FDEC vs. MMAX

Last updated Apr 1, 2026

Compare and contrast key facts about FT Vest U.S. Equity Buffer ETF - December (FDEC) and iShares Large Cap Max Buffer Mar ETF (MMAX).

FDEC and MMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FDEC is an actively managed fund by FT Vest. It was launched on Dec 18, 2020. MMAX is an actively managed fund by iShares. It was launched on Mar 31, 2025.

Performance

FDEC vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - December (FDEC) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

FDEC vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
FDEC FT Vest U.S. Equity Buffer ETF - December	-2.86%	17.61%
MMAX iShares Large Cap Max Buffer Mar ETF	1.32%	5.88%

Returns By Period

In the year-to-date period, FDEC achieves a -2.86% return, which is significantly lower than MMAX's 1.32% return.

FDEC

• 1D: 2.01%
• 1M: -3.38%
• YTD: -2.86%
• 6M: 0.97%
• 1Y: 14.55%
• 3Y*: 13.88%
• 5Y*: 9.19%
• 10Y*: —

MMAX

• 1D: 0.06%
• 1M: 0.56%
• YTD: 1.32%
• 6M: 3.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDEC vs. MMAX - Expense Ratio Comparison

FDEC has a 0.85% expense ratio, which is higher than MMAX's 0.50% expense ratio.

FDEC

FT Vest U.S. Equity Buffer ETF - December

MMAX

iShares Large Cap Max Buffer Mar ETF

Return for Risk

FDEC vs. MMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FDEC

FDEC Risk / Return Rank: 72
FDEC Sharpe Ratio Rank: 67
FDEC Sortino Ratio Rank: 68
FDEC Omega Ratio Rank: 74
FDEC Calmar Ratio Rank: 68
FDEC Martin Ratio Rank: 81

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.

FDEC vs. MMAX - 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 Mar ETF (MMAX). 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.

	FDEC	MMAX	Difference
Sharpe ratio Return per unit of total volatility	1.17	—	—
Sortino ratio Return per unit of downside risk	1.74	—	—
Omega ratio Gain probability vs. loss probability	1.28	—	—
Calmar ratio Return relative to maximum drawdown	1.74	—	—
Martin ratio Return relative to average drawdown	9.02	—	—
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

	FDEC	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	2.82	-1.92

Correlation

The correlation between FDEC and MMAX is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FDEC vs. MMAX - Dividend Comparison

FDEC has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.30%.

	TTM	2025
FDEC FT Vest U.S. Equity Buffer ETF - December	0.00%	0.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.30%	1.31%

Drawdowns

FDEC vs. MMAX - Drawdown Comparison

The maximum FDEC drawdown since its inception was -15.67%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for FDEC and MMAX.

Drawdown Indicators

	FDEC	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-1.93%	-13.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.67%	—	—
Current Drawdown Current decline from peak	-3.94%	0.00%	-3.94%
Average Drawdown Average peak-to-trough decline	-2.64%	-0.11%	-2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	—	—

Volatility

Volatility by Period

	FDEC	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	2.61%	+9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	2.61%	+8.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	2.61%	+8.51%