SMAX vs. PQAP

Last updated Jun 4, 2026

SMAX (iShares Large Cap Max Buffer Sep ETF) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, SMAX returned 9.17% vs 21.47% for PQAP. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

SMAX vs. PQAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Sep ETF (SMAX) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAX achieves a 3.09% return, which is significantly lower than PQAP's 12.09% return.

SMAX

• 1D: -0.09%
• 1M: 1.09%
• YTD: 3.09%
• 6M: 3.54%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PQAP

• 1D: -0.12%
• 1M: 2.44%
• YTD: 12.09%
• 6M: 13.01%
• 1Y: 21.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAX vs. PQAP - Yearly Performance Comparison

	2026 (YTD)	2025
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	7.88%
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	12.09%	14.48%

Correlation

The correlation between SMAX and PQAP is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025	0.81

The correlation between SMAX and PQAP has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

Return for Risk

SMAX vs. PQAP — 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: 93
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 86
SMAX Martin Ratio Rank: 94

PQAP

PQAP Risk / Return Rank: 98
PQAP Sharpe Ratio Rank: 97
PQAP Sortino Ratio Rank: 98
PQAP Omega Ratio Rank: 98
PQAP Calmar Ratio Rank: 98
PQAP Martin Ratio Rank: 98

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. PQAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). 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.

	SMAX	PQAP	Difference
Sharpe ratio: Return per unit of total volatility	3.46	4.86	-1.40
Sortino ratio: Return per unit of downside risk	5.32	8.47	-3.15
Omega ratio: Gain probability vs. loss probability	1.75	2.20	-0.45
Calmar ratio: Return relative to maximum drawdown	4.81	15.50	-10.68
Martin ratio: Return relative to average drawdown	26.11	86.25	-60.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAX vs. PQAP - Sharpe Ratio Comparison

The current SMAX Sharpe Ratio is 3.46, which is comparable to the PQAP Sharpe Ratio of 4.86. The chart below compares the historical Sharpe Ratios of SMAX and PQAP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SMAX	PQAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.46	4.86	-1.40
Sharpe Ratio (All Time) Calculated using the full available price history	2.01	1.76	+0.24

Drawdowns

SMAX vs. PQAP - Drawdown Comparison

The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum PQAP drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for SMAX and PQAP.

Drawdown Indicators

	SMAX	PQAP	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-10.79%	+6.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.91%	-1.39%	-0.52%
Current Drawdown Current decline from peak	-0.09%	-0.12%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.60%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.25%	+0.10%

Volatility

SMAX vs. PQAP - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 0.38%, while PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) has a volatility of 1.02%. This indicates that SMAX experiences smaller price fluctuations and is considered to be less risky than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX	PQAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	1.02%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	3.09%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	4.45%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	11.03%	-7.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.67%	11.03%	-7.36%

SMAX vs. PQAP - Expense Ratio Comparison

Both SMAX and PQAP have an expense ratio of 0.50%.

Dividends

SMAX vs. PQAP - Dividend Comparison

SMAX's dividend yield for the trailing twelve months is around 0.95%, more than PQAP's 0.02% yield.

Position	TTM	2025	2024
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April	0.02%	0.02%	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 PQAP in my portfolio?

SMAX and PQAP have a correlation of 0.77, 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 PQAP?

PQAP has higher volatility (1.02%) compared to SMAX (0.38%). In terms of maximum drawdown, SMAX dropped -3.90% vs PQAP's -10.79%.

Which ETF is better, SMAX or PQAP?

On 1-year performance, PQAP leads with 21.47% vs 9.17% for SMAX. Both ETFs have the same 0.50% expense ratio. On volatility, SMAX has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAX or PQAP?

Over the 1-year period, PQAP has performed better with a 21.47% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAX or PQAP?

SMAX and PQAP have the same expense ratio: 0.50% per year.

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

SMAX has the higher dividend yield at 0.95%, compared with 0.02% for PQAP.

What is the main difference between SMAX and PQAP?

They also come from different issuers: iShares and PGIM.

Which has better risk-adjusted returns?

PQAP currently has the higher Sharpe Ratio (4.86 vs 3.46), 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.