MARM vs. MMAX

Last updated Jun 4, 2026

MARM (FT Vest U.S. Equity Max Buffer ETF - March) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, MARM returned 7.26% vs 7.67% for MMAX. A 0.58 correlation means they provide meaningful diversification when combined. MARM charges 0.85%/yr vs 0.50%/yr for MMAX.

Performance

MARM vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Max Buffer ETF - March (MARM) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MARM having a 3.24% return and MMAX slightly lower at 3.09%.

MARM

• 1D: -0.06%
• 1M: 0.60%
• YTD: 3.24%
• 6M: 3.86%
• 1Y: 7.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MARM vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
MARM FT Vest U.S. Equity Max Buffer ETF - March	3.24%	5.47%
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	5.88%

Correlation

The correlation between MARM and MMAX is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.58

The correlation between MARM and MMAX has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

Return for Risk

MARM vs. MMAX — Risk / Return Rank

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

MARM

MARM Risk / Return Rank: 98
MARM Sharpe Ratio Rank: 97
MARM Sortino Ratio Rank: 98
MARM Omega Ratio Rank: 98
MARM Calmar Ratio Rank: 97
MARM Martin Ratio Rank: 98

MMAX

MMAX Risk / Return Rank: 99
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 99
MMAX Martin Ratio Rank: 99

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.

MARM vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Max Buffer ETF - March (MARM) 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.

	MARM	MMAX	Difference
Sharpe ratio: Return per unit of total volatility	4.55	5.52	-0.97
Sortino ratio: Return per unit of downside risk	8.03	10.56	-2.53
Omega ratio: Gain probability vs. loss probability	2.16	2.51	-0.36
Calmar ratio: Return relative to maximum drawdown	11.63	22.49	-10.86
Martin ratio: Return relative to average drawdown	77.52	112.49	-34.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARM vs. MMAX - Sharpe Ratio Comparison

The current MARM Sharpe Ratio is 4.55, which is comparable to the MMAX Sharpe Ratio of 5.52. The chart below compares the historical Sharpe Ratios of MARM and MMAX, 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

	MARM	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.55	5.52	-0.97
Sharpe Ratio (All Time) Calculated using the full available price history	2.23	3.13	-0.90

Drawdowns

MARM vs. MMAX - Drawdown Comparison

The maximum MARM drawdown since its inception was -2.74%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for MARM and MMAX.

Drawdown Indicators

	MARM	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-1.93%	-0.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.63%	-0.34%	-0.29%
Current Drawdown Current decline from peak	-0.10%	-0.13%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.10%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	0.07%	+0.02%

Volatility

MARM vs. MMAX - Volatility Comparison

FT Vest U.S. Equity Max Buffer ETF - March (MARM) has a higher volatility of 0.41% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.36%. This indicates that MARM'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.

Volatility by Period

	MARM	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.36%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	0.96%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	1.60%	1.39%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	2.49%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	2.49%	+0.89%

MARM vs. MMAX - Expense Ratio Comparison

MARM has a 0.85% expense ratio, which is higher than MMAX's 0.50% expense ratio.

Dividends

MARM vs. MMAX - Dividend Comparison

MARM has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.27%.

Position	TTM	2025
MARM FT Vest U.S. Equity Max Buffer ETF - March	0.00%	0.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%

Frequently Asked Questions

Can I hold both MARM and MMAX in my portfolio?

MARM and MMAX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARM or MMAX?

MARM has higher volatility (0.41%) compared to MMAX (0.36%). In terms of maximum drawdown, MARM dropped -2.74% vs MMAX's -1.93%.

Which ETF is better, MARM or MMAX?

On 1-year performance, MMAX leads with 7.67% vs 7.26% for MARM. On fees, MMAX is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MARM or MMAX?

Over the 1-year period, MMAX has performed better with a 7.67% return vs 7.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MARM or MMAX?

MMAX is cheaper with a 0.50% expense ratio, compared with 0.85% for MARM.

Which ETF pays a higher dividend yield, MARM or MMAX?

MMAX has the higher dividend yield at 1.27%, compared with 0.00% for MARM.

What is the main difference between MARM and MMAX?

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

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.52 vs 4.55), 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.