MAXJ vs. DMAX
MAXJ (iShares Large Cap Max Buffer Jun ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both exchange-traded funds - MAXJ is a Equity Hedged fund actively managed by iShares, while DMAX is a Defined Outcome fund tracking the S&P 500 Index. MAXJ is actively managed, while DMAX is passively managed. Over the past year, MAXJ returned 7.50% vs 7.33% for DMAX. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
MAXJ vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, MAXJ achieves a 3.16% return, which is significantly higher than DMAX's 2.14% return.
MAXJ
- 1D
- 0.00%
- 1M
- 0.45%
- YTD
- 3.16%
- 6M
- 3.03%
- 1Y
- 7.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX
- 1D
- 0.00%
- 1M
- -0.07%
- YTD
- 2.14%
- 6M
- 2.21%
- 1Y
- 7.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MAXJ vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MAXJ iShares Large Cap Max Buffer Jun ETF | 3.16% | 8.97% |
DMAX iShares Large Cap Max Buffer December ETF | 2.14% | 7.51% |
Correlation
The correlation between MAXJ and DMAX is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2025 | 0.74 |
The correlation between MAXJ and DMAX shifts across timeframes, from 0.64 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MAXJ vs. DMAX — Risk / Return Rank
MAXJ
DMAX
MAXJ vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Jun ETF (MAXJ) 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.
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.
| MAXJ | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.67 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | 5.21 | -0.79 |
| Martin ratioReturn relative to average drawdown | 26.03 | 25.84 | +0.18 |
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Drawdowns
MAXJ vs. DMAX - Drawdown Comparison
The maximum MAXJ drawdown since its inception was -6.35%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for MAXJ and DMAX.
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Drawdown Indicators
| MAXJ | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.35% | -3.37% | -2.98% |
Max Drawdown (1Y)Largest decline over 1 year | -1.70% | -1.41% | -0.29% |
Current DrawdownCurrent decline from peak | -0.02% | -0.44% | +0.42% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -0.38% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 0.28% | +0.01% |
Volatility
MAXJ vs. DMAX - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Jun ETF (MAXJ) is 0.30%, while iShares Large Cap Max Buffer December ETF (DMAX) has a volatility of 0.65%. This indicates that MAXJ experiences smaller price fluctuations and is considered to be less risky than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAXJ | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.65% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 1.89% | 1.64% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.32% | 2.30% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 3.37% | +1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.20% | 3.37% | +1.83% |
MAXJ vs. DMAX - Expense Ratio Comparison
Both MAXJ and DMAX have an expense ratio of 0.50%.
Dividends
MAXJ vs. DMAX - Dividend Comparison
MAXJ's dividend yield for the trailing twelve months is around 0.98%, less than DMAX's 1.16% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.16% | 1.18% | 0.00% |
MAXJ iShares Large Cap Max Buffer Jun ETF | 0.98% | 1.01% | 0.81% |
Frequently Asked Questions
MAXJ and DMAX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DMAX has higher volatility (0.65%) compared to MAXJ (0.30%). In terms of maximum drawdown, MAXJ dropped -6.35% vs DMAX's -3.37%.
On 1-year performance, MAXJ leads with 7.50% vs 7.33% for DMAX. Both ETFs have the same 0.50% expense ratio. On volatility, MAXJ has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MAXJ has performed better with a 7.50% return vs 7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MAXJ and DMAX have the same expense ratio: 0.50% per year.
DMAX has the higher dividend yield at 1.16%, compared with 0.98% for MAXJ.
MAXJ is categorized as Equity Hedged, while DMAX is Defined Outcome.
MAXJ currently has the higher Sharpe Ratio (3.25 vs 3.20), 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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