MMAX vs. IALT
MMAX (iShares Large Cap Max Buffer Mar ETF) and IALT (iShares Systematic Alternatives Active ETF) are both exchange-traded funds - MMAX is a Defined Outcome fund actively managed by iShares, while IALT is a Multistrategy fund actively managed by iShares. Both are actively managed. At a 0.32 correlation, their price movements are largely independent. MMAX charges 0.50%/yr vs 0.99%/yr for IALT.
Performance
MMAX vs. IALT - Performance Comparison
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Returns By Period
In the year-to-date period, MMAX achieves a 2.86% return, which is significantly lower than IALT's 12.03% return.
MMAX
- 1D
- -0.15%
- 1M
- -0.06%
- YTD
- 2.86%
- 6M
- 2.99%
- 1Y
- 7.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IALT
- 1D
- -0.32%
- 1M
- 0.62%
- YTD
- 12.03%
- 6M
- 12.02%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX vs. IALT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMAX iShares Large Cap Max Buffer Mar ETF | 2.86% | 0.55% |
IALT iShares Systematic Alternatives Active ETF | 12.03% | 0.83% |
Correlation
The correlation between MMAX and IALT is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025 | 0.32 |
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Return for Risk
MMAX vs. IALT — Risk / Return Rank
MMAX
IALT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX vs. IALT - 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 Systematic Alternatives Active ETF (IALT). 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 | IALT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 2.26 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 15.24 | — | — |
| Martin ratioReturn relative to average drawdown | 78.37 | — | — |
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Drawdowns
MMAX vs. IALT - Drawdown Comparison
The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum IALT drawdown of -2.27%. Use the drawdown chart below to compare losses from any high point for MMAX and IALT.
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Drawdown Indicators
| MMAX | IALT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.93% | -2.27% | +0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -0.46% | — | — |
Current DrawdownCurrent decline from peak | -0.35% | -1.05% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -0.11% | -0.39% | +0.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.09% | — | — |
Volatility
MMAX vs. IALT - Volatility Comparison
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Volatility by Period
| MMAX | IALT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.08% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.43% | 7.80% | -6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 7.80% | -5.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.48% | 7.80% | -5.32% |
MMAX vs. IALT - Expense Ratio Comparison
MMAX has a 0.50% expense ratio, which is lower than IALT's 0.99% expense ratio.
Dividends
MMAX vs. IALT - Dividend Comparison
MMAX's dividend yield for the trailing twelve months is around 1.28%, more than IALT's 0.40% yield.
| Position | TTM | 2025 |
|---|---|---|
IALT iShares Systematic Alternatives Active ETF | 0.40% | 0.14% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
Frequently Asked Questions
MMAX and IALT have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.99% for IALT.
MMAX has the higher dividend yield at 1.28%, compared with 0.40% for IALT.
MMAX is categorized as Defined Outcome, while IALT is Multistrategy. Their fees differ too: 0.50% for MMAX and 0.99% for IALT.
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