DMAX vs. AIOO

Last updated Jul 12, 2026

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. Over the past year, DMAX returned 7.24% vs 5.15% for AIOO. A 0.67 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

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer December ETF (DMAX) and AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DMAX achieves a 2.85% return, which is significantly higher than AIOO's 2.48% return.

DMAX

• 1D: 0.06%
• 1M: 0.51%
• 6M: 2.62%
• YTD: 2.85%
• 1Y: 7.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AIOO

• 1D: 0.08%
• 1M: 0.38%
• 6M: 2.19%
• YTD: 2.48%
• 1Y: 5.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DMAX vs. AIOO - Yearly Performance Comparison

	2026 (YTD)	2025
DMAX iShares Large Cap Max Buffer December ETF	2.85%	4.59%
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	2.48%	2.65%

Correlation

The correlation between DMAX and AIOO is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.67

The correlation between DMAX and AIOO has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.

Return for Risk

DMAX vs. AIOO — 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: 96
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 93
DMAX Martin Ratio Rank: 96

AIOO

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

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. 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 ratio: Return per unit of total volatility	3.15	2.55	+0.60
Sortino ratio: Return per unit of downside risk	4.79	3.95	+0.84
Omega ratio: Gain probability vs. loss probability	1.66	1.49	+0.16
Calmar ratio: Return relative to maximum drawdown	5.11	7.09	-1.99
Martin ratio: Return relative to average drawdown	25.22	20.48	+4.73

DMAX vs. AIOO - Sharpe Ratio Comparison

The current DMAX Sharpe Ratio is 3.15, which is comparable to the AIOO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of DMAX and AIOO, 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

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.

Drawdown Indicators

	DMAX	AIOO	Difference
Max Drawdown Largest peak-to-trough decline	-3.37%	-0.74%	-2.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	-0.74%	-0.67%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.37%	-0.18%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.26%	+0.03%

Volatility

DMAX vs. AIOO - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer December ETF (DMAX) is 0.64%, while AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) has a volatility of 0.73%. This indicates that DMAX experiences smaller price fluctuations and is considered to be less risky than AIOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMAX	AIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.73%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	1.42%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.29%	2.06%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.34%	2.05%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.34%	2.05%	+1.29%

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

Can I hold both DMAX and AIOO in my portfolio?

DMAX and AIOO have a correlation of 0.67, 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 AIOO?

AIOO has higher volatility (0.73%) compared to DMAX (0.64%). In terms of maximum drawdown, DMAX dropped -3.37% vs AIOO's -0.74%.

Which ETF is better, DMAX or AIOO?

On 1-year performance, DMAX leads with 7.24% vs 5.15% for AIOO. On fees, DMAX is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DMAX or AIOO?

Over the 1-year period, DMAX has performed better with a 7.24% return vs 5.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DMAX or AIOO?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.64% for AIOO.

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

DMAX has the higher dividend yield at 1.15%, compared with 0.00% for AIOO.

What is the main difference between DMAX and AIOO?

They also come from different issuers: iShares and Allianz. Their fees differ too: 0.50% for DMAX and 0.64% for AIOO.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.15 vs 2.55), 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.