PHEQvsDMAXETF Comparison
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Parametric Hedged Equity ETF (PHEQ) and iShares Large Cap Max Buffer Dec ETF (DMAX) belong to the same industry segment: Options Strategies. PHEQ's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, DMAX's top sector exposures are Technology, Finance and Healthcare. PHEQ is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.53% for DMAX. PHEQ is up 8.82% year-to-date (YTD) with +$3M in YTD flows. DMAX performs worse with 4.26% YTD performance, and +$50M in YTD flows. Run a side-by-side ETF comparison of PHEQ and DMAX below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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PHEQ vs DMAX performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PHEQ DMAX | +0.88%+0.44% | +2.93%+1.69% | +8.82%+4.26% | +11.54%+6.51% | n/an/a | n/an/a |
| Flows | PHEQ DMAX | +$4M- | +$12M-$2M | +$3M+$50M | +$35M+$47M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PHEQ DMAX | +5.36%+1.63% | +6.67%+2.15% | n/an/a | n/an/a |
| Max drawdown | PHEQ DMAX | -1.73%-0.30% | -3.96%-1.47% | n/an/a | n/an/a |
| Max drawdown duration | PHEQ DMAX | 19d5d | 86d44d | n/an/a | n/an/a |
Trading data
PHEQ | DMAX | |
Last sale 9/21/2026 at 1:30 PM | $35.46 | $27.78 |
| Previous close 09/18/2026 | $35.39 | $27.73 |
| Consolidated volume 09/18/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/21/2026 at 1:30 PM
Live
Closed
PHEQ | DMAX | |
|---|---|---|
| Last price | $35.46 | $27.78 |
| 1D performance | +0.20% | +0.18% |
| AuM | $151.96 M | $136.64 M |
| E/R | 0.29% | 0.53% |
Characteristics
PHEQ | DMAX | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Morgan Stanley | iShares |
| Benchmark | - | - |
| N° of holdings | 169 | 501 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 19, 2023 | December 31, 2024 |
| ESG | No | No |
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Exposure
Countries
PHEQ
USA
100.61%
Other
-0.61%
DMAX
USA
101.93%
Other
-1.93%
Sectors
PHEQ
Technology
45.18%
Finance
14.44%
Consumer Non-Cycl.
10.18%
Healthcare
9.19%
Industrials
7.28%
Other
13.74%
DMAX
Technology
46.39%
Finance
14.53%
Healthcare
9.31%
Consumer Non-Cycl.
9.26%
Industrials
8.12%
Other
12.39%
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Diversification
PHEQ
Total weight of top 15 holdings out of 15
47.46%
DMAX
Total weight of top 15 holdings out of 15
45.18%
Top 15 holdings
Data as of July 31, 2026
PHEQ
NVIDIA Corp.
7.65%
Apple, Inc.
7.46%
Microsoft Corp.
5.54%
Amazon.com, Inc.
4.39%
Alphabet, Inc.
3.43%
Broadcom Inc.
3.03%
Alphabet, Inc.
3.00%
Meta Platforms, Inc.
1.95%
JPMorgan Chase & Co.
1.83%
Eli Lilly & Co.
1.79%
Tesla, Inc.
1.60%
Micron Technology, Inc.
1.53%
Johnson & Johnson
1.45%
ExxonMobil Holdings Corp.
1.44%
Berkshire Hathaway, Inc.
1.37%
DMAX
Apple, Inc.
7.92%
NVIDIA Corp.
7.64%
Microsoft Corp.
5.42%
Amazon.com, Inc.
3.73%
Alphabet, Inc.
3.17%
Broadcom Inc.
2.97%
Alphabet, Inc.
2.55%
Meta Platforms, Inc.
1.92%
Micron Technology, Inc.
1.60%
JPMorgan Chase & Co.
1.52%
Berkshire Hathaway, Inc.
1.51%
Eli Lilly & Co.
1.48%
Tesla, Inc.
1.41%
Advanced Micro Devices, Inc.
1.28%
ExxonMobil Holdings Corp.
1.05%
Frequently asked questions about PHEQ and DMAX
How have the PHEQ and DMAX ETFs performed in 2026?
As of September 18, 2026, PHEQ is up 8.82% year-to-date (YTD), while DMAX has returned 4.26%. That puts PHEQ better performer ahead so far this year.
Which ETF is attracting more investor money: PHEQ or DMAX?
Year-to-date, the PHEQ ETF saw +$3M in flows, compared to +$50M for DMAX.
Which ETF is more volatile: PHEQ or DMAX?
Over the past year, PHEQ had a volatility of 6.67%, while DMAX experienced 2.15%.
Which ETF is bigger: PHEQ or DMAX?
As of September 18, 2026, PHEQ holds $151.96 M in assets under management (AUM), while DMAX manages $136.64 M.
What sectors do the PHEQ and DMAX ETFs invest in?
PHEQ leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, DMAX focuses on Technology, Finance and Healthcare.
What are the top holdings of the PHEQ ETF and DMAX ETF?
PHEQ top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. DMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..
Which ETF is more diversified: PHEQ or DMAX?
PHEQ holds 171 securities with 47.46% of its assets in the top 15. DMAX has 504 securities and a top 15 weight of 45.18%.
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Latest news about PHEQ & DMAX
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