MMAX vs THRO
iShares Large Cap Max Buffer Mar ETF vs iShares US Thematic Rotation Active ETF
Which is better, MMAX or THRO?
THRO has been ahead.
MMAX has a lower expense ratio. THRO 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 | THRO |
|---|---|---|
| Expense Ratio | 0.50%Best | 0.57% |
| AUM | $74M | $7.5B |
| Dividend Yield | 0.76% | 0.30% |
| Holdings | 7 | 251 |
| YTD Return | +4.90% | +14.55%Best |
| 1Y Return | +5.24% | +18.23%Best |
| 3Y Return (annualized) | - | +23.72% |
| Volatility (annualized) | 1.4%Best | 13.4% |
| Max Drawdown | -1.9%Best | -11.0% |
| $10,000 over 1.5 years | $10,944 | $13,780Best |
| Fund Family | iShares by BlackRock (US) | BlackRock, Inc. (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Mar 31, 2025 | Dec 14, 2021 |
Not shown on this pair: 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 THRO 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 THRO Performance
iShares Large Cap Max Buffer Mar ETF (MMAX) is an ETF from iShares by BlackRock (US) and iShares US Thematic Rotation Active ETF (THRO) is an ETF from BlackRock, Inc. (US). Over the past year MMAX returned +5.24% while THRO returned +18.23%. Year to date, MMAX is up 4.90% versus a gain of 14.55% for THRO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
THRO has been the more volatile fund, with annualized monthly volatility of 13.4% 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 -11.0% for THRO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.62. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MMAX charges 0.50% per year while THRO charges 0.57%. On a $10,000 position that is $50 vs $57 annually, a gap of $7 per year that compounds over a long holding period. On income, MMAX currently yields 0.76% against 0.30% for THRO.
Holdings Overlap
At least 0.5% of THRO's money is in holdings MMAX also owns.
Only one direction is shown: for MMAX, our book for it lists positions totalling 112.5% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 3 positions we hold weights for in MMAX and 247 in THRO, against full books of 7 and 251.
Top Shared Holdings
| Stock | Weight in MMAX | Weight in THRO | Difference |
|---|---|---|---|
| XTSLABlackrock Cash Funds: Treasury, Sl Agency Shares | 1.06% | 0.50% | 0.56% |
You are not choosing between two funds in isolation.
Whichever of MMAX and THRO 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 THRO?
MMAX has an expense ratio of 0.50% while THRO charges 0.57%. MMAX is the cheaper option, by $7 a year on a $10,000 investment.
Which performed better, MMAX or THRO?
Over the past year MMAX returned +5.24% vs +18.23% for THRO, so THRO leads on 1-year performance. Over the longest common window we track (2 years), MMAX annualized +6.20% vs +23.83% for THRO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMAX or THRO?
THRO has been the more volatile fund at 13.4% annualized versus 1.4% for MMAX. Worst drawdown: MMAX -1.9% vs THRO -11.0%.
Should I hold both MMAX and THRO?
MMAX and THRO have a monthly-return correlation of 0.62, 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 THRO?
MMAX yields 0.76% while THRO yields 0.30%, so MMAX currently pays the higher dividend yield.
Is THRO better than MMAX?
MMAX has a lower expense ratio. THRO 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.