IBUF vs. SMAX

Last updated Aug 4, 2026

IBUF (Innovator International Developed 10 Buffer ETF - Quarterly) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, IBUF returned 15.36% vs 8.21% for SMAX. Their 0.56 correlation means they have sometimes moved together and sometimes differently. IBUF charges 0.85%/yr vs 0.50%/yr for SMAX.

Performance

IBUF vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) 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, IBUF achieves a 9.00% return, which is significantly higher than SMAX's 4.19% return.

IBUF

• 1D: 0.22%
• 1M: 1.21%
• 6M: 7.82%
• YTD: 9.00%
• 1Y: 15.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.18%

SMAX

• 1D: 0.23%
• 1M: 0.78%
• 6M: 3.60%
• YTD: 4.19%
• 1Y: 8.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.26%

*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)
IBUF Innovator International Developed 10 Buffer ETF - Quarterly	$366.94K	$408.38K	$553.77K
SMAX iShares Large Cap Max Buffer Sep ETF	$86.72K	$213.67K	$299.05K

IBUF vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBUF Innovator International Developed 10 Buffer ETF - Quarterly	9.00%	13.54%	-0.37%
SMAX iShares Large Cap Max Buffer Sep ETF	4.19%	8.01%	1.06%

Correlation

The correlation between IBUF and SMAX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.56

The correlation between IBUF and SMAX shifts across timeframes, from 0.56 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IBUF vs. SMAX — Risk / Return Rank

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

IBUF

IBUF Risk / Return Rank: 94
IBUF Sharpe Ratio Rank: 92
IBUF Sortino Ratio Rank: 94
IBUF Omega Ratio Rank: 94
IBUF Calmar Ratio Rank: 97
IBUF Martin Ratio Rank: 96

SMAX

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

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.

IBUF vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) 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.

	IBUF	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	3.02	-0.52
Sortino ratio: Return per unit of downside risk	3.91	4.67	-0.76
Omega ratio: Gain probability vs. loss probability	1.53	1.63	-0.11
Calmar ratio: Return relative to maximum drawdown	7.12	4.31	+2.81
Martin ratio: Return relative to average drawdown	24.78	22.94	+1.84

IBUF vs. SMAX - Sharpe Ratio Comparison

The current IBUF Sharpe Ratio is 2.50, which is comparable to the SMAX Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of IBUF and SMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBUF vs. SMAX - Drawdown Comparison

The maximum IBUF drawdown since its inception was -5.92%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for IBUF and SMAX.

Drawdown Indicators

	IBUF	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-5.92%	-3.90%	-2.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-1.91%	-0.26%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.47%	-0.38%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	0.36%	+0.26%

Volatility

IBUF vs. SMAX - Volatility Comparison

Innovator International Developed 10 Buffer ETF - Quarterly (IBUF) has a higher volatility of 1.41% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.77%. This indicates that IBUF'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

	IBUF	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	0.77%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	2.16%	+3.30%
Volatility (1Y) Calculated over the trailing 1-year period	6.18%	2.73%	+3.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.68%	3.59%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.68%	3.59%	+3.09%

IBUF vs. SMAX - Expense Ratio Comparison

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

Dividends

IBUF vs. SMAX - Dividend Comparison

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

Position	TTM	2025	2024
IBUF Innovator International Developed 10 Buffer ETF - Quarterly	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 IBUF and SMAX in my portfolio?

IBUF and SMAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBUF or SMAX?

IBUF has higher volatility (1.41%) compared to SMAX (0.77%). In terms of maximum drawdown, IBUF dropped -5.92% vs SMAX's -3.90%.

Which ETF is better, IBUF or SMAX?

On 1-year performance, IBUF leads with 15.36% vs 8.21% for SMAX. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBUF or SMAX?

Over the 1-year period, IBUF has performed better with a 15.36% return vs 8.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBUF or SMAX?

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

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

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

What is the main difference between IBUF and SMAX?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.85% for IBUF and 0.50% for SMAX.

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.02 vs 2.50), 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.