DMAX vs. OCTB

Last updated Jun 3, 2026

DMAX (iShares Large Cap Max Buffer December ETF) and OCTB (Aptus October Buffer ETF) are both Defined Outcome funds. DMAX is passively managed, while OCTB is actively managed. Their correlation of 0.82 suggests significant overlap in exposure. DMAX charges 0.50%/yr vs 0.25%/yr for OCTB.

Performance

DMAX vs. OCTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer December ETF (DMAX) and Aptus October Buffer ETF (OCTB). 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 OCTB's 6.36% return.

DMAX

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

OCTB

• 1D: 0.06%
• 1M: 2.36%
• YTD: 6.36%
• 6M: 7.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DMAX vs. OCTB - Yearly Performance Comparison

	2026 (YTD)	2025
DMAX iShares Large Cap Max Buffer December ETF	2.42%	2.05%
OCTB Aptus October Buffer ETF	6.36%	2.37%

Correlation

The correlation between DMAX and OCTB is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.82

Return for Risk

DMAX vs. OCTB — 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

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. OCTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer December ETF (DMAX) and Aptus October Buffer ETF (OCTB). 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	OCTB	Difference
Sharpe ratio Return per unit of total volatility	3.74	—	—
Sortino ratio Return per unit of downside risk	5.80	—	—
Omega ratio Gain probability vs. loss probability	1.81	—	—
Calmar ratio Return relative to maximum drawdown	6.15	—	—
Martin ratio Return relative to average drawdown	31.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DMAX	OCTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.16	2.02	+0.14

Drawdowns

DMAX vs. OCTB - Drawdown Comparison

The maximum DMAX drawdown since its inception was -3.37%, smaller than the maximum OCTB drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for DMAX and OCTB.

Drawdown Indicators

	DMAX	OCTB	Difference
Max Drawdown Largest peak-to-trough decline	-3.37%	-4.79%	+1.42%
Max Drawdown (1Y) Largest decline over 1 year	-1.41%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.38%	-0.70%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	—	—

Volatility

Volatility by Period

	DMAX	OCTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	7.22%	-4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	7.22%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.40%	7.22%	-3.82%

DMAX vs. OCTB - Expense Ratio Comparison

DMAX has a 0.50% expense ratio, which is higher than OCTB's 0.25% expense ratio.

Dividends

DMAX vs. OCTB - Dividend Comparison

DMAX's dividend yield for the trailing twelve months is around 1.15%, while OCTB has not paid dividends to shareholders.

Position	TTM	2025
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%
OCTB Aptus October Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both DMAX and OCTB in my portfolio?

DMAX and OCTB have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DMAX or OCTB?

On fees, OCTB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DMAX or OCTB?

OCTB is cheaper with a 0.25% expense ratio, compared with 0.50% for DMAX.

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

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

What is the main difference between DMAX and OCTB?

They also come from different issuers: iShares and Aptus Capital Advisors. Their fees differ too: 0.50% for DMAX and 0.25% for OCTB.