MMAX vs. BUFP

Last updated Jun 23, 2026

MMAX (iShares Large Cap Max Buffer Mar ETF) and BUFP (PGIM Laddered S&P 500 Buffer 12 ETF) are both Defined Outcome funds. MMAX is actively managed, while BUFP is passively managed. Over the past year, MMAX returned 7.29% vs 17.31% for BUFP. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.

Performance

MMAX vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Mar ETF (MMAX) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMAX achieves a 3.01% return, which is significantly lower than BUFP's 6.33% return.

MMAX

• 1D: -0.04%
• 1M: 0.09%
• YTD: 3.01%
• 6M: 3.19%
• 1Y: 7.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUFP

• 1D: 0.28%
• 1M: 0.57%
• YTD: 6.33%
• 6M: 6.42%
• 1Y: 17.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMAX vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025
MMAX iShares Large Cap Max Buffer Mar ETF	3.01%	6.04%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	6.33%	15.13%

Correlation

The correlation between MMAX and BUFP is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.69

The correlation between MMAX and BUFP has been stable across timeframes, ranging from 0.66 to 0.69 - a consistent structural relationship.

Return for Risk

MMAX vs. BUFP — Risk / Return Rank

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

MMAX

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

BUFP

BUFP Risk / Return Rank: 88
BUFP Sharpe Ratio Rank: 87
BUFP Sortino Ratio Rank: 90
BUFP Omega Ratio Rank: 91
BUFP Calmar Ratio Rank: 79
BUFP Martin Ratio Rank: 92

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.

MMAX vs. BUFP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Mar ETF (MMAX) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	MMAX	BUFP	Difference
Sharpe ratio: Return per unit of total volatility	5.15	2.72	+2.43
Sortino ratio: Return per unit of downside risk	9.29	4.02	+5.26
Omega ratio: Gain probability vs. loss probability	2.35	1.57	+0.78
Calmar ratio: Return relative to maximum drawdown	15.86	3.94	+11.92
Martin ratio: Return relative to average drawdown	84.16	21.61	+62.55

MMAX vs. BUFP - Sharpe Ratio Comparison

The current MMAX Sharpe Ratio is 5.15, which is higher than the BUFP Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of MMAX and BUFP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MMAX vs. BUFP - Drawdown Comparison

The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum BUFP drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for MMAX and BUFP.

Drawdown Indicators

	MMAX	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-1.93%	-11.98%	+10.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-4.41%	+3.95%
Current Drawdown Current decline from peak	-0.20%	-0.19%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.11%	-0.99%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.09%	0.80%	-0.71%

Volatility

MMAX vs. BUFP - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Mar ETF (MMAX) is 0.52%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 1.99%. This indicates that MMAX experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMAX	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	1.99%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	1.06%	5.11%	-4.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.42%	6.40%	-4.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.48%	9.46%	-6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.48%	9.46%	-6.98%

MMAX vs. BUFP - Expense Ratio Comparison

Both MMAX and BUFP have an expense ratio of 0.50%.

Dividends

MMAX vs. BUFP - Dividend Comparison

MMAX's dividend yield for the trailing twelve months is around 1.28%, more than BUFP's 0.01% yield.

Position	TTM	2025	2024
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%
MMAX iShares Large Cap Max Buffer Mar ETF	1.28%	1.31%	0.00%

Frequently Asked Questions

Can I hold both MMAX and BUFP in my portfolio?

MMAX and BUFP have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMAX or BUFP?

BUFP has higher volatility (1.99%) compared to MMAX (0.52%). In terms of maximum drawdown, MMAX dropped -1.93% vs BUFP's -11.98%.

Which ETF is better, MMAX or BUFP?

On 1-year performance, BUFP leads with 17.31% vs 7.29% for MMAX. Both ETFs have the same 0.50% expense ratio. On volatility, MMAX has been the lower-risk option at 0.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMAX or BUFP?

Over the 1-year period, BUFP has performed better with a 17.31% return vs 7.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMAX or BUFP?

MMAX and BUFP have the same expense ratio: 0.50% per year.

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

MMAX has the higher dividend yield at 1.28%, compared with 0.01% for BUFP.

What is the main difference between MMAX and BUFP?

They also come from different issuers: iShares and PGIM.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.15 vs 2.72), 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.