MMAX vs SPYT
iShares Large Cap Max Buffer Mar ETF vs Defiance S&P 500 Income Target ETF
Which is better, MMAX or SPYT?
SPYT has been ahead.
MMAX has a lower expense ratio. SPYT led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MMAX | SPYT |
|---|---|---|
| Expense Ratio | 0.50%Best | 0.92% |
| AUM | $74M | $170M |
| Dividend Yield | 0.76% | 20.83% |
| Holdings | 7 | 10 |
| YTD Return | +4.90% | +12.99%Best |
| 1Y Return | +5.24% | +15.90%Best |
| Volatility (annualized) | 1.4%Best | 10.3% |
| Max Drawdown | -1.9%Best | -11.6% |
| $10,000 over 1.5 years | $10,944 | $13,289Best |
| Fund Family | iShares by BlackRock (US) | Defiance ETFs, LLC |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Mar 31, 2025 | Mar 7, 2024 |
Not shown on this pair: 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 1, 2025 to Oct 14, 2026 (1.5 years).
MMAX vs SPYT growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.5 years both funds cover.
MMAX vs SPYT Performance
iShares Large Cap Max Buffer Mar ETF (MMAX) is an ETF from iShares by BlackRock (US) and Defiance S&P 500 Income Target ETF (SPYT) is an ETF from Defiance ETFs, LLC. Over the past year MMAX returned +5.24% while SPYT returned +15.90%. Year to date, MMAX is up 4.90% versus a gain of 12.99% for SPYT.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPYT has been the more volatile fund, with annualized monthly volatility of 10.3% compared with 1.4% for MMAX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -1.9% for MMAX and -11.6% for SPYT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.65. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MMAX charges 0.50% per year while SPYT charges 0.92%. On a $10,000 position that is $50 vs $92 annually, a gap of $42 per year that compounds over a long holding period. On income, MMAX currently yields 0.76% against 20.83% for SPYT.
Holdings Overlap
We hold position weights for 3 holdings in MMAX and 1 in SPYT, totalling 112.5% and 99.7% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 1 positions appear in both.
1 positions in common, counted across the 3 positions we hold weights for in MMAX and 1 in SPYT, against full books of 7 and 10.
Top Shared Holdings
| Stock | Weight in MMAX | Weight in SPYT | Difference |
|---|---|---|---|
| IVVIshares Core S&p 500 ETF | 111.26% | 99.70% | 11.56% |
You are not choosing between two funds in isolation.
Whichever of MMAX and SPYT you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MMAX or SPYT?
MMAX has an expense ratio of 0.50% while SPYT charges 0.92%. MMAX is the cheaper option, by $42 a year on a $10,000 investment.
Which performed better, MMAX or SPYT?
Over the past year MMAX returned +5.24% vs +15.90% for SPYT, so SPYT leads on 1-year performance. Over the longest common window we track (2 years), MMAX annualized +6.20% vs +20.87% for SPYT. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMAX or SPYT?
SPYT has been the more volatile fund at 10.3% annualized versus 1.4% for MMAX. Worst drawdown: MMAX -1.9% vs SPYT -11.6%.
Should I hold both MMAX and SPYT?
MMAX and SPYT have a monthly-return correlation of 0.65, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, MMAX or SPYT?
MMAX yields 0.76% while SPYT yields 20.83%, so SPYT currently pays the higher dividend yield.
Is SPYT better than MMAX?
MMAX has a lower expense ratio. SPYT led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.