SMAX vs. NVDO

Last updated Jun 26, 2026

SMAX (iShares Large Cap Max Buffer Sep ETF) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined. SMAX charges 0.50%/yr vs 0.77%/yr for NVDO.

Performance

SMAX vs. NVDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Sep ETF (SMAX) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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 NVDO's 16.35% return.

SMAX

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

NVDO

• 1D: 0.00%
• 1M: 1.13%
• YTD: 16.35%
• 6M: 18.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAX vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
SMAX iShares Large Cap Max Buffer Sep ETF	2.93%	2.96%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	16.35%	10.05%

Correlation

The correlation between SMAX and NVDO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.52

Return for Risk

SMAX vs. NVDO — 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

NVDO

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. NVDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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	NVDO	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. NVDO - Drawdown Comparison

The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for SMAX and NVDO.

Drawdown Indicators

	SMAX	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-16.25%	+12.35%
Max Drawdown (1Y) Largest decline over 1 year	-1.91%	—	—
Current Drawdown Current decline from peak	-0.34%	-4.73%	+4.39%
Average Drawdown Average peak-to-trough decline	-0.40%	-4.97%	+4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	—	—

Volatility

Volatility by Period

	SMAX	NVDO	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%	31.98%	-29.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	31.98%	-28.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	31.98%	-28.34%

SMAX vs. NVDO - Expense Ratio Comparison

SMAX has a 0.50% expense ratio, which is lower than NVDO's 0.77% expense ratio.

Dividends

SMAX vs. NVDO - Dividend Comparison

SMAX's dividend yield for the trailing twelve months is around 0.95%, less than NVDO's 14.32% yield.

Position	TTM	2025	2024
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.32%	16.66%	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 NVDO in my portfolio?

SMAX and NVDO have a correlation of 0.52, 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 NVDO?

On fees, SMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMAX or NVDO?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.77% for NVDO.

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

NVDO has the higher dividend yield at 14.32%, compared with 0.95% for SMAX.

What is the main difference between SMAX and NVDO?

They also come from different issuers: iShares and Leverage Shares. Their fees differ too: 0.50% for SMAX and 0.77% for NVDO.