THEQ vs. MAXJ

Last updated Jun 3, 2026

THEQ (T. Rowe Price Hedged Equity ETF) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, THEQ returned 18.94% vs 9.63% for MAXJ. A 0.77 correlation means they provide meaningful diversification when combined. THEQ charges 0.46%/yr vs 0.50%/yr for MAXJ.

Performance

THEQ vs. MAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Hedged Equity ETF (THEQ) and iShares Large Cap Max Buffer Jun ETF (MAXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THEQ achieves a 7.70% return, which is significantly higher than MAXJ's 2.84% return.

THEQ

• 1D: 0.24%
• 1M: 3.59%
• YTD: 7.70%
• 6M: 7.79%
• 1Y: 18.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAXJ

• 1D: -0.02%
• 1M: 0.69%
• YTD: 2.84%
• 6M: 3.56%
• 1Y: 9.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THEQ vs. MAXJ - Yearly Performance Comparison

	2026 (YTD)	2025
THEQ T. Rowe Price Hedged Equity ETF	7.70%	12.87%
MAXJ iShares Large Cap Max Buffer Jun ETF	2.84%	9.61%

Correlation

The correlation between THEQ and MAXJ 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 Mar 28, 2025	0.77

The correlation between THEQ and MAXJ has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

THEQ vs. MAXJ — Risk / Return Rank

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

THEQ

THEQ Risk / Return Rank: 65
THEQ Sharpe Ratio Rank: 64
THEQ Sortino Ratio Rank: 65
THEQ Omega Ratio Rank: 64
THEQ Calmar Ratio Rank: 61
THEQ Martin Ratio Rank: 72

MAXJ

MAXJ Risk / Return Rank: 94
MAXJ Sharpe Ratio Rank: 92
MAXJ Sortino Ratio Rank: 96
MAXJ Omega Ratio Rank: 96
MAXJ Calmar Ratio Rank: 90
MAXJ 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.

THEQ vs. MAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Hedged Equity ETF (THEQ) and iShares Large Cap Max Buffer Jun ETF (MAXJ). 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.

	THEQ	MAXJ	Difference
Sharpe ratio Return per unit of total volatility	2.20	3.30	-1.10
Sortino ratio Return per unit of downside risk	3.09	5.45	-2.36
Omega ratio Gain probability vs. loss probability	1.40	1.79	-0.39
Calmar ratio Return relative to maximum drawdown	3.12	5.80	-2.68
Martin ratio Return relative to average drawdown	13.79	32.89	-19.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THEQ vs. MAXJ - Sharpe Ratio Comparison

The current THEQ Sharpe Ratio is 2.20, which is lower than the MAXJ Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of THEQ and MAXJ, 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

	THEQ	MAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	3.30	-1.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	1.64	-0.07

Drawdowns

THEQ vs. MAXJ - Drawdown Comparison

The maximum THEQ drawdown since its inception was -8.08%, which is greater than MAXJ's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for THEQ and MAXJ.

Drawdown Indicators

	THEQ	MAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-8.08%	-6.35%	-1.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-1.70%	-4.47%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.00%	-0.56%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	0.30%	+1.10%

Volatility

THEQ vs. MAXJ - Volatility Comparison

T. Rowe Price Hedged Equity ETF (THEQ) has a higher volatility of 2.16% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.33%. This indicates that THEQ's price experiences larger fluctuations and is considered to be riskier than MAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THEQ	MAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	0.33%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	6.47%	1.93%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	8.64%	2.93%	+5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.57%	5.29%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.57%	5.29%	+6.28%

THEQ vs. MAXJ - Expense Ratio Comparison

THEQ has a 0.46% expense ratio, which is lower than MAXJ's 0.50% expense ratio.

Dividends

THEQ vs. MAXJ - Dividend Comparison

THEQ's dividend yield for the trailing twelve months is around 0.74%, less than MAXJ's 0.98% yield.

Position	TTM	2025	2024
MAXJ iShares Large Cap Max Buffer Jun ETF	0.98%	1.01%	0.81%
THEQ T. Rowe Price Hedged Equity ETF	0.74%	0.79%	0.00%

Frequently Asked Questions

Can I hold both THEQ and MAXJ in my portfolio?

THEQ and MAXJ 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, THEQ or MAXJ?

THEQ has higher volatility (2.16%) compared to MAXJ (0.33%). In terms of maximum drawdown, THEQ dropped -8.08% vs MAXJ's -6.35%.

Which ETF is better, THEQ or MAXJ?

On 1-year performance, THEQ leads with 18.94% vs 9.63% for MAXJ. On fees, THEQ is cheaper at 0.46% per year. On volatility, MAXJ has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THEQ or MAXJ?

Over the 1-year period, THEQ has performed better with a 18.94% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THEQ or MAXJ?

THEQ is cheaper with a 0.46% expense ratio, compared with 0.50% for MAXJ.

Which ETF pays a higher dividend yield, THEQ or MAXJ?

MAXJ has the higher dividend yield at 0.98%, compared with 0.74% for THEQ.

What is the main difference between THEQ and MAXJ?

They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.46% for THEQ and 0.50% for MAXJ.

Which has better risk-adjusted returns?

MAXJ currently has the higher Sharpe Ratio (3.30 vs 2.20), 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.