DLAG vs. SMAX

Last updated Aug 1, 2026

DLAG (FT Vest U.S. Equity Dual Directional Buffer ETF - August) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.89 means they have usually moved in the same direction. DLAG charges 0.85%/yr vs 0.50%/yr for SMAX.

Performance

DLAG vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) 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, DLAG achieves a 6.56% return, which is significantly higher than SMAX's 3.95% return.

DLAG

• 1D: 0.34%
• 1M: 0.81%
• 6M: 5.75%
• YTD: 6.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SMAX

• 1D: 0.11%
• 1M: 0.55%
• 6M: 3.48%
• YTD: 3.95%
• 1Y: 7.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	$11.62K	$80.34K	$219.50K
SMAX iShares Large Cap Max Buffer Sep ETF	$101.66K	$217.24K	$294.99K

DLAG vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	6.56%	2.31%
SMAX iShares Large Cap Max Buffer Sep ETF	3.95%	1.98%

Correlation

The correlation between DLAG and SMAX is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 22, 2025	0.89

Return for Risk

DLAG vs. SMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DLAG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SMAX

SMAX Risk / Return Rank: 94
SMAX Sharpe Ratio Rank: 95
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 91
SMAX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DLAG vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Dual Directional Buffer ETF - August (DLAG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DLAG	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.74	—
Sortino ratio: Return per unit of downside risk	—	4.16	—
Omega ratio: Gain probability vs. loss probability	—	1.56	—
Calmar ratio: Return relative to maximum drawdown	—	3.94	—
Martin ratio: Return relative to average drawdown	—	20.98	—

Drawdowns

DLAG vs. SMAX - Drawdown Comparison

The maximum DLAG drawdown since its inception was -4.23%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for DLAG and SMAX.

Drawdown Indicators

	DLAG	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-3.90%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.91%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.38%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.36%	—

Volatility

Volatility by Period

	DLAG	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.22%	2.76%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.22%	3.59%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.22%	3.59%	+2.63%

DLAG vs. SMAX - Expense Ratio Comparison

DLAG has a 0.85% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

DLAG vs. SMAX - Dividend Comparison

DLAG has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024
DLAG FT Vest U.S. Equity Dual Directional Buffer ETF - August	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.94%	0.98%	0.27%

Frequently Asked Questions

Can I hold both DLAG and SMAX in my portfolio?

DLAG and SMAX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DLAG or SMAX?

On fees, SMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DLAG or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.85% for DLAG.

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

SMAX has the higher dividend yield at 0.94%, compared with 0.00% for DLAG.

What is the main difference between DLAG and SMAX?

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.85% for DLAG and 0.50% for SMAX.