ONEZ vs. SMAX
ONEZ (TrueShares Seasonality Laddered Buffered ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, ONEZ returned 12.92% vs 8.21% for SMAX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. ONEZ charges 0.98%/yr vs 0.50%/yr for SMAX.
Performance
ONEZ vs. SMAX - Performance Comparison
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Returns By Period
In the year-to-date period, ONEZ achieves a 5.97% return, which is significantly higher than SMAX's 4.19% return.
ONEZ
- 1D
- 0.51%
- 1M
- -0.11%
- 6M
- 5.48%
- YTD
- 5.97%
- 1Y
- 12.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.04%
SMAX
- 1D
- 0.23%
- 1M
- 0.78%
- 6M
- 3.60%
- YTD
- 4.19%
- 1Y
- 8.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $991.28K | $904.44K | $2.40M | |
| $86.72K | $213.67K | $299.05K |
ONEZ vs. SMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ONEZ TrueShares Seasonality Laddered Buffered ETF | 5.97% | 8.99% |
SMAX iShares Large Cap Max Buffer Sep ETF | 4.19% | 6.74% |
Correlation
The correlation between ONEZ and SMAX is 0.78, 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. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2025 | 0.79 |
The correlation between ONEZ and SMAX has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.
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Return for Risk
ONEZ vs. SMAX — Risk / Return Rank
ONEZ
SMAX
ONEZ vs. SMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Seasonality Laddered Buffered ETF (ONEZ) 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.
| ONEZ | SMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.63 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 4.31 | -2.63 |
| Martin ratioReturn relative to average drawdown | 6.33 | 22.94 | -16.61 |
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Drawdowns
ONEZ vs. SMAX - Drawdown Comparison
The maximum ONEZ drawdown since its inception was -13.24%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for ONEZ and SMAX.
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Drawdown Indicators
| ONEZ | SMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -3.90% | -9.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.60% | -1.91% | -4.69% |
Current DrawdownCurrent decline from peak | -1.82% | 0.00% | -1.82% |
Average DrawdownAverage peak-to-trough decline | -2.04% | -0.38% | -1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 0.36% | +1.39% |
Volatility
ONEZ vs. SMAX - Volatility Comparison
TrueShares Seasonality Laddered Buffered ETF (ONEZ) has a higher volatility of 2.38% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.77%. This indicates that ONEZ'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.
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Volatility by Period
| ONEZ | SMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 0.77% | +1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 2.16% | +5.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.64% | 2.73% | +6.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.71% | 3.59% | +8.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.71% | 3.59% | +8.12% |
ONEZ vs. SMAX - Expense Ratio Comparison
ONEZ has a 0.98% expense ratio, which is higher than SMAX's 0.50% expense ratio.
Dividends
ONEZ vs. SMAX - Dividend Comparison
ONEZ's dividend yield for the trailing twelve months is around 3.75%, more than SMAX's 0.94% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ONEZ TrueShares Seasonality Laddered Buffered ETF | 3.75% | 3.97% | 0.00% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.94% | 0.98% | 0.27% |
Frequently Asked Questions
ONEZ and SMAX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ONEZ has higher volatility (2.38%) compared to SMAX (0.77%). In terms of maximum drawdown, ONEZ dropped -13.24% vs SMAX's -3.90%.
On 1-year performance, ONEZ leads with 12.92% 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.
Over the 1-year period, ONEZ has performed better with a 12.92% return vs 8.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMAX is cheaper with a 0.50% expense ratio, compared with 0.98% for ONEZ.
ONEZ has the higher dividend yield at 3.75%, compared with 0.94% for SMAX.
They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.98% for ONEZ and 0.50% for SMAX.
SMAX currently has the higher Sharpe Ratio (3.02 vs 1.15), 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.
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