FEBU vs. DMAX

Last updated Jun 4, 2026

FEBU (AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. FEBU is actively managed, while DMAX is passively managed. Over the past year, FEBU returned 19.90% vs 8.46% for DMAX. Their correlation of 0.83 suggests significant overlap in exposure. FEBU charges 0.74%/yr vs 0.50%/yr for DMAX.

Performance

FEBU vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) and iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBU achieves a 8.26% return, which is significantly higher than DMAX's 2.34% return.

FEBU

• 1D: -0.52%
• 1M: 4.11%
• YTD: 8.26%
• 6M: 7.92%
• 1Y: 19.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAX

• 1D: -0.07%
• 1M: 0.86%
• YTD: 2.34%
• 6M: 3.01%
• 1Y: 8.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEBU vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	8.26%	10.43%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.04%

Correlation

The correlation between FEBU and DMAX 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 (1Y) Calculated over the trailing 1-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.83

The correlation between FEBU and DMAX has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.

Return for Risk

FEBU vs. DMAX — Risk / Return Rank

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

FEBU

FEBU Risk / Return Rank: 67
FEBU Sharpe Ratio Rank: 66
FEBU Sortino Ratio Rank: 65
FEBU Omega Ratio Rank: 65
FEBU Calmar Ratio Rank: 68
FEBU Martin Ratio Rank: 70

DMAX

DMAX Risk / Return Rank: 94
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 91
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.

FEBU vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) 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.

	FEBU	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	3.65	-1.51
Sortino ratio: Return per unit of downside risk	2.96	5.65	-2.69
Omega ratio: Gain probability vs. loss probability	1.39	1.79	-0.40
Calmar ratio: Return relative to maximum drawdown	3.34	6.01	-2.68
Martin ratio: Return relative to average drawdown	12.90	30.74	-17.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEBU vs. DMAX - Sharpe Ratio Comparison

The current FEBU Sharpe Ratio is 2.14, which is lower than the DMAX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FEBU and DMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEBU	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	3.65	-1.51
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	2.14	-0.88

Drawdowns

FEBU vs. DMAX - Drawdown Comparison

The maximum FEBU drawdown since its inception was -11.73%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for FEBU and DMAX.

Drawdown Indicators

	FEBU	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.73%	-3.37%	-8.36%
Max Drawdown (1Y) Largest decline over 1 year	-5.99%	-1.41%	-4.58%
Current Drawdown Current decline from peak	-0.52%	-0.07%	-0.45%
Average Drawdown Average peak-to-trough decline	-1.89%	-0.38%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	0.28%	+1.27%

Volatility

FEBU vs. DMAX - Volatility Comparison

AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF (FEBU) has a higher volatility of 2.53% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.32%. This indicates that FEBU'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.

Volatility by Period

	FEBU	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	0.32%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	6.85%	1.54%	+5.31%
Volatility (1Y) Calculated over the trailing 1-year period	9.36%	2.33%	+7.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.47%	3.40%	+8.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.47%	3.40%	+8.07%

FEBU vs. DMAX - Expense Ratio Comparison

FEBU has a 0.74% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

FEBU vs. DMAX - Dividend Comparison

FEBU 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%
FEBU AllianzIM U.S. Equity Buffer15 Uncapped Feb ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEBU and DMAX in my portfolio?

FEBU and DMAX 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 is riskier, FEBU or DMAX?

FEBU has higher volatility (2.53%) compared to DMAX (0.32%). In terms of maximum drawdown, FEBU dropped -11.73% vs DMAX's -3.37%.

Which ETF is better, FEBU or DMAX?

On 1-year performance, FEBU leads with 19.90% vs 8.46% for DMAX. On fees, DMAX is cheaper at 0.50% 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.

Which ETF has performed better, FEBU or DMAX?

Over the 1-year period, FEBU has performed better with a 19.90% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBU or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.74% for FEBU.

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

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

What is the main difference between FEBU and DMAX?

They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for FEBU and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.65 vs 2.14), 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.