MMAX vs. IEO
MMAX (iShares Large Cap Max Buffer Mar ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - MMAX is a Defined Outcome fund actively managed by iShares, while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. MMAX is actively managed, while IEO is passively managed. Over the past year, MMAX returned 6.91% vs 45.13% for IEO. Their 0.01 correlation means their historical movements had little consistent relationship. MMAX charges 0.50%/yr vs 0.38%/yr for IEO.
Performance
MMAX vs. IEO - Performance Comparison
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Returns By Period
In the year-to-date period, MMAX achieves a 3.81% return, which is significantly lower than IEO's 40.31% return.
MMAX
- 1D
- 0.09%
- 1M
- 0.54%
- 6M
- 3.28%
- YTD
- 3.81%
- 1Y
- 6.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.44%
IEO
- 1D
- -1.56%
- 1M
- 12.30%
- 6M
- 30.88%
- YTD
- 40.31%
- 1Y
- 45.13%
- 3Y*
- 12.01%
- 5Y*
- 23.78%
- 10Y*
- 10.74%
- ALL TIME*
- 6.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.31M | $7.48M | $8.62M | |
| $66.43K | $143.71K | $147.68K |
MMAX vs. IEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMAX iShares Large Cap Max Buffer Mar ETF | 3.81% | 6.04% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 40.31% | -3.75% |
Correlation
The correlation between MMAX and IEO is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | 0.01 |
The correlation between MMAX and IEO shifts across timeframes, from -0.13 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MMAX vs. IEO — Risk / Return Rank
MMAX
IEO
MMAX vs. IEO - 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 U.S. Oil & Gas Exploration & Production ETF (IEO). 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 | IEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.06 | ||
| Sortino ratioReturn per unit of downside risk | +6.05 | ||
| Omega ratioGain probability vs. loss probability | 2.20 | 1.28 | +0.92 |
| Calmar ratioReturn relative to maximum drawdown | 15.03 | 2.78 | +12.25 |
| Martin ratioReturn relative to average drawdown | 70.78 | 6.95 | +63.83 |
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Drawdowns
MMAX vs. IEO - Drawdown Comparison
The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for MMAX and IEO.
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Drawdown Indicators
| MMAX | IEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.93% | -79.17% | +77.24% |
Max Drawdown (1Y)Largest decline over 1 year | -0.46% | -16.32% | +15.86% |
Max Drawdown (3Y)Largest decline over 3 years | — | -31.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -31.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.00% | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.36% | +3.36% |
Average DrawdownAverage peak-to-trough decline | -0.10% | -26.13% | +26.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 6.51% | -6.41% |
Volatility
MMAX vs. IEO - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Mar ETF (MMAX) is 0.39%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 7.79%. This indicates that MMAX experiences smaller price fluctuations and is considered to be less risky than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMAX | IEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | 7.79% | -7.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.08% | 20.54% | -19.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.44% | 25.78% | -24.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.40% | 30.26% | -27.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.40% | 34.91% | -32.51% |
MMAX vs. IEO - Expense Ratio Comparison
MMAX has a 0.50% expense ratio, which is higher than IEO's 0.38% expense ratio.
Dividends
MMAX vs. IEO - Dividend Comparison
MMAX's dividend yield for the trailing twelve months is around 1.27%, less than IEO's 1.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 1.88% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMAX and IEO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEO has higher volatility (7.79%) compared to MMAX (0.39%). In terms of maximum drawdown, MMAX dropped -1.93% vs IEO's -79.17%.
On 1-year performance, IEO leads with 45.13% vs 6.91% for MMAX. On fees, IEO is cheaper at 0.38% 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, IEO has performed better with a 45.13% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEO is cheaper with a 0.38% expense ratio, compared with 0.50% for MMAX.
IEO has the higher dividend yield at 1.88%, compared with 1.27% for MMAX.
MMAX is categorized as Defined Outcome, while IEO is Energy Equities. Their fees differ too: 0.50% for MMAX and 0.38% for IEO.
MMAX currently has the higher Sharpe Ratio (4.82 vs 1.76), 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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