DMAX vs. ACWI

Last updated Jun 3, 2026

DMAX (iShares Large Cap Max Buffer December ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - DMAX is a Defined Outcome fund tracking the S&P 500 Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past year, DMAX returned 8.68% vs 30.55% for ACWI. Their correlation of 0.82 suggests significant overlap in exposure. DMAX charges 0.50%/yr vs 0.32%/yr for ACWI.

Performance

DMAX vs. ACWI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer December ETF (DMAX) and iShares MSCI ACWI ETF (ACWI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMAX achieves a 2.42% return, which is significantly lower than ACWI's 13.06% return.

DMAX

• 1D: 0.02%
• 1M: 0.83%
• YTD: 2.42%
• 6M: 3.14%
• 1Y: 8.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ACWI

• 1D: 0.55%
• 1M: 5.48%
• YTD: 13.06%
• 6M: 14.33%
• 1Y: 30.55%
• 3Y*: 21.49%
• 5Y*: 11.67%
• 10Y*: 12.94%

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

DMAX vs. ACWI - Yearly Performance Comparison

	2026 (YTD)	2025
DMAX iShares Large Cap Max Buffer December ETF	2.42%	7.81%
ACWI iShares MSCI ACWI ETF	13.06%	22.65%

Correlation

The correlation between DMAX and ACWI is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.82

The correlation between DMAX and ACWI has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

DMAX vs. ACWI — Risk / Return Rank

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

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 92
DMAX Martin Ratio Rank: 95

ACWI

ACWI Risk / Return Rank: 71
ACWI Sharpe Ratio Rank: 73
ACWI Sortino Ratio Rank: 72
ACWI Omega Ratio Rank: 72
ACWI Calmar Ratio Rank: 65
ACWI Martin Ratio Rank: 75

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.

DMAX vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer December ETF (DMAX) and iShares MSCI ACWI ETF (ACWI). 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.

	DMAX	ACWI	Difference
Sharpe ratio Return per unit of total volatility	3.74	2.41	+1.34
Sortino ratio Return per unit of downside risk	5.80	3.31	+2.49
Omega ratio Gain probability vs. loss probability	1.81	1.44	+0.38
Calmar ratio Return relative to maximum drawdown	6.15	3.24	+2.91
Martin ratio Return relative to average drawdown	31.49	14.58	+16.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMAX vs. ACWI - Sharpe Ratio Comparison

The current DMAX Sharpe Ratio is 3.74, which is higher than the ACWI Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of DMAX and ACWI, 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

	DMAX	ACWI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	2.41	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.16	0.43	+1.73

Drawdowns

DMAX vs. ACWI - Drawdown Comparison

The maximum DMAX drawdown since its inception was -3.37%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for DMAX and ACWI.

Drawdown Indicators

	DMAX	ACWI	Difference
Max Drawdown Largest peak-to-trough decline	-3.37%	-56.00%	+52.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-9.73%	+8.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.53%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.38%	-8.61%	+8.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	2.16%	-1.88%

Volatility

DMAX vs. ACWI - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer December ETF (DMAX) is 0.33%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 3.88%. This indicates that DMAX experiences smaller price fluctuations and is considered to be less risky than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAX	ACWI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	3.88%	-3.55%
Volatility (6M) Calculated over the trailing 6-month period	1.54%	10.27%	-8.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	12.77%	-10.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	16.05%	-12.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.40%	17.11%	-13.71%

DMAX vs. ACWI - Expense Ratio Comparison

DMAX has a 0.50% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

DMAX vs. ACWI - Dividend Comparison

DMAX's dividend yield for the trailing twelve months is around 1.15%, less than ACWI's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWI iShares MSCI ACWI ETF	1.37%	1.55%	1.70%	1.88%	1.79%	1.71%	1.43%	2.33%	2.18%	1.94%	2.19%	2.56%
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DMAX and ACWI in my portfolio?

DMAX and ACWI have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DMAX or ACWI?

ACWI has higher volatility (3.88%) compared to DMAX (0.33%). In terms of maximum drawdown, DMAX dropped -3.37% vs ACWI's -56.00%.

Which ETF is better, DMAX or ACWI?

On 1-year performance, ACWI leads with 30.55% vs 8.68% for DMAX. On fees, ACWI is cheaper at 0.32% per year. On volatility, DMAX has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAX or ACWI?

Over the 1-year period, ACWI has performed better with a 30.55% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAX or ACWI?

ACWI is cheaper with a 0.32% expense ratio, compared with 0.50% for DMAX.

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

ACWI has the higher dividend yield at 1.37%, compared with 1.15% for DMAX.

What is the main difference between DMAX and ACWI?

DMAX is categorized as Defined Outcome, while ACWI is Global Equities. DMAX tracks S&P 500 Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.50% for DMAX and 0.32% for ACWI.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.74 vs 2.41), 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.