SMAX vs. JULB

Last updated Jun 26, 2026

SMAX (iShares Large Cap Max Buffer Sep ETF) and JULB (Aptus July Buffer ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. SMAX charges 0.50%/yr vs 0.25%/yr for JULB.

Performance

SMAX vs. JULB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Sep ETF (SMAX) and Aptus July Buffer ETF (JULB). 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 lower than JULB's 6.48% return.

SMAX

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

JULB

• 1D: 0.15%
• 1M: 0.49%
• YTD: 6.48%
• 6M: 5.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAX vs. JULB - Yearly Performance Comparison

	2026 (YTD)	2025
SMAX iShares Large Cap Max Buffer Sep ETF	2.93%	1.52%
JULB Aptus July Buffer ETF	6.48%	2.44%

Correlation

The correlation between SMAX and JULB is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.89

Return for Risk

SMAX vs. JULB — 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

JULB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. JULB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and Aptus July Buffer ETF (JULB). 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	JULB	Difference
Sharpe ratio: Return per unit of total volatility	3.01	—	—
Sortino ratio: Return per unit of downside risk	4.58	—	—
Omega ratio: Gain probability vs. loss probability	1.63	—	—
Calmar ratio: Return relative to maximum drawdown	4.23	—	—
Martin ratio: Return relative to average drawdown	22.55	—	—

Drawdowns

SMAX vs. JULB - Drawdown Comparison

The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum JULB drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for SMAX and JULB.

Drawdown Indicators

	SMAX	JULB	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-5.24%	+1.34%
Max Drawdown (1Y) Largest decline over 1 year	-1.91%	—	—
Current Drawdown Current decline from peak	-0.34%	-0.33%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.83%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	—	—

Volatility

Volatility by Period

	SMAX	JULB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	6.80%	-4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	6.80%	-3.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	6.80%	-3.16%

SMAX vs. JULB - Expense Ratio Comparison

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

Dividends

SMAX vs. JULB - Dividend Comparison

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

Position	TTM	2025	2024
JULB Aptus July Buffer 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 JULB in my portfolio?

SMAX and JULB have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMAX or JULB?

On fees, JULB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMAX or JULB?

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

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

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

What is the main difference between SMAX and JULB?

They also come from different issuers: iShares and Aptus Capital Advisors. Their fees differ too: 0.50% for SMAX and 0.25% for JULB.