SMAX vs. IBIT

Last updated Jun 26, 2026

SMAX (iShares Large Cap Max Buffer Sep ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - SMAX is a Defined Outcome fund actively managed by iShares, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. SMAX is actively managed, while IBIT is passively managed. Over the past year, SMAX returned 8.07% vs -45.30% for IBIT. At a 0.42 correlation, their price movements are largely independent. SMAX charges 0.50%/yr vs 0.25%/yr for IBIT.

Performance

SMAX vs. IBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, SMAX achieves a 2.93% return, which is significantly higher than IBIT's -32.49% return.

SMAX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 2.93%
• 6M: 2.84%
• 1Y: 8.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: -1.03%
• 1M: -22.03%
• YTD: -32.49%
• 6M: -32.23%
• 1Y: -45.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAX vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	2.93%	8.01%	1.06%
IBIT iShares Bitcoin Trust ETF	-32.49%	-6.41%	46.83%

Correlation

The correlation between SMAX and IBIT is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.42

Return for Risk

SMAX vs. IBIT — Risk / Return Rank

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

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 94
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 86
SMAX Martin Ratio Rank: 94

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 1
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 1

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. IBIT - 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 Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	3.01	-1.02	+4.04
Sortino ratio: Return per unit of downside risk	4.58	-1.53	+6.12
Omega ratio: Gain probability vs. loss probability	1.63	0.83	+0.80
Calmar ratio: Return relative to maximum drawdown	4.23	-0.86	+5.09
Martin ratio: Return relative to average drawdown	22.55	-1.47	+24.02

SMAX vs. IBIT - Sharpe Ratio Comparison

The current SMAX Sharpe Ratio is 3.01, which is higher than the IBIT Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of SMAX and IBIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMAX vs. IBIT - Drawdown Comparison

The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum IBIT drawdown of -52.98%. Use the drawdown chart below to compare losses from any high point for SMAX and IBIT.

Drawdown Indicators

	SMAX	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-52.98%	+49.08%
Max Drawdown (1Y) Largest decline over 1 year	-1.91%	-52.98%	+51.07%
Current Drawdown Current decline from peak	-0.34%	-52.98%	+52.64%
Average Drawdown Average peak-to-trough decline	-0.40%	-16.97%	+16.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	30.94%	-30.58%

Volatility

SMAX vs. IBIT - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 0.76%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 13.43%. This indicates that SMAX experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	13.43%	-12.67%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	34.60%	-32.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	44.41%	-41.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	50.21%	-46.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	50.21%	-46.57%

SMAX vs. IBIT - Expense Ratio Comparison

SMAX has a 0.50% expense ratio, which is higher than IBIT's 0.25% expense ratio.

Dividends

SMAX vs. IBIT - Dividend Comparison

SMAX's dividend yield for the trailing twelve months is around 0.95%, while IBIT has not paid dividends to shareholders.

Position	TTM	2025	2024
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%

Frequently Asked Questions

Can I hold both SMAX and IBIT in my portfolio?

SMAX and IBIT have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAX or IBIT?

IBIT has higher volatility (13.43%) compared to SMAX (0.76%). In terms of maximum drawdown, SMAX dropped -3.90% vs IBIT's -52.98%.

Which ETF is better, SMAX or IBIT?

On 1-year performance, SMAX leads with 8.07% vs -45.30% for IBIT. On fees, IBIT 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.

Which ETF has performed better, SMAX or IBIT?

Over the 1-year period, SMAX has performed better with a 8.07% return vs -45.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAX or IBIT?

IBIT is cheaper with a 0.25% expense ratio, compared with 0.50% for SMAX.

Which ETF pays a higher dividend yield, SMAX or IBIT?

SMAX has the higher dividend yield at 0.95%, compared with 0.00% for IBIT.

What is the main difference between SMAX and IBIT?

SMAX is categorized as Defined Outcome, while IBIT is Cryptocurrency. Their fees differ too: 0.50% for SMAX and 0.25% for IBIT.

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.01 vs -1.02), 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.