SPYvsDMAXETF Comparison
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State Street SPDR S&P 500 ETF Trust (SPY) belongs to the US Large Cap segment. iShares Large Cap Max Buffer Dec ETF (DMAX) is part of the Options Strategies segment. SPY's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, DMAX's top sector exposures are Technology, Finance and Healthcare. SPY is less expensive with a Total Expense Ratio (TER) of 0.0945%, versus 0.53% for DMAX. SPY is up 11.68% year-to-date (YTD) with +$6.63B in YTD flows. DMAX performs worse with 4.08% YTD performance, and +$50M in YTD flows. Run a side-by-side ETF comparison of SPY 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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SPY vs DMAX performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPY DMAX | -1.94%+0.21% | +0.67%+1.38% | +11.68%+4.08% | +15.91%+6.38% | +76.71%n/a | +81.02%n/a |
| Flows | SPY DMAX | -$6.76B-$3M | -$2.67B-$2M | +$6.63B+$50M | +$30.72B+$46M | +$69.44B- | +$75.87B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPY DMAX | +11.41%+1.70% | +12.85%+2.23% | +15.03%n/a | +17.03%n/a |
| Max drawdown | SPY DMAX | -3.40%-0.44% | -8.89%-1.47% | -18.74%n/a | -24.50%n/a |
| Max drawdown duration | SPY DMAX | 19d14d | 76d44d | 126dn/a | 708dn/a |
Trading data
SPY | DMAX | |
Last sale 9/16/2026 at 1:30 PM | $754.05 | $27.68 |
| Previous close 09/15/2026 | $757.39 | $27.70 |
| Consolidated volume 09/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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DMAX
is actively managed and doesn’t replicate an indexSPY | DMAX | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/16/2026 at 1:30 PM
Live
Closed
SPY | DMAX | |
|---|---|---|
| Last price | $754.05 | $27.68 |
| 1D performance | -0.44% | -0.07% |
| AuM | $797.12 B | $136.40 M |
| E/R | 0.0945% | 0.53% |
Characteristics
SPY | DMAX | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | iShares |
| Benchmark | S&P 500 Index | - |
| N° of holdings | 497 | 501 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 22, 1993 | December 31, 2024 |
| ESG | No | No |
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Exposure
Countries
SPY
USA
96.41%
Other
3.59%
DMAX
USA
101.93%
Other
-1.93%
Sectors
SPY
Technology
44.7%
Finance
13.9%
Consumer Non-Cycl.
9.41%
Healthcare
8.88%
Industrials
7.86%
Other
15.24%
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
SPY
Total weight of top 15 holdings out of 15
43.98%
DMAX
Total weight of top 15 holdings out of 15
45.18%
Top 15 holdings
Data as of July 31, 2026
SPY
NVIDIA Corp.
7.55%
Apple, Inc.
7.04%
Microsoft Corp.
5.36%
Amazon.com, Inc.
4.13%
Alphabet, Inc.
3.24%
Broadcom Inc.
2.86%
Alphabet, Inc.
2.62%
Meta Platforms, Inc.
1.90%
JPMorgan Chase & Co.
1.46%
Berkshire Hathaway, Inc.
1.46%
Micron Technology, Inc.
1.44%
Eli Lilly & Co.
1.41%
Tesla, Inc.
1.36%
Advanced Micro Devices, Inc.
1.21%
Johnson & Johnson
0.96%
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 SPY and DMAX
How have the SPY and DMAX ETFs performed in 2026?
As of September 15, 2026, SPY is up 11.68% year-to-date (YTD), while DMAX has returned 4.08%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: SPY or DMAX?
Year-to-date, the SPY ETF saw +$6.63B in flows, compared to +$50M for DMAX.
Which ETF is more volatile: SPY or DMAX?
Over the past year, SPY had a volatility of 12.85%, while DMAX experienced 2.23%.
Which ETF is bigger: SPY or DMAX?
As of September 15, 2026, SPY holds $797.12 B in assets under management (AUM), while DMAX manages $136.40 M.
What sectors do the SPY and DMAX ETFs invest in?
SPY 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 SPY ETF and DMAX ETF?
SPY 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: SPY or DMAX?
SPY holds 500 securities with 43.98% of its assets in the top 15. DMAX has 504 securities and a top 15 weight of 45.18%.
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