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 8.07% vs -44.53% 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 2.93% return, which is significantly higher than BTC-USD's -31.91% return.
SMAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 2.93%
- 6M
- 2.84%
- 1Y
- 8.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -2.31%
- 1M
- -21.43%
- YTD
- -31.91%
- 6M
- -31.66%
- 1Y
- -44.53%
- 3Y*
- 25.32%
- 5Y*
- 13.04%
- 10Y*
- 56.92%
SMAX vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMAX iShares Large Cap Max Buffer Sep ETF | 2.93% | 8.01% | 1.06% |
BTC-USD Bitcoin | -31.91% | -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 | +4.05 | ||
| Sortino ratioReturn per unit of downside risk | +6.13 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 0.84 | +0.79 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | -0.85 | +5.08 |
| Martin ratioReturn relative to average drawdown | 22.55 | -1.45 | +24.00 |
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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% | -52.23% | +50.32% |
Max Drawdown (3Y)Largest decline over 3 years | — | -52.23% | — |
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 | -0.34% | -52.23% | +51.89% |
Average DrawdownAverage peak-to-trough decline | -0.40% | -42.42% | +42.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 31.57% | -31.21% |
Volatility
SMAX vs. BTC-USD - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 0.76%, while Bitcoin (BTC-USD) has a volatility of 12.44%. 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 | 0.76% | 12.44% | -11.68% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 34.75% | -32.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 35.63% | -32.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.64% | 44.15% | -40.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.64% | 56.40% | -52.76% |
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 (12.44%) compared to SMAX (0.76%). In terms of maximum drawdown, SMAX dropped -3.90% vs BTC-USD's -85.30%.
SMAX currently has the higher Sharpe Ratio (3.01 vs -1.04), 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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