BUFD vs. SMAX

Last updated Apr 1, 2026

Compare and contrast key facts about FT Vest Laddered Deep Buffer ETF (BUFD) and iShares Large Cap Max Buffer Sep ETF (SMAX).

BUFD and SMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BUFD is an actively managed fund by FT Vest. It was launched on Jan 20, 2021. SMAX is an actively managed fund by iShares. It was launched on Sep 30, 2024.

Performance

BUFD vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Laddered Deep Buffer ETF (BUFD) and iShares Large Cap Max Buffer Sep ETF (SMAX). The values are adjusted to include any dividend payments, if applicable.

BUFD vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUFD FT Vest Laddered Deep Buffer ETF	-0.85%	10.66%	2.04%
SMAX iShares Large Cap Max Buffer Sep ETF	-0.49%	8.01%	1.02%

Returns By Period

In the year-to-date period, BUFD achieves a -0.85% return, which is significantly lower than SMAX's -0.49% return.

BUFD

• 1D: 1.52%
• 1M: -1.65%
• YTD: -0.85%
• 6M: 1.30%
• 1Y: 12.22%
• 3Y*: 11.08%
• 5Y*: 6.54%
• 10Y*: —

SMAX

• 1D: 0.72%
• 1M: -1.17%
• YTD: -0.49%
• 6M: 1.14%
• 1Y: 8.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUFD vs. SMAX - Expense Ratio Comparison

BUFD has a 0.95% expense ratio, which is higher than SMAX's 0.50% expense ratio.

BUFD

FT Vest Laddered Deep Buffer ETF

SMAX

iShares Large Cap Max Buffer Sep ETF

Return for Risk

BUFD vs. SMAX — Risk / Return Rank

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

BUFD

BUFD Risk / Return Rank: 81
BUFD Sharpe Ratio Rank: 76
BUFD Sortino Ratio Rank: 80
BUFD Omega Ratio Rank: 85
BUFD Calmar Ratio Rank: 75
BUFD Martin Ratio Rank: 88

SMAX

SMAX Risk / Return Rank: 95
SMAX Sharpe Ratio Rank: 92
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 96
SMAX Calmar Ratio Rank: 94
SMAX Martin Ratio Rank: 96

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.

BUFD vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Laddered Deep Buffer ETF (BUFD) 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.

	BUFD	SMAX	Difference
Sharpe ratio Return per unit of total volatility	1.36	2.15	-0.79
Sortino ratio Return per unit of downside risk	2.01	3.26	-1.24
Omega ratio Gain probability vs. loss probability	1.33	1.49	-0.16
Calmar ratio Return relative to maximum drawdown	1.93	3.67	-1.74
Martin ratio Return relative to average drawdown	10.57	17.23	-6.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUFD vs. SMAX - Sharpe Ratio Comparison

The current BUFD Sharpe Ratio is 1.36, which is lower than the SMAX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of BUFD and SMAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BUFD	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.15	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.50	-0.64

Correlation

The correlation between BUFD and SMAX is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BUFD vs. SMAX - Dividend Comparison

BUFD has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.98%.

	TTM	2025	2024
BUFD FT Vest Laddered Deep Buffer ETF	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.98%	0.98%	0.27%

Drawdowns

BUFD vs. SMAX - Drawdown Comparison

The maximum BUFD drawdown since its inception was -10.75%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for BUFD and SMAX.

Drawdown Indicators

	BUFD	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.75%	-3.90%	-6.85%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-2.27%	-4.30%
Max Drawdown (5Y) Largest decline over 5 years	-10.75%	—	—
Current Drawdown Current decline from peak	-1.96%	-1.21%	-0.75%
Average Drawdown Average peak-to-trough decline	-2.03%	-0.43%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	0.48%	+0.72%

Volatility

BUFD vs. SMAX - Volatility Comparison

FT Vest Laddered Deep Buffer ETF (BUFD) has a higher volatility of 2.69% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 1.30%. This indicates that BUFD'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

	BUFD	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.69%	1.30%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	2.14%	+1.96%
Volatility (1Y) Calculated over the trailing 1-year period	9.04%	3.82%	+5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.71%	3.80%	+3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.63%	3.80%	+3.83%