Are DMAX and SPY in the same category?

DMAX is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, DMAX or SPY?

In the year to Oct 28, 2026, with distributions reinvested, DMAX returned +6.2% and SPY +13.6%.

Which is cheaper, DMAX or SPY?

SPY is cheaper, by 0.41 percentage points a year. That is about $41 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

DMAX vs SPY: Differences, Returns & Fees

Share on X Download as PDF

Over the year to Oct 28, 2026, DMAX returned +6.2% to SPY's +13.6%, and SPY charges 0.09% to DMAX's 0.50%.

askIQ about this page

askIQ about DMAX and SPY

Net assets on Oct 27, 2026: $130m for iShares Large Cap Max Buffer Dec ETF and $814.8bn for SPDR S&P 500 ETF Trust.

DMAX on its own →SPY on its own →

At a glance

+6.2%

DMAX total return, 1 year

+13.6%

SPY total return, 1 year

0.50%

DMAX expense ratio

0.09%

SPY expense ratio

Pair scorecard

SPY costs 0.41 points a year less; their one-year returns differ by 7.4 points; SPY is far larger, $814.8bn against $130m.

DMAX vs SPY: Differences, Returns & Fees
Measure	DMAX	SPY
Return
Measure	DMAX	SPY
Total return, 1 year	+6.2%	+13.6%
Drawdown
Measure	DMAX	SPY
Index fall to the buffer	11.9%
Fund price fall to the buffer	5.2%
Benchmark
Measure	DMAX	SPY
What it tracks	IVV	S&P 500 Index
The outcome period
Measure	DMAX	SPY
Buffer left, in index points	99.5% of 99.5%
Days left in the period	65
Period ends	Dec 31, 2026
Cost and size
Measure	DMAX	SPY
Expense ratio	0.50%	0.09%
Net assets, as of Oct 27, 2026	$130m	$814.8bn
Holdings
Measure	DMAX	SPY
Holdings in common	not published
Top ten holdings, share of the fund		38.1%

Method

Risk and return

Jan 10, 2025 to Oct 23, 2026 · 93 weekly returns

DMAX SPY

Return

Total return edge SPY +12.8% +33.5%

Annualized edge SPY +7.0% +17.5%

Price return edge SPY +11.5% +30.9%

Risk

Volatility edge DMAX 2.8% 15.1%

Max drawdown edge DMAX −3.1% −16.9%

Downside capture 16.3% 100.0%

Beta 0.17 1.00

Risk-adjusted

Sharpe edge DMAX 0.99 0.88

Sortino edge DMAX 1.55 1.33

Treynor 0.162 0.133

Calmar edge DMAX 2.26 1.04

Against the benchmark

Alpha +0.5% a year −0.1% a year

Alpha t-stat 0.63 −0.51

Information ratio −0.84 −0.15

Tracking error 12.7% 0.4%

Each against its own benchmark: DMAX against IVV, Jan 10, 2025 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.

Reading

SPY returned more: +33.5% to +12.8%. DMAX swung less: 2.8% to 15.1%. DMAX fell less at its worst: −3.1% to −16.9%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: DMAX vs SPY: Differences, Returns & Fees
Measure	DMAX	SPY	Edge	How it is measured
Return
Total return	+12.8%	+33.5%	SPY	Price change plus distributions, reinvested.
Annualized	+7.0%	+17.5%	SPY	Total return as a yearly rate.
Price return	+11.5%	+30.9%	SPY	Price change alone, distributions left out.
Risk
Volatility	2.8%	15.1%	DMAX	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	1.8%	10.0%	DMAX	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−3.1%	−16.9%	DMAX	Deepest fall from a high to the low after it.
Upside capture	15.1%	99.8%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	16.3%	100.0%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.17	1.00	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.87	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.99	0.88	DMAX	Return above Treasury bills per unit of volatility.
Sortino	1.55	1.33	DMAX	Return above Treasury bills per unit of downside deviation.
Treynor	0.162	0.133		Return above Treasury bills per unit of beta.
Calmar	2.26	1.04	DMAX	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	IVV	VOO		The ETF each fund is measured against.
Alpha	+0.5% a year	−0.1% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.63	−0.51	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−1.0% to +2.0%	−0.3% to +0.1%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.84	−0.15		Return against its benchmark per unit of tracking error.
Tracking error	12.7%	0.4%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 93 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

DMAX iShares Large Cap Max Buffer Dec ETF SPY SPDR S&P 500 ETF Trust

Where it sits Buffer ETF Stock ETF

Issuer iShares State Street

What it is Defined outcome, 0% to 100% on IVV Tracks the S&P 500

Total return, 1 year +6.2% +13.6%

Its benchmark over the same days +12.4% (IVV) +13.7% (VOO)

Gap to its benchmark −6.2 pts vs IVV −0.1 pts vs VOO

Expense ratio 0.50% 0.09%

Holdings not read by ETFIQ 504

Net assets, as of Oct 27, 2026 $130m $814.8bn

DMAX and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-685B489616

DMAX and SPY do different jobs. What does each one do in a portfolio?

What each follows. DMAX follows IVV and SPY follows S&P 500 Index.
One-year total return. Over 1 year to Oct 28, 2026 DMAX returned +6.2% and SPY +13.6% with distributions reinvested, a gap of 7.4 points.
Cost. DMAX charges 0.50% of assets a year and SPY 0.09%, a gap of 0.41 points.

Data as of Oct 28, 2026.

The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.

Your saved page · Privacy.

Alert

About each fund

DMAX

IVV had already risen past this fund's cap of +6.3% for the period on Oct 27, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 1.3% as the period runs out.

The fund's price can fall 5.2% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, IVV can fall 11.9% from today's level to the point where the buffer begins. Protection left, in index points: 99.5% of the 99.5% buffer still sits below today's IVV level. 65 days remained on Oct 27, 2026. On Dec 31, 2026 the period ends and a new cap is set.

SPY

SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.

Questions people ask

Are DMAX and SPY in the same category?: DMAX is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, DMAX or SPY?: In the year to Oct 28, 2026, with distributions reinvested, DMAX returned +6.2% and SPY +13.6%.
Which is cheaper, DMAX or SPY?: SPY is cheaper, by 0.41 percentage points a year. That is about $41 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

DMAX vs IVV DMAX vs VOO DMAX vs SPYM SMAX vs SPY MAXJ vs SPY MMAX vs SPY SPY vs TEND SPY vs STEN

Where to next

iShares Core S&P 500 ETF →DMAX on its own →SPY on its own →Hold both: look the portfolio through →Rankings →DMAX dividend history →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

DMAX filings on SEC EDGAR ↗

iShares page for DMAX ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, DMAX against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/dmax-vs-spy

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.