XBFR vs. MMAX

Last updated Aug 1, 2026

XBFR (Innovator Equity Managed 10 Buffer 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. XBFR charges 0.79%/yr vs 0.50%/yr for MMAX.

Performance

XBFR vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Managed 10 Buffer ETF (XBFR) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XBFR

• 1D: 0.67%
• 1M: -0.27%
• 6M: —
• YTD: —
• 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
XBFR Innovator Equity Managed 10 Buffer ETF	$260.31K	$267.77K	$415.44K

XBFR vs. MMAX - Yearly Performance Comparison

	2026 (YTD)
XBFR Innovator Equity Managed 10 Buffer ETF	5.51%
MMAX iShares Large Cap Max Buffer Mar ETF	3.07%

Correlation

The correlation between XBFR 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 Feb 24, 2026	0.68

Return for Risk

XBFR vs. MMAX — Risk / Return Rank

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

XBFR

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.

XBFR vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Managed 10 Buffer ETF (XBFR) 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.

	XBFR	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

XBFR vs. MMAX - Drawdown Comparison

The maximum XBFR drawdown since its inception was -4.12%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for XBFR and MMAX.

Drawdown Indicators

	XBFR	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-1.93%	-2.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.46%	—
Current Drawdown Current decline from peak	-1.25%	0.00%	-1.25%
Average Drawdown Average peak-to-trough decline	-1.15%	-0.10%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	XBFR	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	9.13%	1.44%	+7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.13%	2.40%	+6.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.13%	2.40%	+6.73%

XBFR vs. MMAX - Expense Ratio Comparison

XBFR has a 0.79% expense ratio, which is higher than MMAX's 0.50% expense ratio.

Dividends

XBFR vs. MMAX - Dividend Comparison

XBFR's dividend yield for the trailing twelve months is around 0.10%, less than MMAX's 1.27% yield.

Position	TTM	2025
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%
XBFR Innovator Equity Managed 10 Buffer ETF	0.10%	0.00%

Frequently Asked Questions

Can I hold both XBFR and MMAX in my portfolio?

XBFR 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, XBFR or MMAX?

On fees, MMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XBFR or MMAX?

MMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for XBFR.

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

MMAX has the higher dividend yield at 1.27%, compared with 0.10% for XBFR.

What is the main difference between XBFR and MMAX?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for XBFR and 0.50% for MMAX.