TENM vs. MMAX
TENM (iShares Large Cap 10% Target Buffer Mar ETF) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.50% expense ratio.
Performance
TENM vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, TENM achieves a 5.48% return, which is significantly higher than MMAX's 2.86% return.
TENM
- 1D
- -0.48%
- 1M
- -0.14%
- YTD
- 5.48%
- 6M
- 5.10%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.15%
- 1M
- -0.06%
- YTD
- 2.86%
- 6M
- 2.99%
- 1Y
- 7.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TENM vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TENM iShares Large Cap 10% Target Buffer Mar ETF | 5.48% | 2.04% |
MMAX iShares Large Cap Max Buffer Mar ETF | 2.86% | 1.35% |
Correlation
The correlation between TENM and MMAX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 22, 2025 | 0.73 |
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Return for Risk
TENM vs. MMAX — Risk / Return Rank
TENM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX
TENM vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Mar ETF (TENM) 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.
| TENM | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.26 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 15.24 | — |
| Martin ratioReturn relative to average drawdown | — | 78.37 | — |
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Drawdowns
TENM vs. MMAX - Drawdown Comparison
The maximum TENM drawdown since its inception was -3.61%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for TENM and MMAX.
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Drawdown Indicators
| TENM | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.61% | -1.93% | -1.68% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.46% | — |
Current DrawdownCurrent decline from peak | -0.91% | -0.35% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -0.11% | -0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.09% | — |
Volatility
TENM vs. MMAX - Volatility Comparison
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Volatility by Period
| TENM | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.54% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.08% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.73% | 1.43% | +5.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.73% | 2.48% | +4.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.73% | 2.48% | +4.25% |
TENM vs. MMAX - Expense Ratio Comparison
Both TENM and MMAX have an expense ratio of 0.50%.
Dividends
TENM vs. MMAX - Dividend Comparison
TENM's dividend yield for the trailing twelve months is around 0.28%, less than MMAX's 1.28% yield.
| Position | TTM | 2025 |
|---|---|---|
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
TENM iShares Large Cap 10% Target Buffer Mar ETF | 0.28% | 0.29% |
Frequently Asked Questions
TENM and MMAX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
TENM and MMAX have the same expense ratio: 0.50% per year.
MMAX has the higher dividend yield at 1.28%, compared with 0.28% for TENM.
They also come from different issuers: BlackRock and iShares.
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