SMAX vs. BTC-USD
SMAX (iShares Large Cap Max Buffer Sep ETF) is Defined Outcome fund actively managed by iShares, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, SMAX returned 7.64% vs -46.45% for BTC-USD. At a 0.29 correlation, their price movements are largely independent.
Performance
SMAX vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, SMAX achieves a 3.61% return, which is significantly higher than BTC-USD's -27.00% return.
SMAX
- 1D
- -0.11%
- 1M
- 0.59%
- 6M
- 3.21%
- YTD
- 3.61%
- 1Y
- 7.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- 0.16%
- 1M
- -0.89%
- 6M
- -33.12%
- YTD
- -27.00%
- 1Y
- -46.45%
- 3Y*
- 28.84%
- 5Y*
- 14.98%
- 10Y*
- 57.64%
SMAX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMAX iShares Large Cap Max Buffer Sep ETF | 3.61% | 8.01% | 1.06% |
BTC-USD Bitcoin | -27.00% | -6.27% | 47.48% |
Correlation
The correlation between SMAX and BTC-USD is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.29 |
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Return for Risk
SMAX vs. BTC-USD — Risk / Return Rank
SMAX
BTC-USD
SMAX vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and Bitcoin (BTC-USD). 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.
| SMAX | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.92 | ||
| Sortino ratioReturn per unit of downside risk | +5.97 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 0.83 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 4.01 | -0.88 | +4.88 |
| Martin ratioReturn relative to average drawdown | 21.32 | -1.41 | +22.72 |
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Drawdowns
SMAX vs. BTC-USD - Drawdown Comparison
The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for SMAX and BTC-USD.
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Drawdown Indicators
| SMAX | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.90% | -85.30% | +81.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -53.08% | +51.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -0.16% | -48.79% | +48.63% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -42.59% | +42.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 29.41% | -29.05% |
Volatility
SMAX vs. BTC-USD - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 0.63%, while Bitcoin (BTC-USD) has a volatility of 9.63%. This indicates that SMAX experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMAX | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 9.63% | -9.00% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 34.90% | -32.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 35.73% | -33.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.60% | 43.96% | -40.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.60% | 56.33% | -52.73% |
Frequently Asked Questions
SMAX and BTC-USD have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (9.63%) compared to SMAX (0.63%). In terms of maximum drawdown, SMAX dropped -3.90% vs BTC-USD's -85.30%.
SMAX currently has the higher Sharpe Ratio (2.84 vs -1.08), 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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