DDTO vs. MMAX
DDTO (Innovator Equity Dual Directional 10 Buffer ETF - October) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. DDTO charges 0.79%/yr vs 0.50%/yr for MMAX.
Performance
DDTO vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, DDTO achieves a 6.80% return, which is significantly higher than MMAX's 3.72% return.
DDTO
- 1D
- 0.26%
- 1M
- 0.92%
- 6M
- 5.98%
- YTD
- 6.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
MMAX
- 1D
- 0.09%
- 1M
- 0.44%
- 6M
- 3.24%
- YTD
- 3.72%
- 1Y
- 6.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $79.99K | $109.02K | $145.87K | |
| $75.73K | $146.75K | $150.47K |
DDTO vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DDTO Innovator Equity Dual Directional 10 Buffer ETF - October | 6.80% | 2.21% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.72% | 1.70% |
Correlation
The correlation between DDTO and MMAX is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.65 |
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Return for Risk
DDTO vs. MMAX — Risk / Return Rank
DDTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX
DDTO vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Dual Directional 10 Buffer ETF - October (DDTO) 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.
| DDTO | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.16 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 14.68 | — |
| Martin ratioReturn relative to average drawdown | — | 69.13 | — |
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Drawdowns
DDTO vs. MMAX - Drawdown Comparison
The maximum DDTO drawdown since its inception was -4.98%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for DDTO and MMAX.
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Drawdown Indicators
| DDTO | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.98% | -1.93% | -3.05% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.46% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -0.10% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.10% | — |
Volatility
DDTO vs. MMAX - Volatility Comparison
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Volatility by Period
| DDTO | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.38% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.08% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.11% | 1.44% | +5.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.11% | 2.40% | +4.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 2.40% | +4.71% |
DDTO vs. MMAX - Expense Ratio Comparison
DDTO has a 0.79% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
DDTO vs. MMAX - Dividend Comparison
DDTO has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.27%.
| Position | TTM | 2025 |
|---|---|---|
DDTO Innovator Equity Dual Directional 10 Buffer ETF - October | 0.00% | 0.00% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
DDTO and MMAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for DDTO.
MMAX has the higher dividend yield at 1.27%, compared with 0.00% for DDTO.
They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for DDTO and 0.50% for MMAX.
Find the right allocation for DDTO and MMAX
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