BUFB vs. DMAX

Last updated Jun 4, 2026

BUFB (Innovator Laddered Allocation Buffer ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - BUFB tracks the MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, BUFB returned 19.07% vs 8.46% for DMAX. Their correlation of 0.82 suggests significant overlap in exposure. BUFB charges 0.89%/yr vs 0.50%/yr for DMAX.

Performance

BUFB vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Laddered Allocation Buffer ETF (BUFB) 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, BUFB achieves a 7.03% return, which is significantly higher than DMAX's 2.34% return.

BUFB

• 1D: -0.31%
• 1M: 2.46%
• YTD: 7.03%
• 6M: 7.78%
• 1Y: 19.07%
• 3Y*: 15.74%
• 5Y*: —
• 10Y*: —

DMAX

• 1D: -0.07%
• 1M: 0.86%
• YTD: 2.34%
• 6M: 3.01%
• 1Y: 8.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFB vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
BUFB Innovator Laddered Allocation Buffer ETF	7.03%	13.48%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.81%

Correlation

The correlation between BUFB and DMAX is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.82

The correlation between BUFB and DMAX has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

Return for Risk

BUFB vs. DMAX — Risk / Return Rank

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

BUFB

BUFB Risk / Return Rank: 81
BUFB Sharpe Ratio Rank: 78
BUFB Sortino Ratio Rank: 82
BUFB Omega Ratio Rank: 84
BUFB Calmar Ratio Rank: 75
BUFB Martin Ratio Rank: 89

DMAX

DMAX Risk / Return Rank: 94
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 91
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.

BUFB vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Buffer ETF (BUFB) 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.

	BUFB	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.65	-1.09
Sortino ratio: Return per unit of downside risk	3.70	5.65	-1.94
Omega ratio: Gain probability vs. loss probability	1.51	1.79	-0.28
Calmar ratio: Return relative to maximum drawdown	3.74	6.01	-2.27
Martin ratio: Return relative to average drawdown	19.82	30.74	-10.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFB vs. DMAX - Sharpe Ratio Comparison

The current BUFB Sharpe Ratio is 2.55, which is comparable to the DMAX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of BUFB 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

	BUFB	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	3.65	-1.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	2.14	-1.23

Drawdowns

BUFB vs. DMAX - Drawdown Comparison

The maximum BUFB drawdown since its inception was -14.88%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for BUFB and DMAX.

Drawdown Indicators

	BUFB	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.88%	-3.37%	-11.51%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-1.41%	-3.71%
Max Drawdown (3Y) Largest decline over 3 years	-13.75%	—	—
Current Drawdown Current decline from peak	-0.31%	-0.07%	-0.24%
Average Drawdown Average peak-to-trough decline	-2.88%	-0.38%	-2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.28%	+0.68%

Volatility

BUFB vs. DMAX - Volatility Comparison

Innovator Laddered Allocation Buffer ETF (BUFB) has a higher volatility of 1.33% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.32%. This indicates that BUFB'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

	BUFB	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	0.32%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	1.54%	+4.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.51%	2.33%	+5.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.01%	3.40%	+8.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.01%	3.40%	+8.61%

BUFB vs. DMAX - Expense Ratio Comparison

BUFB has a 0.89% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

BUFB vs. DMAX - Dividend Comparison

BUFB has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.

Position	TTM	2025
BUFB Innovator Laddered Allocation Buffer ETF	0.00%	0.00%
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%

Frequently Asked Questions

Can I hold both BUFB and DMAX in my portfolio?

BUFB and DMAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFB or DMAX?

BUFB has higher volatility (1.33%) compared to DMAX (0.32%). In terms of maximum drawdown, BUFB dropped -14.88% vs DMAX's -3.37%.

Which ETF is better, BUFB or DMAX?

On 1-year performance, BUFB leads with 19.07% vs 8.46% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFB or DMAX?

Over the 1-year period, BUFB has performed better with a 19.07% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFB or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.89% for BUFB.

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

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

What is the main difference between BUFB and DMAX?

BUFB tracks MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross, while DMAX tracks S&P 500 Index. They also come from different issuers: Innovator and iShares. Their fees differ too: 0.89% for BUFB and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.65 vs 2.55), 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.