 6M
- 3.75%
- 1Y
- 7.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AOCT vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026 | 2.49% | 6.79% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.09% | 5.88% |
Correlation
The correlation between AOCT and MMAX is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | 0.61 |
The correlation between AOCT and MMAX has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.
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Return for Risk
AOCT vs. MMAX — Risk / Return Rank
AOCT
MMAX
AOCT vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) and iShares Large Cap Max Buffer Mar ETF (MMAX). 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.
| AOCT | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -6.20 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 2.51 | -0.91 |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | 22.49 | -18.06 |
| Martin ratioReturn relative to average drawdown | 24.23 | 112.49 | -88.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AOCT | MMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.84 | 5.52 | -2.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.45 | 3.13 | -1.69 |
Drawdowns
AOCT vs. MMAX - Drawdown Comparison
The maximum AOCT drawdown since its inception was -3.71%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for AOCT and MMAX.
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Drawdown Indicators
| AOCT | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.71% | -1.93% | -1.78% |
Max Drawdown (1Y)Largest decline over 1 year | -1.65% | -0.34% | -1.31% |
Current DrawdownCurrent decline from peak | -0.07% | -0.13% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.37% | -0.10% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.07% | +0.23% |
Volatility
AOCT vs. MMAX - Volatility Comparison
Innovator Equity Defined Protection ETF - 2 Yr to October 2026 (AOCT) has a higher volatility of 0.38% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.36%. This indicates that AOCT's price experiences larger fluctuations and is considered to be riskier than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AOCT | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 0.36% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 0.96% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 1.39% | +1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.89% | 2.49% | +1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.89% | 2.49% | +1.40% |
AOCT vs. MMAX - Expense Ratio Comparison
AOCT has a 0.79% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
AOCT vs. MMAX - Dividend Comparison
AOCT has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.27%.
| Position | TTM | 2025 |
|---|---|---|
AOCT Innovator Equity Defined Protection ETF - 2 Yr to October 2026 | 0.00% | 0.00% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
AOCT and MMAX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AOCT has higher volatility (0.38%) compared to MMAX (0.36%). In terms of maximum drawdown, AOCT dropped -3.71% vs MMAX's -1.93%.
On 1-year performance, MMAX leads with 7.67% vs 7.29% for AOCT. On fees, MMAX 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.
Over the 1-year period, MMAX has performed better with a 7.67% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for AOCT.
MMAX has the higher dividend yield at 1.27%, compared with 0.00% for AOCT.
They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for AOCT and 0.50% for MMAX.
MMAX currently has the higher Sharpe Ratio (5.52 vs 2.84), 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.
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