STEN vs. DMAX

Last updated Jun 5, 2026

STEN (iShares Large Cap 10% Target Buffer Sep ETF) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds. STEN is actively managed, while DMAX is passively managed. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

STEN vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Sep ETF (STEN) 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, STEN achieves a 8.04% return, which is significantly higher than DMAX's 2.40% return.

STEN

• 1D: 0.23%
• 1M: 2.98%
• YTD: 8.04%
• 6M: 8.44%
• 1Y: —
• 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)

STEN vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
STEN iShares Large Cap 10% Target Buffer Sep ETF	8.04%	2.05%
DMAX iShares Large Cap Max Buffer December ETF	2.40%	1.97%

Correlation

The correlation between STEN and DMAX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.85

Return for Risk

STEN vs. DMAX — Risk / Return Rank

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

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.

STEN vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Sep ETF (STEN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	STEN	DMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	2.15	-0.44

Drawdowns

STEN vs. DMAX - Drawdown Comparison

The maximum STEN drawdown since its inception was -6.21%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for STEN and DMAX.

Drawdown Indicators

	STEN	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.21%	-3.37%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.41%	—
Current Drawdown Current decline from peak	-0.07%	-0.02%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.38%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.28%	—

Volatility

Volatility by Period

	STEN	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.22%	2.33%	+6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.22%	3.39%	+5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.22%	3.39%	+5.83%

STEN vs. DMAX - Expense Ratio Comparison

Both STEN and DMAX have an expense ratio of 0.50%.

Dividends

STEN vs. DMAX - Dividend Comparison

STEN's dividend yield for the trailing twelve months is around 0.29%, less than DMAX's 1.15% yield.

Position	TTM	2025
DMAX iShares Large Cap Max Buffer December ETF	1.15%	1.18%
STEN iShares Large Cap 10% Target Buffer Sep ETF	0.29%	0.31%

Frequently Asked Questions

Can I hold both STEN and DMAX in my portfolio?

STEN and DMAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, STEN or DMAX?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STEN or DMAX?

STEN and DMAX have the same expense ratio: 0.50% per year.

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

DMAX has the higher dividend yield at 1.15%, compared with 0.29% for STEN.

What is the main difference between STEN and DMAX?

They also come from different issuers: BlackRock and iShares.