JUNZ vs. DMAX

Last updated Jun 4, 2026

JUNZ (TrueShares Structured Outcome (June) ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - JUNZ tracks the S&P 500 Price Return Index while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, JUNZ returned 21.10% vs 8.46% for DMAX. Their correlation of 0.85 suggests significant overlap in exposure. JUNZ charges 0.79%/yr vs 0.50%/yr for DMAX.

Performance

JUNZ vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (June) ETF (JUNZ) 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, JUNZ achieves a 8.42% return, which is significantly higher than DMAX's 2.34% return.

JUNZ

• 1D: -0.40%
• 1M: 4.04%
• YTD: 8.42%
• 6M: 8.23%
• 1Y: 21.10%
• 3Y*: 16.22%
• 5Y*: 9.84%
• 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)

JUNZ vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
JUNZ TrueShares Structured Outcome (June) ETF	8.42%	12.89%
DMAX iShares Large Cap Max Buffer December ETF	2.34%	7.81%

Correlation

The correlation between JUNZ 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	0.85

The correlation between JUNZ and DMAX has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Return for Risk

JUNZ vs. DMAX — Risk / Return Rank

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

JUNZ

JUNZ Risk / Return Rank: 61
JUNZ Sharpe Ratio Rank: 64
JUNZ Sortino Ratio Rank: 64
JUNZ Omega Ratio Rank: 63
JUNZ Calmar Ratio Rank: 52
JUNZ Martin Ratio Rank: 63

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.

JUNZ vs. DMAX - Risk-Adjusted Trends Comparison

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

	JUNZ	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.65	-1.53
Sortino ratio: Return per unit of downside risk	2.96	5.65	-2.69
Omega ratio: Gain probability vs. loss probability	1.38	1.79	-0.41
Calmar ratio: Return relative to maximum drawdown	2.56	6.01	-3.45
Martin ratio: Return relative to average drawdown	11.27	30.74	-19.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JUNZ vs. DMAX - Sharpe Ratio Comparison

The current JUNZ Sharpe Ratio is 2.12, which is lower than the DMAX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of JUNZ 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

	JUNZ	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	3.65	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	2.14	-1.29

Drawdowns

JUNZ vs. DMAX - Drawdown Comparison

The maximum JUNZ drawdown since its inception was -17.88%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for JUNZ and DMAX.

Drawdown Indicators

	JUNZ	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.88%	-3.37%	-14.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.27%	-1.41%	-6.86%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.88%	—	—
Current Drawdown Current decline from peak	-0.40%	-0.07%	-0.33%
Average Drawdown Average peak-to-trough decline	-4.27%	-0.38%	-3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	0.28%	+1.60%

Volatility

JUNZ vs. DMAX - Volatility Comparison

TrueShares Structured Outcome (June) ETF (JUNZ) has a higher volatility of 2.45% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.32%. This indicates that JUNZ'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

	JUNZ	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	0.32%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	1.54%	+6.31%
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	2.33%	+7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.74%	3.40%	+8.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.73%	3.40%	+8.33%

JUNZ vs. DMAX - Expense Ratio Comparison

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

Dividends

JUNZ vs. DMAX - Dividend Comparison

JUNZ's dividend yield for the trailing twelve months is around 2.12%, more than DMAX's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%	0.00%	0.00%	0.00%	0.00%
JUNZ TrueShares Structured Outcome (June) ETF	2.12%	2.30%	3.97%	6.03%	0.56%	0.32%

Frequently Asked Questions

Can I hold both JUNZ and DMAX in my portfolio?

JUNZ 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, JUNZ or DMAX?

JUNZ has higher volatility (2.45%) compared to DMAX (0.32%). In terms of maximum drawdown, JUNZ dropped -17.88% vs DMAX's -3.37%.

Which ETF is better, JUNZ or DMAX?

On 1-year performance, JUNZ leads with 21.10% 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, JUNZ or DMAX?

Over the 1-year period, JUNZ has performed better with a 21.10% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUNZ or DMAX?

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

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

JUNZ has the higher dividend yield at 2.12%, compared with 1.15% for DMAX.

What is the main difference between JUNZ and DMAX?

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

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.65 vs 2.12), 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.