FHDG vs. DMAX

Last updated Jun 23, 2026

FHDG (FT Vest U.S. Equity Quarterly Dynamic Buffer ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. FHDG is actively managed, while DMAX is passively managed. Over the past year, FHDG returned 15.57% vs 8.23% for DMAX. Their correlation of 0.84 suggests significant overlap in exposure. FHDG charges 0.85%/yr vs 0.50%/yr for DMAX.

Performance

FHDG vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) 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, FHDG achieves a 6.58% return, which is significantly higher than DMAX's 2.34% return.

FHDG

• 1D: -0.22%
• 1M: 0.54%
• YTD: 6.58%
• 6M: 6.54%
• 1Y: 15.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAX

• 1D: -0.02%
• 1M: 0.22%
• YTD: 2.34%
• 6M: 2.59%
• 1Y: 8.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FHDG vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
FHDG FT Vest U.S. Equity Quarterly Dynamic Buffer ETF	6.58%	10.56%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.51%

Correlation

The correlation between FHDG 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 2, 2025	0.84

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

Return for Risk

FHDG vs. DMAX — Risk / Return Rank

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

FHDG

FHDG Risk / Return Rank: 88
FHDG Sharpe Ratio Rank: 88
FHDG Sortino Ratio Rank: 90
FHDG Omega Ratio Rank: 92
FHDG Calmar Ratio Rank: 78
FHDG Martin Ratio Rank: 91

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 95
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 92
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.

FHDG vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) 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.

	FHDG	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.78	3.55	-0.76
Sortino ratio: Return per unit of downside risk	4.01	5.45	-1.44
Omega ratio: Gain probability vs. loss probability	1.60	1.76	-0.16
Calmar ratio: Return relative to maximum drawdown	3.94	5.85	-1.91
Martin ratio: Return relative to average drawdown	21.01	29.41	-8.40

FHDG vs. DMAX - Sharpe Ratio Comparison

The current FHDG Sharpe Ratio is 2.78, which is comparable to the DMAX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of FHDG 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.

Drawdowns

FHDG vs. DMAX - Drawdown Comparison

The maximum FHDG drawdown since its inception was -14.01%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for FHDG and DMAX.

Drawdown Indicators

	FHDG	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.01%	-3.37%	-10.64%
Max Drawdown (1Y) Largest decline over 1 year	-3.96%	-1.41%	-2.55%
Current Drawdown Current decline from peak	-0.37%	-0.24%	-0.13%
Average Drawdown Average peak-to-trough decline	-1.11%	-0.38%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.28%	+0.46%

Volatility

FHDG vs. DMAX - Volatility Comparison

FT Vest U.S. Equity Quarterly Dynamic Buffer ETF (FHDG) has a higher volatility of 2.05% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.64%. This indicates that FHDG'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

	FHDG	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	0.64%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	4.74%	1.64%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	5.63%	2.34%	+3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.63%	3.38%	+8.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.63%	3.38%	+8.25%

FHDG vs. DMAX - Expense Ratio Comparison

FHDG has a 0.85% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

FHDG vs. DMAX - Dividend Comparison

FHDG 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%
FHDG FT Vest U.S. Equity Quarterly Dynamic Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHDG and DMAX in my portfolio?

FHDG 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, FHDG or DMAX?

FHDG has higher volatility (2.05%) compared to DMAX (0.64%). In terms of maximum drawdown, FHDG dropped -14.01% vs DMAX's -3.37%.

Which ETF is better, FHDG or DMAX?

On 1-year performance, FHDG leads with 15.57% vs 8.23% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHDG or DMAX?

Over the 1-year period, FHDG has performed better with a 15.57% return vs 8.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHDG or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.85% for FHDG.

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

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

What is the main difference between FHDG and DMAX?

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.85% for FHDG and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.55 vs 2.78), 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.