SMAX vs. TQQQ

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Large Cap Max Buffer Sep ETF (SMAX) and ProShares UltraPro QQQ (TQQQ).

SMAX and TQQQ 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. TQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (300%). It was launched on Feb 9, 2010.

Performance

SMAX vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Sep ETF (SMAX) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

SMAX vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	-0.49%	8.01%	1.02%
TQQQ ProShares UltraPro QQQ	-20.81%	34.35%	14.37%

Returns By Period

In the year-to-date period, SMAX achieves a -0.49% return, which is significantly higher than TQQQ's -20.81% return.

SMAX

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

TQQQ

• 1D: 10.00%
• 1M: -15.69%
• YTD: -20.81%
• 6M: -19.12%
• 1Y: 46.49%
• 3Y*: 45.09%
• 5Y*: 12.72%
• 10Y*: 34.82%

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

SMAX vs. TQQQ - Expense Ratio Comparison

SMAX has a 0.50% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

TQQQ

ProShares UltraPro QQQ

SMAX

iShares Large Cap Max Buffer Sep ETF

Return for Risk

SMAX vs. TQQQ — 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

TQQQ

TQQQ Risk / Return Rank: 50
TQQQ Sharpe Ratio Rank: 40
TQQQ Sortino Ratio Rank: 57
TQQQ Omega Ratio Rank: 56
TQQQ Calmar Ratio Rank: 55
TQQQ Martin Ratio Rank: 44

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio Return per unit of total volatility	2.15	0.69	+1.45
Sortino ratio Return per unit of downside risk	3.26	1.37	+1.88
Omega ratio Gain probability vs. loss probability	1.49	1.19	+0.29
Calmar ratio Return relative to maximum drawdown	3.67	1.25	+2.42
Martin ratio Return relative to average drawdown	17.23	3.87	+13.36
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. TQQQ - Sharpe Ratio Comparison

The current SMAX Sharpe Ratio is 2.15, which is higher than the TQQQ Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of SMAX and TQQQ, 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	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	0.69	+1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.50	0.64	+0.86

Correlation

The correlation between SMAX and TQQQ is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SMAX vs. TQQQ - Dividend Comparison

SMAX's dividend yield for the trailing twelve months is around 0.98%, more than TQQQ's 0.76% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMAX iShares Large Cap Max Buffer Sep ETF	0.98%	0.98%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.76%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Drawdowns

SMAX vs. TQQQ - Drawdown Comparison

The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SMAX and TQQQ.

Drawdown Indicators

	SMAX	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-81.66%	+77.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.27%	-36.97%	+34.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-1.21%	-30.66%	+29.45%
Average Drawdown Average peak-to-trough decline	-0.43%	-18.66%	+18.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	12.00%	-11.52%

Volatility

SMAX vs. TQQQ - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 1.30%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 19.43%. This indicates that SMAX experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	19.43%	-18.13%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	38.32%	-36.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	67.26%	-63.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	66.55%	-62.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	65.83%	-62.03%