KAUG vs. SMAX

Last updated Jun 23, 2026

KAUG (Innovator U.S. Small Cap Power Buffer ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, KAUG returned 16.29% vs 9.07% for SMAX. A 0.68 correlation means they provide meaningful diversification when combined. KAUG charges 0.79%/yr vs 0.50%/yr for SMAX.

Performance

KAUG vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Small Cap Power Buffer ETF (KAUG) 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, KAUG achieves a 7.80% return, which is significantly higher than SMAX's 3.21% return.

KAUG

• 1D: 0.14%
• 1M: 1.04%
• YTD: 7.80%
• 6M: 6.75%
• 1Y: 16.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: -0.05%
• 1M: 0.36%
• YTD: 3.21%
• 6M: 3.24%
• 1Y: 9.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KAUG vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	7.80%	5.52%	0.41%
SMAX iShares Large Cap Max Buffer Sep ETF	3.21%	8.01%	1.06%

Correlation

The correlation between KAUG and SMAX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.68

The correlation between KAUG and SMAX has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.

Return for Risk

KAUG vs. SMAX — Risk / Return Rank

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

KAUG

KAUG Risk / Return Rank: 73
KAUG Sharpe Ratio Rank: 65
KAUG Sortino Ratio Rank: 69
KAUG Omega Ratio Rank: 68
KAUG Calmar Ratio Rank: 81
KAUG Martin Ratio Rank: 79

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 94
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 95
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.

KAUG vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Small Cap Power Buffer ETF (KAUG) 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.

	KAUG	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	3.36	-1.31
Sortino ratio: Return per unit of downside risk	3.03	5.17	-2.14
Omega ratio: Gain probability vs. loss probability	1.39	1.72	-0.33
Calmar ratio: Return relative to maximum drawdown	4.15	4.76	-0.60
Martin ratio: Return relative to average drawdown	15.12	25.48	-10.36

KAUG vs. SMAX - Sharpe Ratio Comparison

The current KAUG Sharpe Ratio is 2.05, which is lower than the SMAX Sharpe Ratio of 3.36. The chart below compares the historical Sharpe Ratios of KAUG 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

KAUG vs. SMAX - Drawdown Comparison

The maximum KAUG drawdown since its inception was -15.66%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for KAUG and SMAX.

Drawdown Indicators

	KAUG	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.66%	-3.90%	-11.76%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	-1.91%	-2.03%
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-2.85%	-0.40%	-2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	0.36%	+0.72%

Volatility

KAUG vs. SMAX - Volatility Comparison

Innovator U.S. Small Cap Power Buffer ETF (KAUG) has a higher volatility of 1.05% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.73%. This indicates that KAUG'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

	KAUG	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	0.73%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	5.08%	2.17%	+2.91%
Volatility (1Y) Calculated over the trailing 1-year period	7.99%	2.71%	+5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.17%	3.65%	+7.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.17%	3.65%	+7.52%

KAUG vs. SMAX - Expense Ratio Comparison

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

Dividends

KAUG vs. SMAX - Dividend Comparison

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

Position	TTM	2025	2024
KAUG Innovator U.S. Small Cap Power Buffer ETF	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%

Frequently Asked Questions

Can I hold both KAUG and SMAX in my portfolio?

KAUG and SMAX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KAUG or SMAX?

KAUG has higher volatility (1.05%) compared to SMAX (0.73%). In terms of maximum drawdown, KAUG dropped -15.66% vs SMAX's -3.90%.

Which ETF is better, KAUG or SMAX?

On 1-year performance, KAUG leads with 16.29% vs 9.07% for SMAX. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KAUG or SMAX?

Over the 1-year period, KAUG has performed better with a 16.29% return vs 9.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KAUG or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for KAUG.

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

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

What is the main difference between KAUG and SMAX?

They also come from different issuers: Innovator and iShares. Their fees differ too: 0.79% for KAUG and 0.50% for SMAX.

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.36 vs 2.05), 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.