TDEC vs. MMAX

Last updated Apr 18, 2026

TDEC (FT Vest Emerging Markets Buffer ETF - December) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. TDEC is passively managed, while MMAX is actively managed. Over the past year, TDEC returned 29.79% vs 9.39% for MMAX. At 0.47, their price movements are largely independent. TDEC charges 0.95%/yr vs 0.50%/yr for MMAX.

Performance

TDEC vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Emerging Markets Buffer ETF - December (TDEC) 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, TDEC achieves a 7.08% return, which is significantly higher than MMAX's 2.27% return.

TDEC

• 1D: 0.81%
• 1M: 5.43%
• YTD: 7.08%
• 6M: 10.69%
• 1Y: 29.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: 0.06%
• 1M: 1.28%
• YTD: 2.27%
• 6M: 3.93%
• 1Y: 9.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TDEC vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
TDEC FT Vest Emerging Markets Buffer ETF - December	7.08%	17.47%
MMAX iShares Large Cap Max Buffer Mar ETF	2.27%	5.88%

Correlation

The correlation between TDEC and MMAX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.47

Return for Risk

TDEC vs. MMAX — Risk / Return Rank

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

TDEC

TDEC Risk / Return Rank: 80
TDEC Sharpe Ratio Rank: 84
TDEC Sortino Ratio Rank: 84
TDEC Omega Ratio Rank: 93
TDEC Calmar Ratio Rank: 63
TDEC Martin Ratio Rank: 76

MMAX

MMAX Risk / Return Rank: 99
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 98
MMAX Martin Ratio Rank: 99

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.

TDEC vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Emerging Markets Buffer ETF - December (TDEC) 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.

	TDEC	MMAX	Difference
Sharpe ratio Return per unit of total volatility	3.00	5.20	-2.20
Sortino ratio Return per unit of downside risk	4.18	10.06	-5.87
Omega ratio Gain probability vs. loss probability	1.70	2.53	-0.83
Calmar ratio Return relative to maximum drawdown	3.60	16.74	-13.14
Martin ratio Return relative to average drawdown	16.04	100.79	-84.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TDEC vs. MMAX - Sharpe Ratio Comparison

The current TDEC Sharpe Ratio is 3.00, which is lower than the MMAX Sharpe Ratio of 5.20. The chart below compares the historical Sharpe Ratios of TDEC and MMAX, 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

	TDEC	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	5.20	-2.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	3.07	-1.25

Drawdowns

TDEC vs. MMAX - Drawdown Comparison

The maximum TDEC drawdown since its inception was -10.30%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for TDEC and MMAX.

Drawdown Indicators

	TDEC	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.30%	-1.93%	-8.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-0.44%	-7.72%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.08%	-0.11%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	0.09%	+1.74%

Volatility

TDEC vs. MMAX - Volatility Comparison

FT Vest Emerging Markets Buffer ETF - December (TDEC) has a higher volatility of 5.92% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.54%. This indicates that TDEC's price experiences larger fluctuations and is considered to be riskier than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TDEC	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	0.54%	+5.38%
Volatility (6M) Calculated over the trailing 6-month period	8.43%	1.04%	+7.39%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	1.83%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.95%	2.59%	+9.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.95%	2.59%	+9.36%

TDEC vs. MMAX - Expense Ratio Comparison

TDEC has a 0.95% expense ratio, which is higher than MMAX's 0.50% expense ratio.

Dividends

TDEC vs. MMAX - Dividend Comparison

TDEC has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.28%.

	TTM	2025
TDEC FT Vest Emerging Markets Buffer ETF - December	0.00%	0.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.28%	1.31%