FOCT vs. MMAX
FOCT (FT Vest U.S. Equity Buffer ETF - October) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, FOCT returned 18.22% vs 7.01% for MMAX. A 0.71 correlation means they provide meaningful diversification when combined. FOCT charges 0.85%/yr vs 0.50%/yr for MMAX.
Performance
FOCT vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, FOCT achieves a 5.72% return, which is significantly higher than MMAX's 2.86% return.
FOCT
- 1D
- -0.69%
- 1M
- -0.13%
- YTD
- 5.72%
- 6M
- 5.29%
- 1Y
- 18.22%
- 3Y*
- 11.88%
- 5Y*
- 8.83%
- 10Y*
- —
MMAX
- 1D
- -0.15%
- 1M
- -0.06%
- YTD
- 2.86%
- 6M
- 2.99%
- 1Y
- 7.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FOCT vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FOCT FT Vest U.S. Equity Buffer ETF - October | 5.72% | 18.05% |
MMAX iShares Large Cap Max Buffer Mar ETF | 2.86% | 6.04% |
Correlation
The correlation between FOCT and MMAX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | 0.71 |
The correlation between FOCT and MMAX has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.
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Return for Risk
FOCT vs. MMAX — Risk / Return Rank
FOCT
MMAX
FOCT vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - October (FOCT) 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.
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.
| FOCT | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.65 | ||
| Sortino ratioReturn per unit of downside risk | -5.51 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 2.26 | -0.82 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 15.24 | -12.05 |
| Martin ratioReturn relative to average drawdown | 15.48 | 78.37 | -62.89 |
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Drawdowns
FOCT vs. MMAX - Drawdown Comparison
The maximum FOCT drawdown since its inception was -14.07%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for FOCT and MMAX.
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Drawdown Indicators
| FOCT | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.07% | -1.93% | -12.14% |
Max Drawdown (1Y)Largest decline over 1 year | -5.74% | -0.46% | -5.28% |
Max Drawdown (3Y)Largest decline over 3 years | -13.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.07% | — | — |
Current DrawdownCurrent decline from peak | -1.10% | -0.35% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -2.24% | -0.11% | -2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 0.09% | +1.09% |
Volatility
FOCT vs. MMAX - Volatility Comparison
FT Vest U.S. Equity Buffer ETF - October (FOCT) has a higher volatility of 2.22% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.54%. This indicates that FOCT's price experiences larger fluctuations and is considered to be riskier than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FOCT | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 0.54% | +1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 6.20% | 1.08% | +5.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 1.43% | +6.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.11% | 2.48% | +8.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.89% | 2.48% | +8.41% |
FOCT vs. MMAX - Expense Ratio Comparison
FOCT has a 0.85% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
FOCT vs. MMAX - Dividend Comparison
FOCT has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.28%.
| Position | TTM | 2025 |
|---|---|---|
FOCT FT Vest U.S. Equity Buffer ETF - October | 0.00% | 0.00% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
Frequently Asked Questions
FOCT and MMAX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FOCT has higher volatility (2.22%) compared to MMAX (0.54%). In terms of maximum drawdown, FOCT dropped -14.07% vs MMAX's -1.93%.
On 1-year performance, FOCT leads with 18.22% vs 7.01% for MMAX. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FOCT has performed better with a 18.22% return vs 7.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.85% for FOCT.
MMAX has the higher dividend yield at 1.28%, compared with 0.00% for FOCT.
They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for FOCT and 0.50% for MMAX.
MMAX currently has the higher Sharpe Ratio (4.92 vs 2.27), 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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