MMAX vs. IBIT
MMAX (iShares Large Cap Max Buffer Mar ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - MMAX is a Defined Outcome fund actively managed by iShares, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. MMAX is actively managed, while IBIT is passively managed. Over the past year, MMAX returned 6.91% vs -43.69% for IBIT. Their 0.37 correlation means their historical movements had little consistent relationship. MMAX charges 0.50%/yr vs 0.25%/yr for IBIT.
Performance
MMAX vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, MMAX achieves a 3.81% return, which is significantly higher than IBIT's -27.17% return.
MMAX
- 1D
- 0.09%
- 1M
- 0.54%
- 6M
- 3.28%
- YTD
- 3.81%
- 1Y
- 6.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.44%
IBIT
- 1D
- 1.46%
- 1M
- 3.70%
- 6M
- -18.23%
- YTD
- -27.17%
- 1Y
- -43.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.33B | $1.34B | $1.65B | |
| $66.43K | $143.71K | $147.68K |
MMAX vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMAX iShares Large Cap Max Buffer Mar ETF | 3.81% | 6.04% |
IBIT iShares Bitcoin Trust ETF | -27.17% | 6.07% |
Correlation
The correlation between MMAX and IBIT is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | 0.37 |
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Return for Risk
MMAX vs. IBIT — Risk / Return Rank
MMAX
IBIT
MMAX vs. IBIT - 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 Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.81 | ||
| Sortino ratioReturn per unit of downside risk | +9.78 | ||
| Omega ratioGain probability vs. loss probability | 2.20 | 0.84 | +1.36 |
| Calmar ratioReturn relative to maximum drawdown | 15.03 | -0.82 | +15.85 |
| Martin ratioReturn relative to average drawdown | 70.78 | -1.26 | +72.04 |
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Drawdowns
MMAX vs. IBIT - Drawdown Comparison
The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum IBIT drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for MMAX and IBIT.
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Drawdown Indicators
| MMAX | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.93% | -53.30% | +51.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.46% | -53.30% | +52.84% |
Current DrawdownCurrent decline from peak | 0.00% | -49.28% | +49.28% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -18.29% | +18.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 34.80% | -34.70% |
Volatility
MMAX vs. IBIT - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Mar ETF (MMAX) is 0.39%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 8.98%. This indicates that MMAX experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMAX | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 8.98% | -8.59% |
Volatility (6M)Calculated over the trailing 6-month period | 1.08% | 33.79% | -32.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.44% | 44.48% | -43.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.40% | 49.57% | -47.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.40% | 49.57% | -47.17% |
MMAX vs. IBIT - Expense Ratio Comparison
MMAX has a 0.50% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
MMAX vs. IBIT - Dividend Comparison
MMAX's dividend yield for the trailing twelve months is around 1.27%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
MMAX and IBIT have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (8.98%) compared to MMAX (0.39%). In terms of maximum drawdown, MMAX dropped -1.93% vs IBIT's -53.30%.
On 1-year performance, MMAX leads with 6.91% vs -43.69% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, MMAX has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MMAX has performed better with a 6.91% return vs -43.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.50% for MMAX.
MMAX has the higher dividend yield at 1.27%, compared with 0.00% for IBIT.
MMAX is categorized as Defined Outcome, while IBIT is Cryptocurrency. Their fees differ too: 0.50% for MMAX and 0.25% for IBIT.
MMAX currently has the higher Sharpe Ratio (4.82 vs -0.99), 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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