AUGZ vs. SMAX

Last updated Jun 4, 2026

AUGZ (TrueShares Structured Outcome (August) ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. AUGZ is passively managed, while SMAX is actively managed. Over the past year, AUGZ returned 20.84% vs 9.17% for SMAX. Their correlation of 0.83 suggests significant overlap in exposure. AUGZ charges 0.79%/yr vs 0.50%/yr for SMAX.

Performance

AUGZ vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (August) ETF (AUGZ) and iShares Large Cap Max Buffer Sep ETF (SMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AUGZ achieves a 8.27% return, which is significantly higher than SMAX's 3.09% return.

AUGZ

• 1D: -0.55%
• 1M: 4.32%
• YTD: 8.27%
• 6M: 8.18%
• 1Y: 20.84%
• 3Y*: 16.37%
• 5Y*: 10.83%
• 10Y*: —

SMAX

• 1D: -0.09%
• 1M: 1.09%
• YTD: 3.09%
• 6M: 3.54%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AUGZ vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AUGZ TrueShares Structured Outcome (August) ETF	8.27%	13.49%	2.14%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	8.01%	1.02%

Correlation

The correlation between AUGZ and SMAX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	0.83

The correlation between AUGZ and SMAX has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Return for Risk

AUGZ vs. SMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AUGZ

AUGZ Risk / Return Rank: 65
AUGZ Sharpe Ratio Rank: 66
AUGZ Sortino Ratio Rank: 66
AUGZ Omega Ratio Rank: 65
AUGZ Calmar Ratio Rank: 59
AUGZ Martin Ratio Rank: 68

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 93
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 86
SMAX Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AUGZ vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (August) ETF (AUGZ) and iShares Large Cap Max Buffer Sep ETF (SMAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AUGZ	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	3.46	-1.25
Sortino ratio: Return per unit of downside risk	3.05	5.32	-2.27
Omega ratio: Gain probability vs. loss probability	1.40	1.75	-0.36
Calmar ratio: Return relative to maximum drawdown	2.89	4.81	-1.92
Martin ratio: Return relative to average drawdown	12.46	26.11	-13.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AUGZ vs. SMAX - Sharpe Ratio Comparison

The current AUGZ Sharpe Ratio is 2.21, which is lower than the SMAX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of AUGZ and SMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AUGZ	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	3.46	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	2.01	-0.92

Drawdowns

AUGZ vs. SMAX - Drawdown Comparison

The maximum AUGZ drawdown since its inception was -15.67%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for AUGZ and SMAX.

Drawdown Indicators

	AUGZ	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-3.90%	-11.77%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-1.91%	-5.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.67%	—	—
Current Drawdown Current decline from peak	-0.55%	-0.09%	-0.46%
Average Drawdown Average peak-to-trough decline	-3.11%	-0.40%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	0.35%	+1.33%

Volatility

AUGZ vs. SMAX - Volatility Comparison

TrueShares Structured Outcome (August) ETF (AUGZ) has a higher volatility of 2.60% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.38%. This indicates that AUGZ's price experiences larger fluctuations and is considered to be riskier than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUGZ	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	0.38%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	7.25%	2.10%	+5.15%
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	2.67%	+6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.97%	3.67%	+8.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.10%	3.67%	+8.43%

AUGZ vs. SMAX - Expense Ratio Comparison

AUGZ has a 0.79% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

AUGZ vs. SMAX - Dividend Comparison

AUGZ's dividend yield for the trailing twelve months is around 3.35%, more than SMAX's 0.95% yield.

Position	TTM	2025	2024	2023	2022
AUGZ TrueShares Structured Outcome (August) ETF	3.35%	3.63%	4.08%	3.42%	0.41%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AUGZ and SMAX in my portfolio?

AUGZ and SMAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AUGZ or SMAX?

AUGZ has higher volatility (2.60%) compared to SMAX (0.38%). In terms of maximum drawdown, AUGZ dropped -15.67% vs SMAX's -3.90%.

Which ETF is better, AUGZ or SMAX?

On 1-year performance, AUGZ leads with 20.84% vs 9.17% for SMAX. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AUGZ or SMAX?

Over the 1-year period, AUGZ has performed better with a 20.84% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AUGZ or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for AUGZ.

Which ETF pays a higher dividend yield, AUGZ or SMAX?

AUGZ has the higher dividend yield at 3.35%, compared with 0.95% for SMAX.

What is the main difference between AUGZ and SMAX?

They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.79% for AUGZ and 0.50% for SMAX.

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.46 vs 2.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.