SMAX vs. SGOV

Last updated Jun 26, 2026

SMAX (iShares Large Cap Max Buffer Sep ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SMAX is a Defined Outcome fund actively managed by iShares, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. SMAX is actively managed, while SGOV is passively managed. Over the past year, SMAX returned 8.07% vs 3.92% for SGOV. At a correlation of -0.02, they often move in opposite directions. SMAX charges 0.50%/yr vs 0.09%/yr for SGOV.

Performance

SMAX vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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 SGOV's 1.73% return.

SMAX

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

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.73%
• 6M: 1.80%
• 1Y: 3.92%
• 3Y*: 4.69%
• 5Y*: 3.58%
• 10Y*: —

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

SMAX vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	2.93%	8.01%	1.06%
SGOV iShares 0-3 Month Treasury Bond ETF	1.73%	4.24%	1.20%

Correlation

The correlation between SMAX and SGOV is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.02

Return for Risk

SMAX vs. SGOV — 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

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

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. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	3.01	20.32	-17.31
Sortino ratio: Return per unit of downside risk	4.58	273.56	-268.98
Omega ratio: Gain probability vs. loss probability	1.63	194.05	-192.42
Calmar ratio: Return relative to maximum drawdown	4.23	395.07	-390.84
Martin ratio: Return relative to average drawdown	22.55	4,426.92	-4,404.37

SMAX vs. SGOV - Sharpe Ratio Comparison

The current SMAX Sharpe Ratio is 3.01, which is lower than the SGOV Sharpe Ratio of 20.32. The chart below compares the historical Sharpe Ratios of SMAX and SGOV, 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. SGOV - Drawdown Comparison

The maximum SMAX drawdown since its inception was -3.90%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SMAX and SGOV.

Drawdown Indicators

	SMAX	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-0.03%	-3.87%
Max Drawdown (1Y) Largest decline over 1 year	-1.91%	-0.01%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.03%	—
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.00%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.00%	+0.36%

Volatility

SMAX vs. SGOV - Volatility Comparison

iShares Large Cap Max Buffer Sep ETF (SMAX) has a higher volatility of 0.76% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.04%. This indicates that SMAX's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.04%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	0.12%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	0.19%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	0.24%	+3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	0.24%	+3.40%

SMAX vs. SGOV - Expense Ratio Comparison

SMAX has a 0.50% expense ratio, which is higher than SGOV's 0.09% expense ratio.

Dividends

SMAX vs. SGOV - Dividend Comparison

SMAX's dividend yield for the trailing twelve months is around 0.95%, less than SGOV's 3.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SGOV iShares 0-3 Month Treasury Bond ETF	3.85%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMAX and SGOV in my portfolio?

SMAX and SGOV have a correlation of -0.06, 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 SGOV?

SMAX has higher volatility (0.76%) compared to SGOV (0.04%). In terms of maximum drawdown, SMAX dropped -3.90% vs SGOV's -0.03%.

Which ETF is better, SMAX or SGOV?

On 1-year performance, SMAX leads with 8.07% vs 3.92% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMAX or SGOV?

Over the 1-year period, SMAX has performed better with a 8.07% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAX or SGOV?

SGOV is cheaper with a 0.09% expense ratio, compared with 0.50% for SMAX.

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

SGOV has the higher dividend yield at 3.85%, compared with 0.95% for SMAX.

What is the main difference between SMAX and SGOV?

SMAX is categorized as Defined Outcome, while SGOV is Ultrashort Bond. Their fees differ too: 0.50% for SMAX and 0.09% for SGOV.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.32 vs 3.01), 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.