PSCW vs. SMAX
PSCW (Pacer Swan SOS Conservative (April) ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, PSCW returned 14.50% vs 9.07% for SMAX. A 0.75 correlation means they provide meaningful diversification when combined. PSCW charges 0.61%/yr vs 0.50%/yr for SMAX.
Performance
PSCW vs. SMAX - Performance Comparison
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Returns By Period
In the year-to-date period, PSCW achieves a 7.40% return, which is significantly higher than SMAX's 3.21% return.
PSCW
- 1D
- -0.03%
- 1M
- 0.40%
- YTD
- 7.40%
- 6M
- 7.50%
- 1Y
- 14.50%
- 3Y*
- 11.36%
- 5Y*
- 7.08%
- 10Y*
- —
SMAX
- 1D
- -0.05%
- 1M
- 0.36%
- YTD
- 3.21%
- 6M
- 3.24%
- 1Y
- 9.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PSCW vs. SMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PSCW Pacer Swan SOS Conservative (April) ETF | 7.40% | 6.56% | 1.88% |
SMAX iShares Large Cap Max Buffer Sep ETF | 3.21% | 8.01% | 1.06% |
Correlation
The correlation between PSCW and SMAX is 0.72, 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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.75 |
The correlation between PSCW and SMAX has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.
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Return for Risk
PSCW vs. SMAX — Risk / Return Rank
PSCW
SMAX
PSCW vs. SMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Conservative (April) ETF (PSCW) 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.
| PSCW | SMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.72 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 9.73 | 4.76 | +4.97 |
| Martin ratioReturn relative to average drawdown | 47.16 | 25.48 | +21.68 |
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Drawdowns
PSCW vs. SMAX - Drawdown Comparison
The maximum PSCW drawdown since its inception was -11.89%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for PSCW and SMAX.
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Drawdown Indicators
| PSCW | SMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.89% | -3.90% | -7.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -1.91% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -11.89% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.89% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -0.07% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -2.16% | -0.40% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.31% | 0.36% | -0.05% |
Volatility
PSCW vs. SMAX - Volatility Comparison
Pacer Swan SOS Conservative (April) ETF (PSCW) has a higher volatility of 1.40% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.73%. This indicates that PSCW'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
| PSCW | SMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 0.73% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 2.74% | 2.17% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 2.71% | +0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.66% | 3.65% | +4.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.58% | 3.65% | +3.93% |
PSCW vs. SMAX - Expense Ratio Comparison
PSCW has a 0.61% expense ratio, which is higher than SMAX's 0.50% expense ratio.
Dividends
PSCW vs. SMAX - Dividend Comparison
PSCW has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.95%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
PSCW Pacer Swan SOS Conservative (April) ETF | 0.00% | 0.00% | 0.00% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.95% | 0.98% | 0.27% |
Frequently Asked Questions
PSCW and SMAX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSCW has higher volatility (1.40%) compared to SMAX (0.73%). In terms of maximum drawdown, PSCW dropped -11.89% vs SMAX's -3.90%.
On 1-year performance, PSCW leads with 14.50% 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.
Over the 1-year period, PSCW has performed better with a 14.50% return vs 9.07%. 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 0.61% for PSCW.
SMAX has the higher dividend yield at 0.95%, compared with 0.00% for PSCW.
They also come from different issuers: Pacer and iShares. Their fees differ too: 0.61% for PSCW and 0.50% for SMAX.
PSCW currently has the higher Sharpe Ratio (3.95 vs 3.36), 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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