OCTZ vs. DMAX
OCTZ (TrueShares Structured Outcome (October) ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. OCTZ is actively managed, while DMAX is passively managed. Over the past year, OCTZ returned 20.60% vs 8.46% for DMAX. Their correlation of 0.83 suggests significant overlap in exposure. OCTZ charges 0.79%/yr vs 0.50%/yr for DMAX.
Performance
OCTZ vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, OCTZ achieves a 8.27% return, which is significantly higher than DMAX's 2.34% return.
OCTZ
- 1D
- -0.44%
- 1M
- 4.25%
- YTD
- 8.27%
- 6M
- 8.27%
- 1Y
- 20.60%
- 3Y*
- 16.44%
- 5Y*
- 11.10%
- 10Y*
- —
DMAX
- 1D
- -0.07%
- 1M
- 0.86%
- YTD
- 2.34%
- 6M
- 3.01%
- 1Y
- 8.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OCTZ vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OCTZ TrueShares Structured Outcome (October) ETF | 8.27% | 13.06% |
DMAX iShares Large Cap Max Buffer December ETF | 2.34% | 7.81% |
Correlation
The correlation between OCTZ and DMAX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | 0.83 |
The correlation between OCTZ and DMAX has been stable across timeframes, ranging from 0.82 to 0.83 - a consistent structural relationship.
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Return for Risk
OCTZ vs. DMAX — Risk / Return Rank
OCTZ
DMAX
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 ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.79 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 6.01 | -3.18 |
| Martin ratioReturn relative to average drawdown | 12.00 | 30.74 | -18.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OCTZ | DMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | 3.65 | -1.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.07 | 2.14 | -1.07 |
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.
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Drawdown Indicators
| OCTZ | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.82% | -3.37% | -12.45% |
Max Drawdown (1Y)Largest decline over 1 year | -7.31% | -1.41% | -5.90% |
Max Drawdown (3Y)Largest decline over 3 years | -14.07% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.82% | — | — |
Current DrawdownCurrent decline from peak | -0.44% | -0.07% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -3.16% | -0.38% | -2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.72% | 0.28% | +1.44% |
Volatility
OCTZ vs. DMAX - Volatility Comparison
TrueShares Structured Outcome (October) ETF (OCTZ) has a higher volatility of 2.47% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.32%. 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.
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Volatility by Period
| OCTZ | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.47% | 0.32% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 7.26% | 1.54% | +5.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.39% | 2.33% | +7.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.40% | 3.40% | +9.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.37% | 3.40% | +8.97% |
OCTZ vs. DMAX - Expense Ratio Comparison
OCTZ has a 0.79% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Dividends
OCTZ vs. DMAX - Dividend Comparison
OCTZ's dividend yield for the trailing twelve months is around 3.69%, more than DMAX's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% | 0.00% | 0.00% | 0.00% |
OCTZ TrueShares Structured Outcome (October) ETF | 3.69% | 3.99% | 1.26% | 3.28% | 0.67% |
Frequently Asked Questions
OCTZ and DMAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OCTZ has higher volatility (2.47%) compared to DMAX (0.32%). In terms of maximum drawdown, OCTZ dropped -15.82% vs DMAX's -3.37%.
On 1-year performance, OCTZ leads with 20.60% vs 8.46% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OCTZ has performed better with a 20.60% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for OCTZ.
OCTZ has the higher dividend yield at 3.69%, compared with 1.15% for DMAX.
They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.79% for OCTZ and 0.50% for DMAX.
DMAX currently has the higher Sharpe Ratio (3.65 vs 2.21), 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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