HYLD vs. SMAX

Last updated Jun 5, 2026

HYLD (High Yield ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both exchange-traded funds - HYLD is a High Yield Bonds fund actively managed by Eve Capital, while SMAX is a Defined Outcome fund actively managed by iShares. Both are actively managed. HYLD charges 1.29%/yr vs 0.50%/yr for SMAX.

Performance

HYLD vs. SMAX - Performance Comparison

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

Returns By Period

HYLD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: 0.04%
• 1M: 0.96%
• YTD: 3.13%
• 6M: 3.51%
• 1Y: 9.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYLD vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HYLD High Yield ETF	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	3.13%	8.01%	1.02%

Return for Risk

HYLD vs. SMAX — Risk / Return Rank

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

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 94
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 96
SMAX Calmar Ratio Rank: 87
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.

HYLD vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for High Yield ETF (HYLD) 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.

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

Sharpe Ratios by Period

	HYLD	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	2.01	—

Drawdowns

Drawdown Indicators

	HYLD	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.90%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.91%	—
Current Drawdown Current decline from peak	—	-0.05%	—
Average Drawdown Average peak-to-trough decline	—	-0.40%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	HYLD	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.67%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.66%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.66%	—

HYLD vs. SMAX - Expense Ratio Comparison

HYLD has a 1.29% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

HYLD vs. SMAX - Dividend Comparison

HYLD has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYLD High Yield ETF	0.00%	0.00%	0.00%	4.67%	7.86%	6.45%	7.52%	7.46%	7.97%	7.18%	6.59%	10.87%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, HYLD 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, HYLD or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 1.29% for HYLD.

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

SMAX has the higher dividend yield at 0.95%, compared with 0.00% for HYLD.

What is the main difference between HYLD and SMAX?

HYLD is categorized as High Yield Bonds, while SMAX is Defined Outcome. They also come from different issuers: Eve Capital and iShares. Their fees differ too: 1.29% for HYLD and 0.50% for SMAX.