SMAX vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Large Cap Max Buffer Sep ETF (SMAX) and Bitcoin (BTC-USD).

SMAX is an actively managed fund by iShares. It was launched on Sep 30, 2024.

Performance

SMAX vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Sep ETF (SMAX) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

SMAX vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	-0.28%	8.01%	1.02%
BTC-USD Bitcoin	-21.63%	-6.27%	53.57%

Returns By Period

In the year-to-date period, SMAX achieves a -0.28% return, which is significantly higher than BTC-USD's -21.63% return.

SMAX

• 1D: 0.22%
• 1M: -0.88%
• YTD: -0.28%
• 6M: 1.09%
• 1Y: 8.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

SMAX vs. BTC-USD — Risk / Return Rank

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

SMAX

SMAX Risk / Return Rank: 94
SMAX Sharpe Ratio Rank: 92
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 96
SMAX Calmar Ratio Rank: 93
SMAX Martin Ratio Rank: 95

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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.

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.

	SMAX	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	2.17	-0.44	+2.61
Sortino ratio Return per unit of downside risk	3.29	-0.38	+3.67
Omega ratio Gain probability vs. loss probability	1.50	0.96	+0.54
Calmar ratio Return relative to maximum drawdown	3.70	-1.11	+4.80
Martin ratio Return relative to average drawdown	17.21	-1.99	+19.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAX vs. BTC-USD - Sharpe Ratio Comparison

The current SMAX Sharpe Ratio is 2.17, which is higher than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of SMAX and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMAX	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	-0.44	+2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	1.19	+0.35

Correlation

The correlation between SMAX and BTC-USD is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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.

Drawdown Indicators

	SMAX	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-85.30%	+81.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-49.65%	+47.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-0.99%	-45.02%	+44.03%
Average Drawdown Average peak-to-trough decline	-0.44%	-41.99%	+41.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	27.60%	-27.11%

Volatility

SMAX vs. BTC-USD - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 1.31%, while Bitcoin (BTC-USD) has a volatility of 13.58%. 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.

Volatility by Period

	SMAX	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	13.58%	-12.27%
Volatility (6M) Calculated over the trailing 6-month period	2.15%	35.98%	-33.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	36.76%	-32.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	46.90%	-43.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	56.70%	-52.90%