DMAX vs. IBIT
DMAX (iShares Large Cap Max Buffer December ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - DMAX is a Defined Outcome fund tracking the S&P 500 Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, DMAX returned 7.75% vs -39.82% for IBIT. At a 0.40 correlation, their price movements are largely independent. DMAX charges 0.50%/yr vs 0.25%/yr for IBIT.
Performance
DMAX vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, DMAX achieves a 2.19% return, which is significantly higher than IBIT's -28.88% return.
DMAX
- 1D
- -0.15%
- 1M
- 0.07%
- YTD
- 2.19%
- 6M
- 2.35%
- 1Y
- 7.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- -3.26%
- 1M
- -17.81%
- YTD
- -28.88%
- 6M
- -28.88%
- 1Y
- -39.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 2.19% | 7.51% |
IBIT iShares Bitcoin Trust ETF | -28.88% | -6.41% |
Correlation
The correlation between DMAX and IBIT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025 | 0.40 |
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Return for Risk
DMAX vs. IBIT — Risk / Return Rank
DMAX
IBIT
DMAX vs. IBIT - 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 Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.25 | ||
| Sortino ratioReturn per unit of downside risk | +6.38 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 0.86 | +0.84 |
| Calmar ratioReturn relative to maximum drawdown | 5.51 | -0.77 | +6.28 |
| Martin ratioReturn relative to average drawdown | 27.58 | -1.30 | +28.89 |
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Drawdowns
DMAX vs. IBIT - Drawdown Comparison
The maximum DMAX drawdown since its inception was -3.37%, smaller than the maximum IBIT drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for DMAX and IBIT.
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Drawdown Indicators
| DMAX | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.37% | -52.11% | +48.74% |
Max Drawdown (1Y)Largest decline over 1 year | -1.41% | -52.11% | +50.70% |
Current DrawdownCurrent decline from peak | -0.38% | -50.47% | +50.09% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -16.85% | +16.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 30.58% | -30.30% |
Volatility
DMAX vs. IBIT - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer December ETF (DMAX) is 0.65%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 13.18%. This indicates that DMAX experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMAX | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 13.18% | -12.53% |
Volatility (6M)Calculated over the trailing 6-month period | 1.65% | 34.64% | -32.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 44.31% | -41.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.38% | 50.22% | -46.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.38% | 50.22% | -46.84% |
DMAX vs. IBIT - Expense Ratio Comparison
DMAX has a 0.50% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
DMAX vs. IBIT - Dividend Comparison
DMAX's dividend yield for the trailing twelve months is around 1.15%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% |
Frequently Asked Questions
DMAX and IBIT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (13.18%) compared to DMAX (0.65%). In terms of maximum drawdown, DMAX dropped -3.37% vs IBIT's -52.11%.
On 1-year performance, DMAX leads with 7.75% vs -39.82% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, DMAX has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DMAX has performed better with a 7.75% return vs -39.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.50% for DMAX.
DMAX has the higher dividend yield at 1.15%, compared with 0.00% for IBIT.
DMAX is categorized as Defined Outcome, while IBIT is Cryptocurrency. DMAX tracks S&P 500 Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.50% for DMAX and 0.25% for IBIT.
DMAX currently has the higher Sharpe Ratio (3.35 vs -0.90), 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.
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