PLOO vs. SMAX

Last updated Jun 4, 2026

PLOO (Leverage Shares 2x Capped Accelerated PLTR Monthly ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. PLOO charges 0.80%/yr vs 0.50%/yr for SMAX.

Performance

PLOO vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2x Capped Accelerated PLTR Monthly ETF (PLOO) 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, PLOO achieves a -11.52% return, which is significantly lower than SMAX's 3.09% return.

PLOO

• 1D: -6.42%
• 1M: 2.35%
• YTD: -11.52%
• 6M: -4.98%
• 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)

PLOO vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
PLOO Leverage Shares 2x Capped Accelerated PLTR Monthly ETF	-11.52%	3.67%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	2.87%

Correlation

The correlation between PLOO and SMAX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 14, 2025	0.42

Return for Risk

PLOO 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.

PLOO vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Capped Accelerated PLTR Monthly ETF (PLOO) 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

	PLOO	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	-0.20	2.01	-2.21

Drawdowns

PLOO vs. SMAX - Drawdown Comparison

The maximum PLOO drawdown since its inception was -33.59%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for PLOO and SMAX.

Drawdown Indicators

	PLOO	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.59%	-3.90%	-29.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.91%	—
Current Drawdown Current decline from peak	-19.05%	-0.09%	-18.96%
Average Drawdown Average peak-to-trough decline	-15.80%	-0.40%	-15.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	PLOO	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	50.33%	2.67%	+47.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.33%	3.67%	+46.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.33%	3.67%	+46.66%

PLOO vs. SMAX - Expense Ratio Comparison

PLOO has a 0.80% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

PLOO vs. SMAX - Dividend Comparison

PLOO's dividend yield for the trailing twelve months is around 25.79%, more than SMAX's 0.95% yield.

Position	TTM	2025	2024
PLOO Leverage Shares 2x Capped Accelerated PLTR Monthly ETF	25.79%	22.82%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%

Frequently Asked Questions

Can I hold both PLOO and SMAX in my portfolio?

PLOO and SMAX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PLOO 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, PLOO or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.80% for PLOO.

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

PLOO has the higher dividend yield at 25.79%, compared with 0.95% for SMAX.

What is the main difference between PLOO and SMAX?

They also come from different issuers: Leverage Shares and iShares. Their fees differ too: 0.80% for PLOO and 0.50% for SMAX.