QBSF vs. SMAX

Last updated Jul 11, 2026

QBSF (AllianzIM U.S. Equity Buffer15 ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, QBSF returned 7.85% vs 8.02% for SMAX. A 0.75 correlation means they provide meaningful diversification when combined. QBSF charges 0.64%/yr vs 0.50%/yr for SMAX.

Performance

QBSF vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer15 ETF (QBSF) 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, QBSF achieves a 3.18% return, which is significantly lower than SMAX's 3.78% return.

QBSF

• 1D: 0.15%
• 1M: 0.67%
• 6M: 2.89%
• YTD: 3.18%
• 1Y: 7.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: 0.09%
• 1M: 0.81%
• 6M: 3.32%
• YTD: 3.78%
• 1Y: 8.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QBSF vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
QBSF AllianzIM U.S. Equity Buffer15 ETF	3.18%	4.79%
SMAX iShares Large Cap Max Buffer Sep ETF	3.78%	4.53%

Correlation

The correlation between QBSF and SMAX is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.75

The correlation between QBSF and SMAX has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

QBSF vs. SMAX — Risk / Return Rank

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

QBSF

QBSF Risk / Return Rank: 94
QBSF Sharpe Ratio Rank: 95
QBSF Sortino Ratio Rank: 96
QBSF Omega Ratio Rank: 96
QBSF Calmar Ratio Rank: 93
QBSF Martin Ratio Rank: 93

SMAX

SMAX Risk / Return Rank: 94
SMAX Sharpe Ratio Rank: 95
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 96
SMAX Calmar Ratio Rank: 89
SMAX Martin Ratio Rank: 95

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.

QBSF vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer15 ETF (QBSF) 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.

	QBSF	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	3.00	-0.08
Sortino ratio: Return per unit of downside risk	4.51	4.58	-0.07
Omega ratio: Gain probability vs. loss probability	1.65	1.63	+0.02
Calmar ratio: Return relative to maximum drawdown	4.96	4.22	+0.74
Martin ratio: Return relative to average drawdown	19.02	22.45	-3.43

QBSF vs. SMAX - Sharpe Ratio Comparison

The current QBSF Sharpe Ratio is 2.92, which is comparable to the SMAX Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of QBSF 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.

Drawdowns

QBSF vs. SMAX - Drawdown Comparison

The maximum QBSF drawdown since its inception was -1.58%, smaller than the maximum SMAX drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for QBSF and SMAX.

Drawdown Indicators

	QBSF	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-1.58%	-3.90%	+2.32%
Max Drawdown (1Y) Largest decline over 1 year	-1.58%	-1.91%	+0.33%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.39%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.36%	+0.05%

Volatility

QBSF vs. SMAX - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer15 ETF (QBSF) is 0.64%, while iShares Large Cap Max Buffer Sep ETF (SMAX) has a volatility of 0.74%. This indicates that QBSF experiences smaller price fluctuations and is considered to be less risky than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBSF	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.74%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	2.17%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	2.69%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.68%	3.61%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.68%	3.61%	-0.93%

QBSF vs. SMAX - Expense Ratio Comparison

QBSF has a 0.64% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

QBSF vs. SMAX - Dividend Comparison

QBSF has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024
QBSF AllianzIM U.S. Equity Buffer15 ETF	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.94%	0.98%	0.27%

Frequently Asked Questions

Can I hold both QBSF and SMAX in my portfolio?

QBSF and SMAX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QBSF or SMAX?

SMAX has higher volatility (0.74%) compared to QBSF (0.64%). In terms of maximum drawdown, QBSF dropped -1.58% vs SMAX's -3.90%.

Which ETF is better, QBSF or SMAX?

On 1-year performance, SMAX leads with 8.02% vs 7.85% for QBSF. On fees, SMAX is cheaper at 0.50% per year. On volatility, QBSF has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QBSF or SMAX?

Over the 1-year period, SMAX has performed better with a 8.02% return vs 7.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBSF or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.64% for QBSF.

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

SMAX has the higher dividend yield at 0.94%, compared with 0.00% for QBSF.

What is the main difference between QBSF and SMAX?

They also come from different issuers: AllianzIM and iShares. Their fees differ too: 0.64% for QBSF and 0.50% for SMAX.

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.00 vs 2.92), 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.