MMAX vs. TLT

Last updated Aug 4, 2026

MMAX (iShares Large Cap Max Buffer Mar ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - MMAX is a Defined Outcome fund actively managed by iShares, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. MMAX is actively managed, while TLT is passively managed. Over the past year, MMAX returned 6.91% vs -2.12% for TLT. Their 0.14 correlation means their historical movements had little consistent relationship. MMAX charges 0.50%/yr vs 0.15%/yr for TLT.

Performance

MMAX vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMAX achieves a 3.81% return, which is significantly higher than TLT's -3.18% return.

MMAX

• 1D: 0.09%
• 1M: 0.54%
• 6M: 3.28%
• YTD: 3.81%
• 1Y: 6.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.44%

TLT

• 1D: 0.33%
• 1M: -3.49%
• 6M: -2.86%
• YTD: -3.18%
• 1Y: -2.12%
• 3Y*: -1.15%
• 5Y*: -8.33%
• 10Y*: -2.33%
• ALL TIME*: 3.48%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MMAX iShares Large Cap Max Buffer Mar ETF	$66.43K	$143.71K	$147.68K
TLT iShares 20+ Year Treasury Bond ETF	$2.39B	$2.06B	$2.20B

MMAX vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025
MMAX iShares Large Cap Max Buffer Mar ETF	3.81%	6.04%
TLT iShares 20+ Year Treasury Bond ETF	-3.18%	-0.66%

Correlation

The correlation between MMAX and TLT is 0.13, which is low. Their historical price movements had little consistent relationship.

	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	0.14

Return for Risk

MMAX vs. TLT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MMAX

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

TLT

TLT Risk / Return Rank: 7
TLT Sharpe Ratio Rank: 8
TLT Sortino Ratio Rank: 7
TLT Omega Ratio Rank: 7
TLT Calmar Ratio Rank: 8
TLT Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MMAX vs. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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	TLT	Difference
Sharpe ratio: Return per unit of total volatility	4.82	-0.23	+5.05
Sortino ratio: Return per unit of downside risk	8.34	-0.26	+8.60
Omega ratio: Gain probability vs. loss probability	2.20	0.97	+1.23
Calmar ratio: Return relative to maximum drawdown	15.03	-0.28	+15.31
Martin ratio: Return relative to average drawdown	70.78	-0.59	+71.37

MMAX vs. TLT - Sharpe Ratio Comparison

The current MMAX Sharpe Ratio is 4.82, which is higher than the TLT Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of MMAX and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MMAX vs. TLT - Drawdown Comparison

The maximum MMAX drawdown since its inception was -1.93%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for MMAX and TLT.

Drawdown Indicators

	MMAX	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-1.93%	-48.35%	+46.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-7.74%	+7.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.79%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	0.00%	-42.17%	+42.17%
Average Drawdown Average peak-to-trough decline	-0.10%	-14.00%	+13.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	3.60%	-3.50%

Volatility

MMAX vs. TLT - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Mar ETF (MMAX) is 0.39%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.51%. This indicates that MMAX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMAX	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	2.51%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	1.08%	6.84%	-5.76%
Volatility (1Y) Calculated over the trailing 1-year period	1.44%	9.24%	-7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.40%	15.74%	-13.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.40%	14.83%	-12.43%

MMAX vs. TLT - Expense Ratio Comparison

MMAX has a 0.50% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

MMAX vs. TLT - Dividend Comparison

MMAX's dividend yield for the trailing twelve months is around 1.27%, less than TLT's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TLT iShares 20+ Year Treasury Bond ETF	4.75%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

Frequently Asked Questions

Can I hold both MMAX and TLT in my portfolio?

MMAX and TLT 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.

Which is riskier, MMAX or TLT?

TLT has higher volatility (2.51%) compared to MMAX (0.39%). In terms of maximum drawdown, MMAX dropped -1.93% vs TLT's -48.35%.

Which ETF is better, MMAX or TLT?

On 1-year performance, MMAX leads with 6.91% vs -2.12% for TLT. On fees, TLT is cheaper at 0.15% 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.

Which ETF has performed better, MMAX or TLT?

Over the 1-year period, MMAX has performed better with a 6.91% return vs -2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMAX or TLT?

TLT is cheaper with a 0.15% expense ratio, compared with 0.50% for MMAX.

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

TLT has the higher dividend yield at 4.75%, compared with 1.27% for MMAX.

What is the main difference between MMAX and TLT?

MMAX is categorized as Defined Outcome, while TLT is Government Bonds. Their fees differ too: 0.50% for MMAX and 0.15% for TLT.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (4.82 vs -0.23), 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.