SQMX vs. DMAX

Last updated Jun 5, 2026

SQMX (FT Vest U.S. Equity Quarterly Max Buffer ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - SQMX tracks the S&P 500 while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, SQMX returned 8.50% vs 8.42% for DMAX. A 0.78 correlation means they provide meaningful diversification when combined. SQMX charges 0.85%/yr vs 0.50%/yr for DMAX.

Performance

SQMX vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) and iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQMX achieves a 2.15% return, which is significantly lower than DMAX's 2.40% return.

SQMX

• 1D: 0.01%
• 1M: 0.50%
• YTD: 2.15%
• 6M: 2.98%
• 1Y: 8.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DMAX

• 1D: 0.05%
• 1M: 0.80%
• YTD: 2.40%
• 6M: 3.08%
• 1Y: 8.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SQMX vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	2.15%	8.65%
DMAX iShares Large Cap Max Buffer December ETF	2.40%	7.81%

Correlation

The correlation between SQMX and DMAX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.78

The correlation between SQMX and DMAX has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.

Return for Risk

SQMX vs. DMAX — Risk / Return Rank

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

SQMX

SQMX Risk / Return Rank: 85
SQMX Sharpe Ratio Rank: 80
SQMX Sortino Ratio Rank: 83
SQMX Omega Ratio Rank: 92
SQMX Calmar Ratio Rank: 82
SQMX Martin Ratio Rank: 86

DMAX

DMAX Risk / Return Rank: 95
DMAX Sharpe Ratio Rank: 94
DMAX Sortino Ratio Rank: 96
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 91
DMAX Martin Ratio Rank: 95

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.

SQMX vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) 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.

	SQMX	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.54	3.63	-1.09
Sortino ratio: Return per unit of downside risk	3.67	5.62	-1.95
Omega ratio: Gain probability vs. loss probability	1.60	1.78	-0.19
Calmar ratio: Return relative to maximum drawdown	4.19	5.98	-1.79
Martin ratio: Return relative to average drawdown	17.93	30.60	-12.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQMX vs. DMAX - Sharpe Ratio Comparison

The current SQMX Sharpe Ratio is 2.54, which is comparable to the DMAX Sharpe Ratio of 3.63. The chart below compares the historical Sharpe Ratios of SQMX and DMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SQMX	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	3.63	-1.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	2.15	-0.98

Drawdowns

SQMX vs. DMAX - Drawdown Comparison

The maximum SQMX drawdown since its inception was -7.40%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for SQMX and DMAX.

Drawdown Indicators

	SQMX	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-7.40%	-3.37%	-4.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.04%	-1.41%	-0.63%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.55%	-0.38%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.28%	+0.20%

Volatility

SQMX vs. DMAX - Volatility Comparison

The current volatility for FT Vest U.S. Equity Quarterly Max Buffer ETF (SQMX) is 0.11%, while iShares Large Cap Max Buffer December ETF (DMAX) has a volatility of 0.31%. This indicates that SQMX experiences smaller price fluctuations and is considered to be less risky than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQMX	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.31%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	2.72%	1.54%	+1.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	2.33%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	3.39%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.27%	3.39%	+2.88%

SQMX vs. DMAX - Expense Ratio Comparison

SQMX has a 0.85% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

SQMX vs. DMAX - Dividend Comparison

SQMX has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.15%.

Position	TTM	2025
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%
SQMX FT Vest U.S. Equity Quarterly Max Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SQMX and DMAX in my portfolio?

SQMX and DMAX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQMX or DMAX?

DMAX has higher volatility (0.31%) compared to SQMX (0.11%). In terms of maximum drawdown, SQMX dropped -7.40% vs DMAX's -3.37%.

Which ETF is better, SQMX or DMAX?

On 1-year performance, SQMX leads with 8.50% vs 8.42% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, SQMX has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQMX or DMAX?

Over the 1-year period, SQMX has performed better with a 8.50% return vs 8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQMX or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.85% for SQMX.

Which ETF pays a higher dividend yield, SQMX or DMAX?

DMAX has the higher dividend yield at 1.15%, compared with 0.00% for SQMX.

What is the main difference between SQMX and DMAX?

SQMX tracks S&P 500, while DMAX tracks S&P 500 Index. They also come from different issuers: FT Vest and iShares. Their fees differ too: 0.85% for SQMX and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.63 vs 2.54), 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.