Data as of Oct 28, 2026.
MMAX vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, MMAX returned +6.5% to SPY's +13.6%, and SPY charges 0.09% to MMAX's 0.50%.
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Net assets on Oct 27, 2026: $74m for iShares Large Cap Max Buffer Mar ETF and $814.8bn for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.41 points a year less; their one-year returns differ by 7.1 points; SPY is far larger, $814.8bn against $74m.
| Measure | MMAX | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.5% | +13.6% |
| Drawdown | ||
| Index fall to the buffer | 15.9% | |
| Fund price fall to the buffer | 4.3% | |
| Benchmark | ||
| What it tracks | IVV | S&P 500 Index |
| The outcome period | ||
| Buffer left, in index points | 99.5% of 99.5% | |
| Days left in the period | 155 | |
| Period ends | Mar 31, 2027 | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.09% |
| Net assets, as of Oct 27, 2026 | $74m | $814.8bn |
| Holdings | ||
| Holdings in common | not published | |
| Top ten holdings, share of the fund | 38.1% | |
Side by side
MMAX and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
The fund's own price can still drift up to about 2.5% as the period runs out.
IVV had already risen past this fund's cap of +6.5% for the period on Oct 27, 2026, so in index terms there is no more upside to collect. The fund's price can fall 4.3% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, IVV can fall 15.9% 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. 155 days remained on Oct 27, 2026. On Mar 31, 2027 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 MMAX and SPY in the same category?
- MMAX 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, MMAX or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, MMAX returned +6.5% and SPY +13.6%.
- Which is cheaper, MMAX 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.
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ETFIQ, MMAX against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/mmax-vs-spy
ETFIQ. (Oct 28, 2026). MMAX against SPY. Retrieved from https://etfiq.com/compare/any/mmax-vs-spy
[MMAX against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/mmax-vs-spy)
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