IBFR vs. MMAX
IBFR (Innovator International Developed Managed 10 Buffer ETF) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. IBFR charges 0.85%/yr vs 0.50%/yr for MMAX.
Performance
IBFR vs. MMAX - Performance Comparison
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Returns By Period
IBFR
- 1D
- -0.28%
- 1M
- 0.49%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- 0.15%
- 1M
- -0.00%
- YTD
- 3.01%
- 6M
- 3.03%
- 1Y
- 6.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBFR vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
IBFR Innovator International Developed Managed 10 Buffer ETF | -0.69% |
MMAX iShares Large Cap Max Buffer Mar ETF | 2.37% |
Correlation
The correlation between IBFR and MMAX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 24, 2026 | 0.67 |
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Return for Risk
IBFR vs. MMAX — Risk / Return Rank
IBFR
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX
IBFR vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Managed 10 Buffer ETF (IBFR) 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.
| IBFR | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.24 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 14.99 | — |
| Martin ratioReturn relative to average drawdown | — | 72.17 | — |
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Drawdowns
IBFR vs. MMAX - Drawdown Comparison
The maximum IBFR drawdown since its inception was -5.70%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for IBFR and MMAX.
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Drawdown Indicators
| IBFR | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.70% | -1.93% | -3.77% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.46% | — |
Current DrawdownCurrent decline from peak | -1.20% | -0.20% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -0.11% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.10% | — |
Volatility
IBFR vs. MMAX - Volatility Comparison
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Volatility by Period
| IBFR | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.55% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.08% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 9.52% | 1.42% | +8.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.52% | 2.47% | +7.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.52% | 2.47% | +7.05% |
IBFR vs. MMAX - Expense Ratio Comparison
IBFR has a 0.85% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
IBFR vs. MMAX - Dividend Comparison
IBFR's dividend yield for the trailing twelve months is around 0.23%, less than MMAX's 1.28% yield.
| Position | TTM | 2025 |
|---|---|---|
IBFR Innovator International Developed Managed 10 Buffer ETF | 0.23% | 0.00% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
Frequently Asked Questions
IBFR and MMAX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.85% for IBFR.
MMAX has the higher dividend yield at 1.28%, compared with 0.23% for IBFR.
They also come from different issuers: Innovator and iShares. Their fees differ too: 0.85% for IBFR and 0.50% for MMAX.
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