HOLA vs. MAXJ

Last updated Jul 18, 2026

HOLA (JPMorgan International Hedged Equity Laddered Overlay ETF) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, HOLA returned 13.85% vs 6.91% for MAXJ. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

HOLA vs. MAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) and iShares Large Cap Max Buffer Jun ETF (MAXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HOLA achieves a 5.36% return, which is significantly higher than MAXJ's 3.46% return.

HOLA

• 1D: -0.42%
• 1M: 1.53%
• 6M: 1.89%
• YTD: 5.36%
• 1Y: 13.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAXJ

• 1D: -0.10%
• 1M: 0.43%
• 6M: 3.13%
• YTD: 3.46%
• 1Y: 6.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HOLA vs. MAXJ - Yearly Performance Comparison

	2026 (YTD)	2025
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	5.36%	7.60%
MAXJ iShares Large Cap Max Buffer Jun ETF	3.46%	3.45%

Correlation

The correlation between HOLA and MAXJ is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	0.55

The correlation between HOLA and MAXJ has been stable across timeframes, ranging from 0.54 to 0.55 - a consistent structural relationship.

Return for Risk

HOLA vs. MAXJ — Risk / Return Rank

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

HOLA

HOLA Risk / Return Rank: 52
HOLA Sharpe Ratio Rank: 53
HOLA Sortino Ratio Rank: 54
HOLA Omega Ratio Rank: 50
HOLA Calmar Ratio Rank: 50
HOLA Martin Ratio Rank: 51

MAXJ

MAXJ Risk / Return Rank: 94
MAXJ Sharpe Ratio Rank: 95
MAXJ Sortino Ratio Rank: 96
MAXJ Omega Ratio Rank: 96
MAXJ Calmar Ratio Rank: 89
MAXJ Martin Ratio Rank: 96

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.

HOLA vs. MAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) and iShares Large Cap Max Buffer Jun ETF (MAXJ). 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.

	HOLA	MAXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.40	3.00	-1.60
Sortino ratio: Return per unit of downside risk	2.05	4.73	-2.68
Omega ratio: Gain probability vs. loss probability	1.25	1.64	-0.39
Calmar ratio: Return relative to maximum drawdown	1.99	4.07	-2.08
Martin ratio: Return relative to average drawdown	6.62	23.91	-17.28

HOLA vs. MAXJ - Sharpe Ratio Comparison

The current HOLA Sharpe Ratio is 1.40, which is lower than the MAXJ Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of HOLA and MAXJ, 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

HOLA vs. MAXJ - Drawdown Comparison

The maximum HOLA drawdown since its inception was -6.99%, which is greater than MAXJ's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for HOLA and MAXJ.

Drawdown Indicators

	HOLA	MAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-6.35%	-0.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.99%	-1.70%	-5.29%
Current Drawdown Current decline from peak	-1.47%	-0.24%	-1.23%
Average Drawdown Average peak-to-trough decline	-1.41%	-0.53%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	0.29%	+1.81%

Volatility

HOLA vs. MAXJ - Volatility Comparison

JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) has a higher volatility of 3.93% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.46%. This indicates that HOLA's price experiences larger fluctuations and is considered to be riskier than MAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOLA	MAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	0.46%	+3.47%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	1.89%	+6.16%
Volatility (1Y) Calculated over the trailing 1-year period	9.93%	2.31%	+7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.92%	5.13%	+4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.92%	5.13%	+4.79%

HOLA vs. MAXJ - Expense Ratio Comparison

Both HOLA and MAXJ have an expense ratio of 0.50%.

Dividends

HOLA vs. MAXJ - Dividend Comparison

HOLA's dividend yield for the trailing twelve months is around 2.87%, more than MAXJ's 0.97% yield.

Position	TTM	2025	2024
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	2.87%	3.02%	0.00%
MAXJ iShares Large Cap Max Buffer Jun ETF	0.97%	1.01%	0.81%

Frequently Asked Questions

Can I hold both HOLA and MAXJ in my portfolio?

HOLA and MAXJ have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOLA or MAXJ?

HOLA has higher volatility (3.93%) compared to MAXJ (0.46%). In terms of maximum drawdown, HOLA dropped -6.99% vs MAXJ's -6.35%.

Which ETF is better, HOLA or MAXJ?

On 1-year performance, HOLA leads with 13.85% vs 6.91% for MAXJ. Both ETFs have the same 0.50% expense ratio. On volatility, MAXJ has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOLA or MAXJ?

Over the 1-year period, HOLA has performed better with a 13.85% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOLA or MAXJ?

HOLA and MAXJ have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, HOLA or MAXJ?

HOLA has the higher dividend yield at 2.87%, compared with 0.97% for MAXJ.

What is the main difference between HOLA and MAXJ?

They also come from different issuers: JPMorgan and iShares.

Which has better risk-adjusted returns?

MAXJ currently has the higher Sharpe Ratio (3.00 vs 1.40), 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.