SMAX vs. IAU
SMAX (iShares Large Cap Max Buffer Sep ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - SMAX is a Defined Outcome fund actively managed by iShares, while IAU is a Gold fund tracking the LBMA Gold Price. SMAX is actively managed, while IAU is passively managed. Over the past year, SMAX returned 8.07% vs 20.46% for IAU. At a 0.14 correlation, their price movements are largely independent. SMAX charges 0.50%/yr vs 0.25%/yr for IAU.
Performance
SMAX vs. IAU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SMAX achieves a 2.93% return, which is significantly higher than IAU's -6.73% return.
SMAX
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 2.93%
- 6M
- 2.84%
- 1Y
- 8.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IAU
- 1D
- 0.96%
- 1M
- -10.73%
- YTD
- -6.73%
- 6M
- -10.23%
- 1Y
- 20.46%
- 3Y*
- 27.63%
- 5Y*
- 17.45%
- 10Y*
- 11.45%
SMAX vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMAX iShares Large Cap Max Buffer Sep ETF | 2.93% | 8.01% | 1.06% |
IAU iShares Gold Trust | -6.73% | 63.95% | -0.38% |
Correlation
The correlation between SMAX and IAU is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.14 |
The correlation between SMAX and IAU shifts across timeframes, from 0.14 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMAX vs. IAU — Risk / Return Rank
SMAX
IAU
SMAX vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +3.49 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.16 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 4.23 | 0.79 | +3.45 |
| Martin ratioReturn relative to average drawdown | 22.55 | 2.19 | +20.36 |
Loading charts...
Drawdowns
SMAX vs. IAU - Drawdown Comparison
The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for SMAX and IAU.
Loading charts...
Drawdown Indicators
| SMAX | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.90% | -45.14% | +41.24% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -26.17% | +24.26% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.17% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.17% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.17% | — |
Current DrawdownCurrent decline from peak | -0.34% | -25.46% | +25.12% |
Average DrawdownAverage peak-to-trough decline | -0.40% | -15.98% | +15.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 9.35% | -8.99% |
Volatility
SMAX vs. IAU - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 0.76%, while iShares Gold Trust (IAU) has a volatility of 8.63%. This indicates that SMAX experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SMAX | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 8.63% | -7.87% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 24.32% | -22.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 27.52% | -24.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.64% | 18.24% | -14.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.64% | 16.01% | -12.37% |
SMAX vs. IAU - Expense Ratio Comparison
SMAX has a 0.50% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
SMAX vs. IAU - Dividend Comparison
SMAX's dividend yield for the trailing twelve months is around 0.95%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.95% | 0.98% | 0.27% |
Frequently Asked Questions
SMAX and IAU have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (8.63%) compared to SMAX (0.76%). In terms of maximum drawdown, SMAX dropped -3.90% vs IAU's -45.14%.
On 1-year performance, IAU leads with 20.46% vs 8.07% for SMAX. On fees, IAU is cheaper at 0.25% per year. On volatility, SMAX has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IAU has performed better with a 20.46% return vs 8.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.50% for SMAX.
SMAX has the higher dividend yield at 0.95%, compared with 0.00% for IAU.
SMAX is categorized as Defined Outcome, while IAU is Gold. Their fees differ too: 0.50% for SMAX and 0.25% for IAU.
SMAX currently has the higher Sharpe Ratio (3.01 vs 0.75), 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.
Find the right allocation for SMAX and IAU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer