MAXJ vs. SPY

Last updated Jun 4, 2026

MAXJ (iShares Large Cap Max Buffer Jun ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MAXJ is a Equity Hedged fund actively managed by iShares, while SPY is a S&P 500 fund tracking the S&P 500 Index. MAXJ is actively managed, while SPY is passively managed. Over the past year, MAXJ returned 9.25% vs 27.98% for SPY. Their correlation of 0.83 suggests significant overlap in exposure. MAXJ charges 0.50%/yr vs 0.09%/yr for SPY.

Performance

MAXJ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Jun ETF (MAXJ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAXJ achieves a 2.88% return, which is significantly lower than SPY's 10.91% return.

MAXJ

• 1D: 0.03%
• 1M: 0.82%
• YTD: 2.88%
• 6M: 3.34%
• 1Y: 9.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

MAXJ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAXJ iShares Large Cap Max Buffer Jun ETF	2.88%	8.97%	4.55%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	8.16%

Correlation

The correlation between MAXJ and SPY is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.83

The correlation between MAXJ and SPY has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

MAXJ vs. SPY — Risk / Return Rank

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

MAXJ

MAXJ Risk / Return Rank: 93
MAXJ Sharpe Ratio Rank: 91
MAXJ Sortino Ratio Rank: 95
MAXJ Omega Ratio Rank: 95
MAXJ Calmar Ratio Rank: 89
MAXJ Martin Ratio Rank: 95

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

MAXJ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Jun ETF (MAXJ) and State Street SPDR S&P 500 ETF (SPY). 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.

	MAXJ	SPY	Difference
Sharpe ratio Return per unit of total volatility	3.19	2.38	+0.82
Sortino ratio Return per unit of downside risk	5.25	3.24	+2.01
Omega ratio Gain probability vs. loss probability	1.76	1.43	+0.33
Calmar ratio Return relative to maximum drawdown	5.45	3.16	+2.29
Martin ratio Return relative to average drawdown	30.88	14.72	+16.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAXJ vs. SPY - Sharpe Ratio Comparison

The current MAXJ Sharpe Ratio is 3.19, which is higher than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of MAXJ and SPY, 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

	MAXJ	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.19	2.38	+0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	0.59	+1.05

Drawdowns

MAXJ vs. SPY - Drawdown Comparison

The maximum MAXJ drawdown since its inception was -6.35%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MAXJ and SPY.

Drawdown Indicators

	MAXJ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-55.19%	+48.84%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-8.88%	+7.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-0.56%	-9.05%	+8.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	1.91%	-1.61%

Volatility

MAXJ vs. SPY - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Jun ETF (MAXJ) is 0.30%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that MAXJ experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXJ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	2.84%	-2.54%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	8.90%	-6.97%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	11.83%	-8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	17.05%	-11.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.28%	17.94%	-12.66%

MAXJ vs. SPY - Expense Ratio Comparison

MAXJ has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MAXJ vs. SPY - Dividend Comparison

MAXJ's dividend yield for the trailing twelve months is around 0.98%, which matches SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAXJ iShares Large Cap Max Buffer Jun ETF	0.98%	1.01%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MAXJ and SPY in my portfolio?

MAXJ and SPY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAXJ or SPY?

SPY has higher volatility (2.84%) compared to MAXJ (0.30%). In terms of maximum drawdown, MAXJ dropped -6.35% vs SPY's -55.19%.

Which ETF is better, MAXJ or SPY?

On 1-year performance, SPY leads with 27.98% vs 9.25% for MAXJ. On fees, SPY is cheaper at 0.09% per year. 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.

Which ETF has performed better, MAXJ or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXJ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for MAXJ.

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

MAXJ and SPY have nearly identical dividend yields, around 0.98%.

What is the main difference between MAXJ and SPY?

MAXJ is categorized as Equity Hedged, while SPY is S&P 500. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for MAXJ and 0.09% for SPY.

Which has better risk-adjusted returns?

MAXJ currently has the higher Sharpe Ratio (3.19 vs 2.38), 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.