DMAX vs. AIOO
DMAX (iShares Large Cap Max Buffer December ETF) and AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) are both Defined Outcome funds. DMAX is passively managed, while AIOO is actively managed. A 0.66 correlation means they provide meaningful diversification when combined. DMAX charges 0.50%/yr vs 0.64%/yr for AIOO.
Performance
DMAX vs. AIOO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DMAX having a 2.34% return and AIOO slightly lower at 2.26%.
DMAX
- 1D
- -0.02%
- 1M
- 0.22%
- YTD
- 2.34%
- 6M
- 2.59%
- 1Y
- 8.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AIOO
- 1D
- -0.04%
- 1M
- 0.19%
- YTD
- 2.26%
- 6M
- 2.30%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX vs. AIOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 2.34% | 4.59% |
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF | 2.26% | 2.65% |
Correlation
The correlation between DMAX and AIOO 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 (All Time) Calculated using the full available price history since Jul 1, 2025 | 0.66 |
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Return for Risk
DMAX vs. AIOO — Risk / Return Rank
DMAX
AIOO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
DMAX vs. AIOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer December ETF (DMAX) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). 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.
| DMAX | AIOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.76 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 5.85 | — | — |
| Martin ratioReturn relative to average drawdown | 29.41 | — | — |
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Drawdowns
DMAX vs. AIOO - Drawdown Comparison
The maximum DMAX drawdown since its inception was -3.37%, which is greater than AIOO's maximum drawdown of -0.74%. Use the drawdown chart below to compare losses from any high point for DMAX and AIOO.
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Drawdown Indicators
| DMAX | AIOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.37% | -0.74% | -2.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.41% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.21% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.18% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | — | — |
Volatility
DMAX vs. AIOO - Volatility Comparison
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Volatility by Period
| DMAX | AIOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.64% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 2.06% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.38% | 2.06% | +1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.38% | 2.06% | +1.32% |
DMAX vs. AIOO - Expense Ratio Comparison
DMAX has a 0.50% expense ratio, which is lower than AIOO's 0.64% expense ratio.
Dividends
DMAX vs. AIOO - Dividend Comparison
DMAX's dividend yield for the trailing twelve months is around 1.15%, while AIOO has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF | 0.00% | 0.00% |
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% |
Frequently Asked Questions
DMAX and AIOO 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.
On fees, DMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DMAX is cheaper with a 0.50% expense ratio, compared with 0.64% for AIOO.
DMAX has the higher dividend yield at 1.15%, compared with 0.00% for AIOO.
They also come from different issuers: iShares and Allianz. Their fees differ too: 0.50% for DMAX and 0.64% for AIOO.
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