STEN vs. MMAX

Last updated Aug 1, 2026

STEN (iShares Large Cap 10% Target Buffer Sep ETF) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Their 0.68 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.50% expense ratio.

Performance

STEN vs. MMAX - 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 Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STEN achieves a 8.49% return, which is significantly higher than MMAX's 3.72% return.

STEN

• 1D: 0.73%
• 1M: 0.75%
• 6M: 7.36%
• YTD: 8.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MMAX

• 1D: 0.09%
• 1M: 0.44%
• 6M: 3.24%
• YTD: 3.72%
• 1Y: 6.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.42%

*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	$75.73K	$146.75K	$150.47K
STEN iShares Large Cap 10% Target Buffer Sep ETF	$12.61K	$40.38K	$88.23K

STEN vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
STEN iShares Large Cap 10% Target Buffer Sep ETF	8.49%	2.36%
MMAX iShares Large Cap Max Buffer Mar ETF	3.72%	1.70%

Correlation

The correlation between STEN and MMAX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.68

Return for Risk

STEN vs. MMAX — Risk / Return Rank

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

STEN

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

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

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.

STEN vs. MMAX - 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 Mar ETF (MMAX). 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.

	STEN	MMAX	Difference
Sharpe ratio: Return per unit of total volatility	—	4.70	—
Sortino ratio: Return per unit of downside risk	—	8.13	—
Omega ratio: Gain probability vs. loss probability	—	2.16	—
Calmar ratio: Return relative to maximum drawdown	—	14.68	—
Martin ratio: Return relative to average drawdown	—	69.13	—

Drawdowns

STEN vs. MMAX - Drawdown Comparison

The maximum STEN drawdown since its inception was -6.21%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for STEN and MMAX.

Drawdown Indicators

	STEN	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.21%	-1.93%	-4.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.46%	—
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-0.91%	-0.10%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	STEN	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.35%	1.44%	+7.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.35%	2.40%	+6.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.35%	2.40%	+6.95%

STEN vs. MMAX - Expense Ratio Comparison

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

Dividends

STEN vs. MMAX - Dividend Comparison

STEN's dividend yield for the trailing twelve months is around 0.29%, less than MMAX's 1.27% yield.

Position	TTM	2025
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%
STEN iShares Large Cap 10% Target Buffer Sep ETF	0.29%	0.31%

Frequently Asked Questions

Can I hold both STEN and MMAX in my portfolio?

STEN and MMAX have a correlation of 0.68, 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 MMAX?

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 MMAX?

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

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

MMAX has the higher dividend yield at 1.27%, compared with 0.29% for STEN.

What is the main difference between STEN and MMAX?

They also come from different issuers: BlackRock and iShares.