BGLD vs. MMAX

Last updated Jun 4, 2026

BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, BGLD returned 12.93% vs 7.67% for MMAX. At a 0.08 correlation, their price movements are largely independent. BGLD charges 0.91%/yr vs 0.50%/yr for MMAX.

Performance

BGLD vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGLD achieves a 0.32% return, which is significantly lower than MMAX's 3.09% return.

BGLD

• 1D: -0.52%
• 1M: 0.80%
• YTD: 0.32%
• 6M: 1.34%
• 1Y: 12.93%
• 3Y*: 19.37%
• 5Y*: 11.20%
• 10Y*: —

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BGLD vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
BGLD FT Vest Gold Strategy Quarterly Buffer ETF	0.32%	16.33%
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	5.88%

Correlation

The correlation between BGLD and MMAX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.08

Return for Risk

BGLD vs. MMAX — Risk / Return Rank

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

BGLD

BGLD Risk / Return Rank: 28
BGLD Sharpe Ratio Rank: 29
BGLD Sortino Ratio Rank: 28
BGLD Omega Ratio Rank: 31
BGLD Calmar Ratio Rank: 25
BGLD Martin Ratio Rank: 27

MMAX

MMAX Risk / Return Rank: 99
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 99
MMAX Martin Ratio Rank: 99

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.

BGLD vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) 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.

	BGLD	MMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	5.52	-4.43
Sortino ratio: Return per unit of downside risk	1.51	10.56	-9.05
Omega ratio: Gain probability vs. loss probability	1.21	2.51	-1.30
Calmar ratio: Return relative to maximum drawdown	1.17	22.49	-21.32
Martin ratio: Return relative to average drawdown	3.72	112.49	-108.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGLD vs. MMAX - Sharpe Ratio Comparison

The current BGLD Sharpe Ratio is 1.09, which is lower than the MMAX Sharpe Ratio of 5.52. The chart below compares the historical Sharpe Ratios of BGLD and MMAX, 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

	BGLD	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	5.52	-4.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	3.13	-2.08

Drawdowns

BGLD vs. MMAX - Drawdown Comparison

The maximum BGLD drawdown since its inception was -16.19%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for BGLD and MMAX.

Drawdown Indicators

	BGLD	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.19%	-1.93%	-14.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.11%	-0.34%	-10.77%
Max Drawdown (3Y) Largest decline over 3 years	-11.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.52%	—	—
Current Drawdown Current decline from peak	-7.22%	-0.13%	-7.09%
Average Drawdown Average peak-to-trough decline	-3.64%	-0.10%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	0.07%	+3.42%

Volatility

BGLD vs. MMAX - Volatility Comparison

FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) has a higher volatility of 2.20% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.36%. This indicates that BGLD'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.

Volatility by Period

	BGLD	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	0.36%	+1.84%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	0.96%	+9.08%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	1.39%	+10.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.97%	2.49%	+7.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.89%	2.49%	+7.40%

BGLD vs. MMAX - Expense Ratio Comparison

BGLD has a 0.91% expense ratio, which is higher than MMAX's 0.50% expense ratio.

Dividends

BGLD vs. MMAX - Dividend Comparison

BGLD's dividend yield for the trailing twelve months is around 44.18%, more than MMAX's 1.27% yield.

Position	TTM	2025	2024	2023	2022
BGLD FT Vest Gold Strategy Quarterly Buffer ETF	44.18%	44.32%	25.04%	10.49%	0.40%
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGLD and MMAX in my portfolio?

BGLD and MMAX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGLD or MMAX?

BGLD has higher volatility (2.20%) compared to MMAX (0.36%). In terms of maximum drawdown, BGLD dropped -16.19% vs MMAX's -1.93%.

Which ETF is better, BGLD or MMAX?

On 1-year performance, BGLD leads with 12.93% vs 7.67% for MMAX. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BGLD or MMAX?

Over the 1-year period, BGLD has performed better with a 12.93% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BGLD or MMAX?

MMAX is cheaper with a 0.50% expense ratio, compared with 0.91% for BGLD.

Which ETF pays a higher dividend yield, BGLD or MMAX?

BGLD has the higher dividend yield at 44.18%, compared with 1.27% for MMAX.

What is the main difference between BGLD and MMAX?

They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.91% for BGLD and 0.50% for MMAX.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.52 vs 1.09), 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.