FDEC vs. DMAX
FDEC (FT Vest U.S. Equity Buffer ETF - December) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. FDEC is actively managed, while DMAX is passively managed. Over the past year, FDEC returned 18.13% vs 7.75% for DMAX. Their correlation of 0.86 suggests significant overlap in exposure. FDEC charges 0.85%/yr vs 0.50%/yr for DMAX.
Performance
FDEC vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, FDEC achieves a 5.40% return, which is significantly higher than DMAX's 2.19% return.
FDEC
- 1D
- -0.67%
- 1M
- -0.22%
- YTD
- 5.40%
- 6M
- 5.03%
- 1Y
- 18.13%
- 3Y*
- 15.03%
- 5Y*
- 10.20%
- 10Y*
- —
DMAX
- 1D
- -0.15%
- 1M
- 0.07%
- YTD
- 2.19%
- 6M
- 2.35%
- 1Y
- 7.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FDEC vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FDEC FT Vest U.S. Equity Buffer ETF - December | 5.40% | 14.82% |
DMAX iShares Large Cap Max Buffer December ETF | 2.19% | 7.51% |
Correlation
The correlation between FDEC and DMAX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025 | 0.86 |
The correlation between FDEC and DMAX has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.
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Return for Risk
FDEC vs. DMAX — Risk / Return Rank
FDEC
DMAX
FDEC vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - December (FDEC) 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.
| FDEC | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.70 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 5.51 | -2.39 |
| Martin ratioReturn relative to average drawdown | 15.92 | 27.58 | -11.67 |
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Drawdowns
FDEC vs. DMAX - Drawdown Comparison
The maximum FDEC drawdown since its inception was -15.67%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for FDEC and DMAX.
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Drawdown Indicators
| FDEC | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.67% | -3.37% | -12.30% |
Max Drawdown (1Y)Largest decline over 1 year | -5.83% | -1.41% | -4.42% |
Max Drawdown (3Y)Largest decline over 3 years | -13.04% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.67% | — | — |
Current DrawdownCurrent decline from peak | -1.11% | -0.38% | -0.73% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -0.38% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | 0.28% | +0.86% |
Volatility
FDEC vs. DMAX - Volatility Comparison
FT Vest U.S. Equity Buffer ETF - December (FDEC) has a higher volatility of 2.26% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.65%. This indicates that FDEC'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
| FDEC | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 0.65% | +1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 1.65% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.73% | 2.34% | +5.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.25% | 3.38% | +7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.99% | 3.38% | +7.61% |
FDEC vs. DMAX - Expense Ratio Comparison
FDEC has a 0.85% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Dividends
FDEC vs. DMAX - Dividend Comparison
FDEC has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% |
FDEC FT Vest U.S. Equity Buffer ETF - December | 0.00% | 0.00% |
Frequently Asked Questions
FDEC and DMAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDEC has higher volatility (2.26%) compared to DMAX (0.65%). In terms of maximum drawdown, FDEC dropped -15.67% vs DMAX's -3.37%.
On 1-year performance, FDEC leads with 18.13% vs 7.75% for DMAX. On fees, DMAX is cheaper at 0.50% 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, FDEC has performed better with a 18.13% return vs 7.75%. 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 0.85% for FDEC.
DMAX has the higher dividend yield at 1.15%, compared with 0.00% for FDEC.
They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for FDEC and 0.50% for DMAX.
DMAX currently has the higher Sharpe Ratio (3.35 vs 2.36), 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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