OCTZ vs. DMAX

Last updated Apr 1, 2026

Compare and contrast key facts about TrueShares Structured Outcome (October) ETF (OCTZ) and iShares Large Cap Max Buffer December ETF (DMAX).

OCTZ and DMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OCTZ is an actively managed fund by TrueShares. It was launched on Sep 30, 2020. DMAX is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Dec 31, 2024.

Performance

OCTZ vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (October) ETF (OCTZ) and iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

OCTZ vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
OCTZ TrueShares Structured Outcome (October) ETF	-3.41%	13.06%
DMAX iShares Large Cap Max Buffer December ETF	-0.37%	7.81%

Returns By Period

In the year-to-date period, OCTZ achieves a -3.41% return, which is significantly lower than DMAX's -0.37% return.

OCTZ

• 1D: 2.03%
• 1M: -3.58%
• YTD: -3.41%
• 6M: -1.67%
• 1Y: 12.51%
• 3Y*: 13.32%
• 5Y*: 9.45%
• 10Y*: —

DMAX

• 1D: 0.40%
• 1M: -0.84%
• YTD: -0.37%
• 6M: 1.76%
• 1Y: 7.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OCTZ vs. DMAX - Expense Ratio Comparison

OCTZ has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.

OCTZ

TrueShares Structured Outcome (October) ETF

DMAX

iShares Large Cap Max Buffer December ETF

Return for Risk

OCTZ vs. DMAX — Risk / Return Rank

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

OCTZ

OCTZ Risk / Return Rank: 54
OCTZ Sharpe Ratio Rank: 50
OCTZ Sortino Ratio Rank: 52
OCTZ Omega Ratio Rank: 53
OCTZ Calmar Ratio Rank: 54
OCTZ Martin Ratio Rank: 61

DMAX

DMAX Risk / Return Rank: 96
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 95
DMAX Martin Ratio Rank: 97

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.

OCTZ vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (October) ETF (OCTZ) and iShares Large Cap Max Buffer December ETF (DMAX). 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.

	OCTZ	DMAX	Difference
Sharpe ratio Return per unit of total volatility	0.92	2.26	-1.33
Sortino ratio Return per unit of downside risk	1.40	3.38	-1.99
Omega ratio Gain probability vs. loss probability	1.20	1.51	-0.31
Calmar ratio Return relative to maximum drawdown	1.41	3.99	-2.58
Martin ratio Return relative to average drawdown	6.21	19.40	-13.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OCTZ vs. DMAX - Sharpe Ratio Comparison

The current OCTZ Sharpe Ratio is 0.92, which is lower than the DMAX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of OCTZ and DMAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OCTZ	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	2.26	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.68	-0.77

Correlation

The correlation between OCTZ and DMAX is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

OCTZ vs. DMAX - Dividend Comparison

OCTZ's dividend yield for the trailing twelve months is around 4.13%, more than DMAX's 1.18% yield.

	TTM	2025	2024	2023	2022
OCTZ TrueShares Structured Outcome (October) ETF	4.13%	3.99%	1.26%	3.28%	0.67%
DMAX iShares Large Cap Max Buffer December ETF	1.18%	1.18%	0.00%	0.00%	0.00%

Drawdowns

OCTZ vs. DMAX - Drawdown Comparison

The maximum OCTZ drawdown since its inception was -15.82%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for OCTZ and DMAX.

Drawdown Indicators

	OCTZ	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.82%	-3.37%	-12.45%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-2.00%	-7.09%
Max Drawdown (5Y) Largest decline over 5 years	-15.82%	—	—
Current Drawdown Current decline from peak	-5.43%	-0.97%	-4.46%
Average Drawdown Average peak-to-trough decline	-3.23%	-0.42%	-2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	0.41%	+1.65%

Volatility

OCTZ vs. DMAX - Volatility Comparison

TrueShares Structured Outcome (October) ETF (OCTZ) has a higher volatility of 4.09% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.98%. This indicates that OCTZ's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCTZ	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	0.98%	+3.11%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	1.81%	+5.75%
Volatility (1Y) Calculated over the trailing 1-year period	13.64%	3.46%	+10.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	3.57%	+8.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.45%	3.57%	+8.88%