DECZ vs. SMAX

Last updated Apr 1, 2026

Compare and contrast key facts about TrueShares Structured Outcome (December) ETF (DECZ) and iShares Large Cap Max Buffer Sep ETF (SMAX).

DECZ and SMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DECZ is a passively managed fund by TrueShares that tracks the performance of the S&P 500. It was launched on Nov 30, 2020. SMAX is an actively managed fund by iShares. It was launched on Sep 30, 2024.

Performance

DECZ vs. SMAX - Performance Comparison

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

DECZ vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECZ TrueShares Structured Outcome (December) ETF	-3.57%	12.34%	3.03%
SMAX iShares Large Cap Max Buffer Sep ETF	-0.49%	8.01%	1.02%

Returns By Period

In the year-to-date period, DECZ achieves a -3.57% return, which is significantly lower than SMAX's -0.49% return.

DECZ

• 1D: 2.04%
• 1M: -3.73%
• YTD: -3.57%
• 6M: -1.59%
• 1Y: 11.87%
• 3Y*: 13.04%
• 5Y*: 9.56%
• 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)

DECZ vs. SMAX - Expense Ratio Comparison

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

DECZ

TrueShares Structured Outcome (December) ETF

SMAX

iShares Large Cap Max Buffer Sep ETF

Return for Risk

DECZ vs. SMAX — Risk / Return Rank

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

DECZ

DECZ Risk / Return Rank: 50
DECZ Sharpe Ratio Rank: 46
DECZ Sortino Ratio Rank: 48
DECZ Omega Ratio Rank: 50
DECZ Calmar Ratio Rank: 49
DECZ Martin Ratio Rank: 57

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.

DECZ vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (December) ETF (DECZ) 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.

	DECZ	SMAX	Difference
Sharpe ratio Return per unit of total volatility	0.85	2.15	-1.30
Sortino ratio Return per unit of downside risk	1.31	3.26	-1.94
Omega ratio Gain probability vs. loss probability	1.19	1.49	-0.30
Calmar ratio Return relative to maximum drawdown	1.29	3.67	-2.39
Martin ratio Return relative to average drawdown	5.68	17.23	-11.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DECZ vs. SMAX - Sharpe Ratio Comparison

The current DECZ Sharpe Ratio is 0.85, which is lower than the SMAX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of DECZ 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

	DECZ	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	2.15	-1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	1.50	-0.67

Correlation

The correlation between DECZ and SMAX is 0.84, 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

DECZ vs. SMAX - Dividend Comparison

DECZ's dividend yield for the trailing twelve months is around 3.40%, more than SMAX's 0.98% yield.

	TTM	2025	2024	2023	2022	2021
DECZ TrueShares Structured Outcome (December) ETF	3.40%	3.28%	2.55%	1.23%	1.44%	0.46%
SMAX iShares Large Cap Max Buffer Sep ETF	0.98%	0.98%	0.27%	0.00%	0.00%	0.00%

Drawdowns

DECZ vs. SMAX - Drawdown Comparison

The maximum DECZ drawdown since its inception was -16.57%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for DECZ and SMAX.

Drawdown Indicators

	DECZ	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.57%	-3.90%	-12.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-2.27%	-7.16%
Max Drawdown (5Y) Largest decline over 5 years	-16.57%	—	—
Current Drawdown Current decline from peak	-5.64%	-1.21%	-4.43%
Average Drawdown Average peak-to-trough decline	-3.13%	-0.43%	-2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.14%	0.48%	+1.66%

Volatility

DECZ vs. SMAX - Volatility Comparison

TrueShares Structured Outcome (December) ETF (DECZ) has a higher volatility of 4.00% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 1.30%. This indicates that DECZ'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

	DECZ	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	1.30%	+2.70%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	2.14%	+5.55%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	3.82%	+10.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	3.80%	+8.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	3.80%	+8.68%