SEPT vs. SMAX

Last updated Jun 4, 2026

SEPT (AllianzIM U.S. Equity Buffer10 Sep ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, SEPT returned 19.52% vs 9.17% for SMAX. Their correlation of 0.86 suggests significant overlap in exposure. SEPT charges 0.74%/yr vs 0.50%/yr for SMAX.

Performance

SEPT vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) 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, SEPT achieves a 6.29% return, which is significantly higher than SMAX's 3.09% return.

SEPT

• 1D: -0.14%
• 1M: 2.40%
• YTD: 6.29%
• 6M: 6.89%
• 1Y: 19.52%
• 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)

SEPT vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SEPT AllianzIM U.S. Equity Buffer10 Sep ETF	6.29%	14.95%	2.24%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	8.01%	1.02%

Correlation

The correlation between SEPT and SMAX is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	0.86

The correlation between SEPT and SMAX has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

SEPT vs. SMAX — Risk / Return Rank

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

SEPT

SEPT Risk / Return Rank: 82
SEPT Sharpe Ratio Rank: 81
SEPT Sortino Ratio Rank: 85
SEPT Omega Ratio Rank: 86
SEPT Calmar Ratio Rank: 73
SEPT Martin Ratio Rank: 87

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.

SEPT vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) 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.

	SEPT	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	3.46	-0.83
Sortino ratio: Return per unit of downside risk	3.78	5.32	-1.54
Omega ratio: Gain probability vs. loss probability	1.52	1.75	-0.23
Calmar ratio: Return relative to maximum drawdown	3.64	4.81	-1.18
Martin ratio: Return relative to average drawdown	18.48	26.11	-7.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SEPT vs. SMAX - Sharpe Ratio Comparison

The current SEPT Sharpe Ratio is 2.62, which is comparable to the SMAX Sharpe Ratio of 3.46. The chart below compares the historical Sharpe Ratios of SEPT 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

	SEPT	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	3.46	-0.83
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	2.01	-0.41

Drawdowns

SEPT vs. SMAX - Drawdown Comparison

The maximum SEPT drawdown since its inception was -12.83%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for SEPT and SMAX.

Drawdown Indicators

	SEPT	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-12.83%	-3.90%	-8.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.39%	-1.91%	-3.48%
Current Drawdown Current decline from peak	-0.14%	-0.09%	-0.05%
Average Drawdown Average peak-to-trough decline	-1.09%	-0.40%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.35%	+0.71%

Volatility

SEPT vs. SMAX - Volatility Comparison

AllianzIM U.S. Equity Buffer10 Sep ETF (SEPT) has a higher volatility of 1.12% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.38%. This indicates that SEPT'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

	SEPT	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	0.38%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	5.61%	2.10%	+3.51%
Volatility (1Y) Calculated over the trailing 1-year period	7.49%	2.67%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.87%	3.67%	+6.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.87%	3.67%	+6.20%

SEPT vs. SMAX - Expense Ratio Comparison

SEPT has a 0.74% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

SEPT vs. SMAX - Dividend Comparison

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

Position	TTM	2025	2024
SEPT AllianzIM U.S. Equity Buffer10 Sep ETF	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 SEPT and SMAX in my portfolio?

SEPT and SMAX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SEPT or SMAX?

SEPT has higher volatility (1.12%) compared to SMAX (0.38%). In terms of maximum drawdown, SEPT dropped -12.83% vs SMAX's -3.90%.

Which ETF is better, SEPT or SMAX?

On 1-year performance, SEPT leads with 19.52% 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, SEPT or SMAX?

Over the 1-year period, SEPT has performed better with a 19.52% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SEPT or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.74% for SEPT.

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

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

What is the main difference between SEPT and SMAX?

They also come from different issuers: Allianz and iShares. Their fees differ too: 0.74% for SEPT and 0.50% for SMAX.

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.46 vs 2.62), 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.