OCTB vs. SMAX

Last updated Jun 4, 2026

OCTB (Aptus October Buffer ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. OCTB charges 0.25%/yr vs 0.50%/yr for SMAX.

Performance

OCTB vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus October Buffer ETF (OCTB) 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, OCTB achieves a 6.18% return, which is significantly higher than SMAX's 3.09% return.

OCTB

• 1D: -0.17%
• 1M: 2.41%
• YTD: 6.18%
• 6M: 6.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: -0.09%
• 1M: 1.09%
• YTD: 3.09%
• 6M: 3.54%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OCTB vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
OCTB Aptus October Buffer ETF	6.18%	2.37%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	1.45%

Correlation

The correlation between OCTB and SMAX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.89

Return for Risk

OCTB 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: 93
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 86
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.

OCTB vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus October Buffer ETF (OCTB) 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

	OCTB	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	2.01	-0.04

Drawdowns

OCTB vs. SMAX - Drawdown Comparison

The maximum OCTB drawdown since its inception was -4.79%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for OCTB and SMAX.

Drawdown Indicators

	OCTB	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.79%	-3.90%	-0.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.91%	—
Current Drawdown Current decline from peak	-0.17%	-0.09%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.40%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	OCTB	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.20%	2.67%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.20%	3.67%	+3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.20%	3.67%	+3.53%

OCTB vs. SMAX - Expense Ratio Comparison

OCTB has a 0.25% expense ratio, which is lower than SMAX's 0.50% expense ratio.

Dividends

OCTB vs. SMAX - Dividend Comparison

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

Position	TTM	2025	2024
OCTB Aptus October 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 OCTB and SMAX in my portfolio?

OCTB 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, OCTB or SMAX?

On fees, OCTB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OCTB or SMAX?

OCTB is cheaper with a 0.25% expense ratio, compared with 0.50% for SMAX.

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

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

What is the main difference between OCTB and SMAX?

They also come from different issuers: Aptus Capital Advisors and iShares. Their fees differ too: 0.25% for OCTB and 0.50% for SMAX.