FEBZ vs. DMAX

Last updated Jun 4, 2026

FEBZ (TrueShares Structured Outcome (February) ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - FEBZ tracks the S&P 500 Price Index while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, FEBZ returned 20.13% vs 8.46% for DMAX. Their correlation of 0.84 suggests significant overlap in exposure. FEBZ charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

FEBZ vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (February) ETF (FEBZ) 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, FEBZ achieves a 7.99% return, which is significantly higher than DMAX's 2.34% return.

FEBZ

• 1D: -0.49%
• 1M: 4.07%
• YTD: 7.99%
• 6M: 7.75%
• 1Y: 20.13%
• 3Y*: 15.79%
• 5Y*: 11.22%
• 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)

FEBZ vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
FEBZ TrueShares Structured Outcome (February) ETF	7.99%	13.20%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.81%

Correlation

The correlation between FEBZ and DMAX is 0.83, 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 Jan 3, 2025	0.84

The correlation between FEBZ and DMAX has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

FEBZ vs. DMAX — Risk / Return Rank

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

FEBZ

FEBZ Risk / Return Rank: 65
FEBZ Sharpe Ratio Rank: 67
FEBZ Sortino Ratio Rank: 66
FEBZ Omega Ratio Rank: 66
FEBZ Calmar Ratio Rank: 58
FEBZ Martin Ratio Rank: 67

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.

FEBZ vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (February) ETF (FEBZ) 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.

	FEBZ	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	3.65	-1.48
Sortino ratio: Return per unit of downside risk	3.01	5.65	-2.64
Omega ratio: Gain probability vs. loss probability	1.39	1.79	-0.39
Calmar ratio: Return relative to maximum drawdown	2.83	6.01	-3.18
Martin ratio: Return relative to average drawdown	12.21	30.74	-18.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEBZ vs. DMAX - Sharpe Ratio Comparison

The current FEBZ Sharpe Ratio is 2.17, which is lower than the DMAX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FEBZ 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

	FEBZ	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	3.65	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	2.14	-1.14

Drawdowns

FEBZ vs. DMAX - Drawdown Comparison

The maximum FEBZ drawdown since its inception was -17.50%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for FEBZ and DMAX.

Drawdown Indicators

	FEBZ	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-3.37%	-14.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-1.41%	-5.73%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.50%	—	—
Current Drawdown Current decline from peak	-0.49%	-0.07%	-0.42%
Average Drawdown Average peak-to-trough decline	-3.32%	-0.38%	-2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	0.28%	+1.37%

Volatility

FEBZ vs. DMAX - Volatility Comparison

TrueShares Structured Outcome (February) ETF (FEBZ) has a higher volatility of 2.29% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.32%. This indicates that FEBZ'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

	FEBZ	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	0.32%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	7.09%	1.54%	+5.55%
Volatility (1Y) Calculated over the trailing 1-year period	9.34%	2.33%	+7.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.47%	3.40%	+9.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.35%	3.40%	+8.95%

FEBZ vs. DMAX - Expense Ratio Comparison

FEBZ has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

FEBZ vs. DMAX - Dividend Comparison

FEBZ's dividend yield for the trailing twelve months is around 2.96%, more than DMAX's 1.15% yield.

Position	TTM	2025	2024	2023
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%	0.00%	0.00%
FEBZ TrueShares Structured Outcome (February) ETF	2.96%	3.20%	3.88%	6.81%

Frequently Asked Questions

Can I hold both FEBZ and DMAX in my portfolio?

FEBZ and DMAX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBZ or DMAX?

FEBZ has higher volatility (2.29%) compared to DMAX (0.32%). In terms of maximum drawdown, FEBZ dropped -17.50% vs DMAX's -3.37%.

Which ETF is better, FEBZ or DMAX?

On 1-year performance, FEBZ leads with 20.13% 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, FEBZ or DMAX?

Over the 1-year period, FEBZ has performed better with a 20.13% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBZ or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for FEBZ.

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

FEBZ has the higher dividend yield at 2.96%, compared with 1.15% for DMAX.

What is the main difference between FEBZ and DMAX?

FEBZ tracks S&P 500 Price Index, while DMAX tracks S&P 500 Index. They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.79% for FEBZ and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.65 vs 2.17), 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.