SMAX vs. SMCY

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Large Cap Max Buffer Sep ETF (SMAX) and YieldMax SMCI Option Income Strategy ETF (SMCY).

SMAX and SMCY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMAX is an actively managed fund by iShares. It was launched on Sep 30, 2024. SMCY is an actively managed fund by YieldMax. It was launched on Sep 11, 2024.

Performance

SMAX vs. SMCY - Performance Comparison

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

SMAX vs. SMCY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	-0.49%	8.01%	1.02%
SMCY YieldMax SMCI Option Income Strategy ETF	-19.09%	-15.41%	-29.63%

Returns By Period

In the year-to-date period, SMAX achieves a -0.49% return, which is significantly higher than SMCY's -19.09% return.

SMAX

• 1D: 0.72%
• 1M: -1.17%
• YTD: -0.49%
• 6M: 1.14%
• 1Y: 8.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMCY

• 1D: 6.00%
• 1M: -25.80%
• YTD: -19.09%
• 6M: -46.57%
• 1Y: -31.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAX vs. SMCY - Expense Ratio Comparison

SMAX has a 0.50% expense ratio, which is lower than SMCY's 0.99% expense ratio.

SMCY

YieldMax SMCI Option Income Strategy ETF

SMAX

iShares Large Cap Max Buffer Sep ETF

Return for Risk

SMAX vs. SMCY — Risk / Return Rank

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

SMAX

SMAX Risk / Return Rank: 95
SMAX Sharpe Ratio Rank: 92
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 96
SMAX Calmar Ratio Rank: 94
SMAX Martin Ratio Rank: 96

SMCY

SMCY Risk / Return Rank: 5
SMCY Sharpe Ratio Rank: 4
SMCY Sortino Ratio Rank: 6
SMCY Omega Ratio Rank: 5
SMCY Calmar Ratio Rank: 4
SMCY Martin Ratio Rank: 4

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. SMCY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and YieldMax SMCI Option Income Strategy ETF (SMCY). 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	SMCY	Difference
Sharpe ratio Return per unit of total volatility	2.15	-0.50	+2.64
Sortino ratio Return per unit of downside risk	3.26	-0.31	+3.57
Omega ratio Gain probability vs. loss probability	1.49	0.95	+0.54
Calmar ratio Return relative to maximum drawdown	3.67	-0.53	+4.21
Martin ratio Return relative to average drawdown	17.23	-1.10	+18.33
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. SMCY - Sharpe Ratio Comparison

The current SMAX Sharpe Ratio is 2.15, which is higher than the SMCY Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of SMAX and SMCY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMAX	SMCY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	-0.50	+2.64
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	-0.51	+2.02

Correlation

The correlation between SMAX and SMCY is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SMAX vs. SMCY - Dividend Comparison

SMAX's dividend yield for the trailing twelve months is around 0.98%, less than SMCY's 261.84% yield.

	TTM	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	0.98%	0.98%	0.27%
SMCY YieldMax SMCI Option Income Strategy ETF	261.84%	231.43%	38.43%

Drawdowns

SMAX vs. SMCY - Drawdown Comparison

The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum SMCY drawdown of -64.75%. Use the drawdown chart below to compare losses from any high point for SMAX and SMCY.

Drawdown Indicators

	SMAX	SMCY	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-64.75%	+60.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-60.43%	+58.16%
Current Drawdown Current decline from peak	-1.21%	-60.99%	+59.78%
Average Drawdown Average peak-to-trough decline	-0.43%	-35.40%	+34.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	29.27%	-28.79%

Volatility

SMAX vs. SMCY - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 1.30%, while YieldMax SMCI Option Income Strategy ETF (SMCY) has a volatility of 41.63%. This indicates that SMAX experiences smaller price fluctuations and is considered to be less risky than SMCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX	SMCY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	41.63%	-40.33%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	53.77%	-51.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	64.66%	-60.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	78.05%	-74.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	78.05%	-74.25%