DECZ vs. SMAX
DECZ (TrueShares Structured Outcome (December) ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. DECZ is passively managed, while SMAX is actively managed. Over the past year, DECZ returned 20.18% vs 9.17% for SMAX. Their correlation of 0.84 suggests significant overlap in exposure. DECZ charges 0.79%/yr vs 0.50%/yr for SMAX.
Performance
DECZ vs. SMAX - Performance Comparison
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Returns By Period
In the year-to-date period, DECZ achieves a 8.14% return, which is significantly higher than SMAX's 3.09% return.
DECZ
- 1D
- -0.53%
- 1M
- 4.15%
- YTD
- 8.14%
- 6M
- 8.12%
- 1Y
- 20.18%
- 3Y*
- 16.28%
- 5Y*
- 11.21%
- 10Y*
- —
SMAX
- 1D
- -0.09%
- 1M
- 1.09%
- YTD
- 3.09%
- 6M
- 3.54%
- 1Y
- 9.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DECZ vs. SMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DECZ TrueShares Structured Outcome (December) ETF | 8.14% | 12.34% | 3.03% |
SMAX iShares Large Cap Max Buffer Sep ETF | 3.09% | 8.01% | 1.02% |
Correlation
The correlation between DECZ and SMAX is 0.84, 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 | 0.84 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024 | 0.84 |
The correlation between DECZ and SMAX has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.
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Return for Risk
DECZ vs. SMAX — Risk / Return Rank
DECZ
SMAX
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 ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.75 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 4.81 | -2.12 |
| Martin ratioReturn relative to average drawdown | 11.35 | 26.11 | -14.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DECZ | SMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 3.46 | -1.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.00 | 2.01 | -1.00 |
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.
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Drawdown Indicators
| DECZ | SMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.57% | -3.90% | -12.67% |
Max Drawdown (1Y)Largest decline over 1 year | -7.53% | -1.91% | -5.62% |
Max Drawdown (3Y)Largest decline over 3 years | -14.24% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.57% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.09% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -0.40% | -2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 0.35% | +1.43% |
Volatility
DECZ vs. SMAX - Volatility Comparison
TrueShares Structured Outcome (December) ETF (DECZ) has a higher volatility of 2.47% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.38%. 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.
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Volatility by Period
| DECZ | SMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.47% | 0.38% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 7.20% | 2.10% | +5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.57% | 2.67% | +6.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.59% | 3.67% | +8.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.39% | 3.67% | +8.72% |
DECZ vs. SMAX - Expense Ratio Comparison
DECZ has a 0.79% expense ratio, which is higher than SMAX's 0.50% expense ratio.
Dividends
DECZ vs. SMAX - Dividend Comparison
DECZ's dividend yield for the trailing twelve months is around 3.03%, more than SMAX's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DECZ TrueShares Structured Outcome (December) ETF | 3.03% | 3.28% | 2.55% | 1.23% | 1.44% | 0.46% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.95% | 0.98% | 0.27% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DECZ and SMAX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DECZ has higher volatility (2.47%) compared to SMAX (0.38%). In terms of maximum drawdown, DECZ dropped -16.57% vs SMAX's -3.90%.
On 1-year performance, DECZ leads with 20.18% 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.
Over the 1-year period, DECZ has performed better with a 20.18% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for DECZ.
DECZ has the higher dividend yield at 3.03%, compared with 0.95% for SMAX.
They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.79% for DECZ and 0.50% for SMAX.
SMAX currently has the higher Sharpe Ratio (3.46 vs 2.12), 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.
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