SMAX vs. HYS
SMAX (iShares Large Cap Max Buffer Sep ETF) and HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) are both exchange-traded funds - SMAX is a Defined Outcome fund actively managed by iShares, while HYS is a High Yield Bonds fund tracking the ICE BofA 0-5 Year US High Yield Constrained Index. SMAX is actively managed, while HYS is passively managed. Over the past year, SMAX returned 7.96% vs 5.05% for HYS. Their 0.62 correlation means they have sometimes moved together and sometimes differently. SMAX charges 0.50%/yr vs 0.56%/yr for HYS.
Performance
SMAX vs. HYS - Performance Comparison
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Returns By Period
In the year-to-date period, SMAX achieves a 3.95% return, which is significantly higher than HYS's 1.42% return.
SMAX
- 1D
- 0.11%
- 1M
- 0.55%
- 6M
- 3.48%
- YTD
- 3.95%
- 1Y
- 7.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.16%
HYS
- 1D
- 0.06%
- 1M
- -0.28%
- 6M
- 1.03%
- YTD
- 1.42%
- 1Y
- 5.05%
- 3Y*
- 8.13%
- 5Y*
- 5.03%
- 10Y*
- 5.19%
- ALL TIME*
- 4.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.07M | $9.33M | $11.19M | |
| $101.66K | $217.24K | $294.99K |
SMAX vs. HYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMAX iShares Large Cap Max Buffer Sep ETF | 3.95% | 8.01% | 1.06% |
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 1.42% | 8.80% | 0.56% |
Correlation
The correlation between SMAX and HYS is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.62 |
The correlation between SMAX and HYS has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.
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Return for Risk
SMAX vs. HYS — Risk / Return Rank
SMAX
HYS
SMAX vs. HYS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS). 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 | HYS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.29 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.94 | 2.76 | +1.18 |
| Martin ratioReturn relative to average drawdown | 20.98 | 10.85 | +10.12 |
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Drawdowns
SMAX vs. HYS - Drawdown Comparison
The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum HYS drawdown of -20.91%. Use the drawdown chart below to compare losses from any high point for SMAX and HYS.
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Drawdown Indicators
| SMAX | HYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.90% | -20.91% | +17.01% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -1.88% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.98% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.91% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.53% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -1.52% | +1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.48% | -0.12% |
Volatility
SMAX vs. HYS - Volatility Comparison
iShares Large Cap Max Buffer Sep ETF (SMAX) and PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) have volatilities of 0.74% and 0.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMAX | HYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.76% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 2.80% | -0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 3.39% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.59% | 6.26% | -2.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.59% | 6.78% | -3.19% |
SMAX vs. HYS - Expense Ratio Comparison
SMAX has a 0.50% expense ratio, which is lower than HYS's 0.56% expense ratio.
Dividends
SMAX vs. HYS - Dividend Comparison
SMAX's dividend yield for the trailing twelve months is around 0.94%, less than HYS's 7.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 6.87% | 7.20% | 7.43% | 6.44% | 5.01% | 3.74% | 4.52% | 4.98% | 4.64% | 5.01% | 5.13% | 5.22% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.94% | 0.98% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMAX and HYS have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYS has higher volatility (0.76%) compared to SMAX (0.74%). In terms of maximum drawdown, SMAX dropped -3.90% vs HYS's -20.91%.
On 1-year performance, SMAX leads with 7.96% vs 5.05% for HYS. On fees, SMAX is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMAX has performed better with a 7.96% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMAX is cheaper with a 0.50% expense ratio, compared with 0.56% for HYS.
HYS has the higher dividend yield at 6.87%, compared with 0.94% for SMAX.
SMAX is categorized as Defined Outcome, while HYS is High Yield Bonds. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.50% for SMAX and 0.56% for HYS.
SMAX currently has the higher Sharpe Ratio (2.74 vs 1.53), 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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