Data as of Oct 28, 2026.

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DMAX vs VOO: Differences, Returns & Fees

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Over the year to Oct 28, 2026, DMAX returned +6.2% to VOO's +13.7%, and VOO charges 0.03% to DMAX's 0.50%.

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Net assets: $130m on Oct 27, 2026 for iShares Large Cap Max Buffer Dec ETF, and $1.0tn on Sep 30, 2026 for Vanguard S&P 500 ETF.

At a glance
+6.2%
DMAX total return, 1 year
+13.7%
VOO total return, 1 year
0.50%
DMAX expense ratio
0.03%
VOO expense ratio

Pair scorecard

VOO costs 0.47 points a year less; their one-year returns differ by 7.5 points; VOO is far larger, $1.0tn against $137m.

DMAX vs VOO: Differences, Returns & Fees
MeasureDMAXVOO
Return
Total return, 1 year+6.2%+13.7%
Drawdown
Index fall to the buffer11.9%
Fund price fall to the buffer5.2%
Benchmark
What it tracksIVVS&P 500 Index
The outcome period
Buffer left, in index points99.5% of 99.5%
Days left in the period65
Period endsDec 31, 2026
Cost and size
Expense ratio0.50%0.03%
Net assets, as of Sep 30, 2026$137m$1.0tn
Holdings
Holdings in commonnot published
Top ten holdings, share of the fund39.1%

Method

Side by side

DMAX iShares Large Cap Max Buffer Dec ETF VOO Vanguard S&P 500 ETF
Where it sits Buffer ETF Stock ETF
What it is Defined outcome, 0% to 100% on IVV Tracks the S&P 500
Total return, 1 year +6.2% +13.7%
Its benchmark over the same days +12.4% (IVV) +13.7% (IVV)
Gap to its benchmark −6.2 pts vs IVV 0.0 pts vs IVV
Expense ratio 0.50% 0.03%
Holdings not read by ETFIQ 507
Net assets, DMAX as of Oct 27, 2026 and VOO as of Sep 30, 2026 $130m $1.0tn

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

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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.

VOO

VOO tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 507 positions, with the top ten at 39.1%.

Questions people ask

Are DMAX and VOO in the same category?
DMAX is a buffer ETF and VOO 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 VOO?
In the year to Oct 28, 2026, with distributions reinvested, DMAX returned +6.2% and VOO +13.7%.
Which is cheaper, DMAX or VOO?
VOO is cheaper, by 0.47 percentage points a year. That is about $47 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
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ETFIQ, DMAX against VOO, data as of Oct 28, 2026. https://etfiq.com/compare/any/dmax-vs-voo

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