MMAX vs. DMAX
MMAX (iShares Large Cap Max Buffer Mar ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds from iShares. MMAX is actively managed, while DMAX is passively managed. Over the past year, MMAX returned 7.67% vs 8.46% for DMAX. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
MMAX vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, MMAX achieves a 3.09% return, which is significantly higher than DMAX's 2.34% return.
MMAX
- 1D
- -0.13%
- 1M
- 0.60%
- YTD
- 3.09%
- 6M
- 3.75%
- 1Y
- 7.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX
- 1D
- -0.07%
- 1M
- 0.86%
- YTD
- 2.34%
- 6M
- 3.01%
- 1Y
- 8.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMAX iShares Large Cap Max Buffer Mar ETF | 3.09% | 5.88% |
DMAX iShares Large Cap Max Buffer December ETF | 2.34% | 8.03% |
Correlation
The correlation between MMAX and DMAX is 0.63, 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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | 0.68 |
The correlation between MMAX and DMAX has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
MMAX vs. DMAX — Risk / Return Rank
MMAX
DMAX
MMAX vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Mar ETF (MMAX) 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.
| MMAX | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.88 | ||
| Sortino ratioReturn per unit of downside risk | +4.92 | ||
| Omega ratioGain probability vs. loss probability | 2.51 | 1.79 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 22.49 | 6.01 | +16.48 |
| Martin ratioReturn relative to average drawdown | 112.49 | 30.74 | +81.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MMAX | DMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 5.52 | 3.65 | +1.88 |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.13 | 2.14 | +0.99 |
Drawdowns
MMAX vs. DMAX - Drawdown Comparison
The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum DMAX drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for MMAX and DMAX.
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Drawdown Indicators
| MMAX | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.93% | -3.37% | +1.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.34% | -1.41% | +1.07% |
Current DrawdownCurrent decline from peak | -0.13% | -0.07% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -0.38% | +0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.07% | 0.28% | -0.21% |
Volatility
MMAX vs. DMAX - Volatility Comparison
iShares Large Cap Max Buffer Mar ETF (MMAX) has a higher volatility of 0.36% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.32%. This indicates that MMAX'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.
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Volatility by Period
| MMAX | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.36% | 0.32% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.96% | 1.54% | -0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.39% | 2.33% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.49% | 3.40% | -0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.49% | 3.40% | -0.91% |
MMAX vs. DMAX - Expense Ratio Comparison
Both MMAX and DMAX have an expense ratio of 0.50%.
Dividends
MMAX vs. DMAX - Dividend Comparison
MMAX's dividend yield for the trailing twelve months is around 1.27%, more than DMAX's 1.15% yield.
| Position | TTM | 2025 |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
MMAX and DMAX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMAX has higher volatility (0.36%) compared to DMAX (0.32%). In terms of maximum drawdown, MMAX dropped -1.93% vs DMAX's -3.37%.
On 1-year performance, DMAX leads with 8.46% vs 7.67% for MMAX. Both ETFs have the same 0.50% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DMAX has performed better with a 8.46% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMAX and DMAX have the same expense ratio: 0.50% per year.
MMAX has the higher dividend yield at 1.27%, compared with 1.15% for DMAX.
MMAX currently has the higher Sharpe Ratio (5.52 vs 3.65), 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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