FB vs. DMAX
FB (ProShares S&P 500 Dynamic Daily Buffer ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - FB tracks the S&P 500 while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, FB returned 12.75% vs 7.16% for DMAX. A 0.62 correlation means they provide meaningful diversification when combined. FB charges 0.58%/yr vs 0.50%/yr for DMAX.
Performance
FB vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, FB achieves a 7.10% return, which is significantly higher than DMAX's 2.77% return.
FB
- 1D
- -0.12%
- 1M
- 1.49%
- 6M
- 6.09%
- YTD
- 7.10%
- 1Y
- 12.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX
- 1D
- -0.07%
- 1M
- 0.44%
- 6M
- 2.62%
- YTD
- 2.77%
- 1Y
- 7.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FB vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FB ProShares S&P 500 Dynamic Daily Buffer ETF | 7.10% | 6.10% |
DMAX iShares Large Cap Max Buffer December ETF | 2.77% | 5.09% |
Correlation
The correlation between FB and DMAX is 0.65, 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 | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | 0.62 |
The correlation between FB and DMAX has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.
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Return for Risk
FB vs. DMAX — Risk / Return Rank
FB
DMAX
FB vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dynamic Daily Buffer ETF (FB) and iShares Large Cap Max Buffer December ETF (DMAX). 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.
| FB | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.65 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 7.28 | 5.09 | +2.19 |
| Martin ratioReturn relative to average drawdown | 26.31 | 25.13 | +1.18 |
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Drawdowns
FB vs. DMAX - Drawdown Comparison
The maximum FB drawdown since its inception was -1.76%, smaller than the maximum DMAX drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for FB and DMAX.
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Drawdown Indicators
| FB | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.76% | -3.37% | +1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.76% | -1.41% | -0.35% |
Current DrawdownCurrent decline from peak | -0.12% | -0.07% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.32% | -0.37% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.29% | +0.20% |
Volatility
FB vs. DMAX - Volatility Comparison
ProShares S&P 500 Dynamic Daily Buffer ETF (FB) has a higher volatility of 1.84% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.63%. This indicates that FB's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FB | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 0.63% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.76% | 1.65% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.97% | 2.29% | +2.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.07% | 3.33% | +1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.07% | 3.33% | +1.74% |
FB vs. DMAX - Expense Ratio Comparison
FB has a 0.58% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Dividends
FB vs. DMAX - Dividend Comparison
FB's dividend yield for the trailing twelve months is around 1.98%, more than DMAX's 1.15% yield.
| Position | TTM | 2025 |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% |
FB ProShares S&P 500 Dynamic Daily Buffer ETF | 1.98% | 0.92% |
Frequently Asked Questions
FB and DMAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FB has higher volatility (1.84%) compared to DMAX (0.63%). In terms of maximum drawdown, FB dropped -1.76% vs DMAX's -3.37%.
On 1-year performance, FB leads with 12.75% vs 7.16% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FB has performed better with a 12.75% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DMAX is cheaper with a 0.50% expense ratio, compared with 0.58% for FB.
FB has the higher dividend yield at 1.98%, compared with 1.15% for DMAX.
FB tracks S&P 500, while DMAX tracks S&P 500 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.58% for FB and 0.50% for DMAX.
DMAX currently has the higher Sharpe Ratio (3.14 vs 2.58), 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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