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. A 0.64 correlation means they provide meaningful diversification when combined. 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 4.95% return, which is significantly higher than MMAX's 2.86% return.
DDTO
- 1D
- -0.81%
- 1M
- 0.48%
- YTD
- 4.95%
- 6M
- 5.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.24%
- 1M
- 0.11%
- YTD
- 2.86%
- 6M
- 3.44%
- 1Y
- 7.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DDTO vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DDTO Innovator Equity Dual Directional 10 Buffer ETF - October | 4.95% | 1.87% |
MMAX iShares Large Cap Max Buffer Mar ETF | 2.86% | 1.64% |
Correlation
The correlation between DDTO and MMAX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.64 |
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Return for Risk
DDTO vs. MMAX — Risk / Return Rank
DDTO
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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| DDTO | MMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 5.29 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.42 | 3.02 | -1.60 |
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 | — | -0.35% | — |
Current DrawdownCurrent decline from peak | -0.83% | -0.35% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -0.67% | -0.10% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.07% | — |
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 | — | 0.42% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.00% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.33% | 1.42% | +5.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.33% | 2.50% | +4.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.33% | 2.50% | +4.83% |
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 1.28%.
| Position | TTM | 2025 |
|---|---|---|
DDTO Innovator Equity Dual Directional 10 Buffer ETF - October | 0.00% | 0.00% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
Frequently Asked Questions
DDTO and MMAX have a correlation of 0.64, 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 1.28%, 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.
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