PSEP vs. SMAX

Last updated Jun 4, 2026

PSEP (Innovator U.S. Equity Power Buffer ETF - September) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. PSEP is passively managed, while SMAX is actively managed. Over the past year, PSEP returned 14.71% vs 9.17% for SMAX. Their correlation of 0.84 suggests significant overlap in exposure. PSEP charges 0.79%/yr vs 0.50%/yr for SMAX.

Performance

PSEP vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - September (PSEP) 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, PSEP achieves a 4.91% return, which is significantly higher than SMAX's 3.09% return.

PSEP

• 1D: -0.08%
• 1M: 1.67%
• YTD: 4.91%
• 6M: 5.58%
• 1Y: 14.71%
• 3Y*: 13.16%
• 5Y*: 9.36%
• 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)

PSEP vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSEP Innovator U.S. Equity Power Buffer ETF - September	4.91%	11.85%	2.05%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	8.01%	1.02%

Correlation

The correlation between PSEP and SMAX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	0.84

The correlation between PSEP and SMAX has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

Return for Risk

PSEP vs. SMAX — Risk / Return Rank

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

PSEP

PSEP Risk / Return Rank: 82
PSEP Sharpe Ratio Rank: 80
PSEP Sortino Ratio Rank: 85
PSEP Omega Ratio Rank: 86
PSEP Calmar Ratio Rank: 72
PSEP Martin Ratio Rank: 88

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.

PSEP vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - September (PSEP) 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.

	PSEP	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	3.46	-0.86
Sortino ratio: Return per unit of downside risk	3.83	5.32	-1.49
Omega ratio: Gain probability vs. loss probability	1.53	1.75	-0.22
Calmar ratio: Return relative to maximum drawdown	3.62	4.81	-1.19
Martin ratio: Return relative to average drawdown	19.15	26.11	-6.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSEP vs. SMAX - Sharpe Ratio Comparison

The current PSEP Sharpe Ratio is 2.59, which is comparable to the SMAX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of PSEP 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.

Sharpe Ratios by Period

	PSEP	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	3.46	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	2.01	-1.05

Drawdowns

PSEP vs. SMAX - Drawdown Comparison

The maximum PSEP drawdown since its inception was -17.90%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for PSEP and SMAX.

Drawdown Indicators

	PSEP	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-3.90%	-14.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.08%	-1.91%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-9.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.92%	—	—
Current Drawdown Current decline from peak	-0.08%	-0.09%	+0.01%
Average Drawdown Average peak-to-trough decline	-1.56%	-0.40%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.35%	+0.42%

Volatility

PSEP vs. SMAX - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - September (PSEP) has a higher volatility of 0.70% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.38%. This indicates that PSEP'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

	PSEP	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.38%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	2.10%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	5.71%	2.67%	+3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.61%	3.67%	+4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.12%	3.67%	+6.45%

PSEP vs. SMAX - Expense Ratio Comparison

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

Dividends

PSEP vs. SMAX - Dividend Comparison

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

Position	TTM	2025	2024
PSEP Innovator U.S. Equity Power Buffer ETF - September	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 PSEP and SMAX in my portfolio?

PSEP and SMAX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSEP or SMAX?

PSEP has higher volatility (0.70%) compared to SMAX (0.38%). In terms of maximum drawdown, PSEP dropped -17.90% vs SMAX's -3.90%.

Which ETF is better, PSEP or SMAX?

On 1-year performance, PSEP leads with 14.71% vs 9.17% for SMAX. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSEP or SMAX?

Over the 1-year period, PSEP has performed better with a 14.71% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSEP or SMAX?

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

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

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

What is the main difference between PSEP and SMAX?

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

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.46 vs 2.59), 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.