MMAX vs. IALT

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Large Cap Max Buffer Mar ETF (MMAX) and iShares Systematic Alternatives Active ETF (IALT).

MMAX and IALT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MMAX is an actively managed fund by iShares. It was launched on Mar 31, 2025. IALT is an actively managed fund by iShares. It was launched on Dec 9, 2025.

Performance

MMAX vs. IALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Mar ETF (MMAX) and iShares Systematic Alternatives Active ETF (IALT). The values are adjusted to include any dividend payments, if applicable.

MMAX vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
MMAX iShares Large Cap Max Buffer Mar ETF	1.32%	0.53%
IALT iShares Systematic Alternatives Active ETF	7.75%	0.73%

Returns By Period

In the year-to-date period, MMAX achieves a 1.32% return, which is significantly lower than IALT's 7.75% return.

MMAX

• 1D: 0.06%
• 1M: 0.56%
• YTD: 1.32%
• 6M: 3.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IALT

• 1D: 0.82%
• 1M: 3.45%
• YTD: 7.75%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMAX vs. IALT - Expense Ratio Comparison

MMAX has a 0.50% expense ratio, which is lower than IALT's 0.99% expense ratio.

IALT

iShares Systematic Alternatives Active ETF

MMAX

iShares Large Cap Max Buffer Mar ETF

Return for Risk

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MMAX	IALT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.82	4.40	-1.59

Correlation

The correlation between MMAX and IALT is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MMAX vs. IALT - Dividend Comparison

MMAX's dividend yield for the trailing twelve months is around 1.30%, more than IALT's 0.13% yield.

	TTM	2025
MMAX iShares Large Cap Max Buffer Mar ETF	1.30%	1.31%
IALT iShares Systematic Alternatives Active ETF	0.13%	0.14%

Drawdowns

MMAX vs. IALT - Drawdown Comparison

The maximum MMAX drawdown since its inception was -1.93%, which is greater than IALT's maximum drawdown of -1.28%. Use the drawdown chart below to compare losses from any high point for MMAX and IALT.

Drawdown Indicators

	MMAX	IALT	Difference
Max Drawdown Largest peak-to-trough decline	-1.93%	-1.28%	-0.65%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.11%	-0.26%	+0.15%

Volatility

Volatility by Period

	MMAX	IALT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.61%	7.25%	-4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.61%	7.25%	-4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.61%	7.25%	-4.64%