BUFP vs. MMAX

Last updated Jun 23, 2026

BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. BUFP is passively managed, while MMAX is actively managed. Over the past year, BUFP returned 17.31% vs 7.29% for MMAX. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

BUFP vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) 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, BUFP achieves a 6.33% return, which is significantly higher than MMAX's 3.01% return.

BUFP

• 1D: 0.28%
• 1M: 0.57%
• YTD: 6.33%
• 6M: 6.42%
• 1Y: 17.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: -0.04%
• 1M: 0.09%
• YTD: 3.01%
• 6M: 3.19%
• 1Y: 7.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFP vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.33%	15.13%
MMAX iShares Large Cap Max Buffer Mar ETF	3.01%	6.04%

Correlation

The correlation between BUFP and MMAX is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.69

The correlation between BUFP and MMAX has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

BUFP vs. MMAX — Risk / Return Rank

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

BUFP

BUFP Risk / Return Rank: 88
BUFP Sharpe Ratio Rank: 87
BUFP Sortino Ratio Rank: 90
BUFP Omega Ratio Rank: 91
BUFP Calmar Ratio Rank: 79
BUFP Martin Ratio Rank: 92

MMAX

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

BUFP vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) 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.

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.

	BUFP	MMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.72	5.15	-2.43
Sortino ratio: Return per unit of downside risk	4.02	9.29	-5.26
Omega ratio: Gain probability vs. loss probability	1.57	2.35	-0.78
Calmar ratio: Return relative to maximum drawdown	3.94	15.86	-11.92
Martin ratio: Return relative to average drawdown	21.61	84.16	-62.55

BUFP vs. MMAX - Sharpe Ratio Comparison

The current BUFP Sharpe Ratio is 2.72, which is lower than the MMAX Sharpe Ratio of 5.15. The chart below compares the historical Sharpe Ratios of BUFP 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.

Drawdowns

BUFP vs. MMAX - Drawdown Comparison

The maximum BUFP drawdown since its inception was -11.98%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for BUFP and MMAX.

Drawdown Indicators

	BUFP	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.98%	-1.93%	-10.05%
Max Drawdown (1Y) Largest decline over 1 year	-4.41%	-0.46%	-3.95%
Current Drawdown Current decline from peak	-0.19%	-0.20%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.99%	-0.11%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.09%	+0.71%

Volatility

BUFP vs. MMAX - Volatility Comparison

PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a higher volatility of 1.99% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.52%. This indicates that BUFP'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

	BUFP	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.99%	0.52%	+1.47%
Volatility (6M) Calculated over the trailing 6-month period	5.11%	1.06%	+4.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.40%	1.42%	+4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.46%	2.48%	+6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.46%	2.48%	+6.98%

BUFP vs. MMAX - Expense Ratio Comparison

Both BUFP and MMAX have an expense ratio of 0.50%.

Dividends

BUFP vs. MMAX - Dividend Comparison

BUFP's dividend yield for the trailing twelve months is around 0.01%, less than MMAX's 1.28% yield.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
MMAX iShares Large Cap Max Buffer Mar ETF	1.28%	1.31%	0.00%

Frequently Asked Questions

Can I hold both BUFP and MMAX in my portfolio?

BUFP and MMAX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFP or MMAX?

BUFP has higher volatility (1.99%) compared to MMAX (0.52%). In terms of maximum drawdown, BUFP dropped -11.98% vs MMAX's -1.93%.

Which ETF is better, BUFP or MMAX?

On 1-year performance, BUFP leads with 17.31% vs 7.29% for MMAX. Both ETFs have the same 0.50% expense ratio. On volatility, MMAX has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFP or MMAX?

Over the 1-year period, BUFP has performed better with a 17.31% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFP or MMAX?

BUFP and MMAX have the same expense ratio: 0.50% per year.

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

MMAX has the higher dividend yield at 1.28%, compared with 0.01% for BUFP.

What is the main difference between BUFP and MMAX?

They also come from different issuers: PGIM and iShares.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.15 vs 2.72), 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.