DMAX vs. SOXX
DMAX (iShares Large Cap Max Buffer December ETF) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - DMAX is a Defined Outcome fund tracking the S&P 500 Index, while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. Both are passively managed. Over the past year, DMAX returned 8.46% vs 190.05% for SOXX. A 0.63 correlation means they provide meaningful diversification when combined. DMAX charges 0.50%/yr vs 0.34%/yr for SOXX.
Performance
DMAX vs. SOXX - Performance Comparison
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Returns By Period
In the year-to-date period, DMAX achieves a 2.34% return, which is significantly lower than SOXX's 104.57% return.
DMAX
- 1D
- -0.07%
- 1M
- 0.86%
- YTD
- 2.34%
- 6M
- 3.01%
- 1Y
- 8.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SOXX
- 1D
- 1.76%
- 1M
- 33.25%
- YTD
- 104.57%
- 6M
- 99.43%
- 1Y
- 190.05%
- 3Y*
- 57.39%
- 5Y*
- 34.50%
- 10Y*
- 35.79%
DMAX vs. SOXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 2.34% | 7.81% |
SOXX iShares Semiconductor ETF | 104.57% | 39.87% |
Correlation
The correlation between DMAX and SOXX is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | 0.63 |
The correlation between DMAX and SOXX has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.
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Return for Risk
DMAX vs. SOXX — Risk / Return Rank
DMAX
SOXX
DMAX vs. SOXX - 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 Semiconductor ETF (SOXX). 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 | SOXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 1.74 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 6.01 | 12.13 | -6.12 |
| Martin ratioReturn relative to average drawdown | 30.74 | 46.43 | -15.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DMAX | SOXX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.65 | 5.61 | -1.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.96 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.07 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.14 | 0.45 | +1.69 |
Drawdowns
DMAX vs. SOXX - Drawdown Comparison
The maximum DMAX drawdown since its inception was -3.37%, smaller than the maximum SOXX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for DMAX and SOXX.
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Drawdown Indicators
| DMAX | SOXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.37% | -70.21% | +66.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.41% | -15.77% | +14.36% |
Max Drawdown (3Y)Largest decline over 3 years | — | -41.36% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.75% | — |
Current DrawdownCurrent decline from peak | -0.07% | 0.00% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -19.97% | +19.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 4.11% | -3.83% |
Volatility
DMAX vs. SOXX - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer December ETF (DMAX) is 0.32%, while iShares Semiconductor ETF (SOXX) has a volatility of 14.03%. This indicates that DMAX experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DMAX | SOXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 14.03% | -13.71% |
Volatility (6M)Calculated over the trailing 6-month period | 1.54% | 27.35% | -25.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.33% | 34.18% | -31.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.40% | 36.11% | -32.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 33.43% | -30.03% |
DMAX vs. SOXX - Expense Ratio Comparison
DMAX has a 0.50% expense ratio, which is higher than SOXX's 0.34% expense ratio.
Dividends
DMAX vs. SOXX - Dividend Comparison
DMAX's dividend yield for the trailing twelve months is around 1.15%, more than SOXX's 0.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SOXX iShares Semiconductor ETF | 0.27% | 0.57% | 0.67% | 0.78% | 1.26% | 0.64% | 0.81% | 1.23% | 1.37% | 0.90% | 1.08% | 1.29% |
Frequently Asked Questions
DMAX and SOXX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXX has higher volatility (14.03%) compared to DMAX (0.32%). In terms of maximum drawdown, DMAX dropped -3.37% vs SOXX's -70.21%.
On 1-year performance, SOXX leads with 190.05% vs 8.46% for DMAX. On fees, SOXX is cheaper at 0.34% per year. On volatility, DMAX has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SOXX has performed better with a 190.05% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXX is cheaper with a 0.34% expense ratio, compared with 0.50% for DMAX.
DMAX has the higher dividend yield at 1.15%, compared with 0.27% for SOXX.
DMAX is categorized as Defined Outcome, while SOXX is Semiconductors. DMAX tracks S&P 500 Index, while SOXX tracks NYSE Semiconductor Index. Their fees differ too: 0.50% for DMAX and 0.34% for SOXX.
SOXX currently has the higher Sharpe Ratio (5.61 vs 3.65), 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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