MMAX vs. JULB

Last updated Jun 4, 2026

MMAX (iShares Large Cap Max Buffer Mar ETF) and JULB (Aptus July Buffer ETF) are both Defined Outcome funds. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. MMAX charges 0.50%/yr vs 0.25%/yr for JULB.

Performance

MMAX vs. JULB - Performance Comparison

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

Returns By Period

In the year-to-date period, MMAX achieves a 3.09% return, which is significantly lower than JULB's 6.35% return.

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JULB

• 1D: -0.07%
• 1M: 2.40%
• YTD: 6.35%
• 6M: 6.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMAX vs. JULB - Yearly Performance Comparison

	2026 (YTD)	2025
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	1.58%
JULB Aptus July Buffer ETF	6.35%	2.56%

Correlation

The correlation between MMAX and JULB is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.66

Return for Risk

MMAX vs. JULB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MMAX

MMAX Risk / Return Rank: 99
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 99
MMAX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MMAX vs. JULB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Mar ETF (MMAX) and Aptus July Buffer ETF (JULB). 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	JULB	Difference
Sharpe ratio Return per unit of total volatility	5.52	—	—
Sortino ratio Return per unit of downside risk	10.56	—	—
Omega ratio Gain probability vs. loss probability	2.51	—	—
Calmar ratio Return relative to maximum drawdown	22.49	—	—
Martin ratio Return relative to average drawdown	112.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MMAX	JULB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.13	2.17	+0.96

Drawdowns

MMAX vs. JULB - Drawdown Comparison

The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum JULB drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for MMAX and JULB.

Drawdown Indicators

	MMAX	JULB	Difference
Max Drawdown Largest peak-to-trough decline	-1.93%	-5.24%	+3.31%
Max Drawdown (1Y) Largest decline over 1 year	-0.34%	—	—
Current Drawdown Current decline from peak	-0.13%	-0.07%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.87%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	—	—

Volatility

Volatility by Period

	MMAX	JULB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	6.81%	-5.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.49%	6.81%	-4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	6.81%	-4.32%

MMAX vs. JULB - Expense Ratio Comparison

MMAX has a 0.50% expense ratio, which is higher than JULB's 0.25% expense ratio.

Dividends

MMAX vs. JULB - Dividend Comparison

MMAX's dividend yield for the trailing twelve months is around 1.27%, while JULB has not paid dividends to shareholders.

Position	TTM	2025
JULB Aptus July Buffer ETF	0.00%	0.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%

Frequently Asked Questions

Can I hold both MMAX and JULB in my portfolio?

MMAX and JULB have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MMAX or JULB?

On fees, JULB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MMAX or JULB?

JULB is cheaper with a 0.25% expense ratio, compared with 0.50% for MMAX.

Which ETF pays a higher dividend yield, MMAX or JULB?

MMAX has the higher dividend yield at 1.27%, compared with 0.00% for JULB.

What is the main difference between MMAX and JULB?

They also come from different issuers: iShares and Aptus Capital Advisors. Their fees differ too: 0.50% for MMAX and 0.25% for JULB.