STEN vs. SMAX

Last updated Jun 4, 2026

STEN (iShares Large Cap 10% Target Buffer Sep ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

STEN vs. SMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, STEN achieves a 7.79% return, which is significantly higher than SMAX's 3.09% return.

STEN

• 1D: -0.30%
• 1M: 3.31%
• YTD: 7.79%
• 6M: 8.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

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

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

STEN vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
STEN iShares Large Cap 10% Target Buffer Sep ETF	7.79%	2.05%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	1.37%

Correlation

The correlation between STEN and SMAX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.91

Return for Risk

STEN vs. SMAX — 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

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.

STEN vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Sep ETF (STEN) and iShares Large Cap Max Buffer Sep ETF (SMAX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	STEN	SMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.67	2.01	-0.34

Drawdowns

STEN vs. SMAX - Drawdown Comparison

The maximum STEN drawdown since its inception was -6.21%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for STEN and SMAX.

Drawdown Indicators

	STEN	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.21%	-3.90%	-2.31%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.91%	—
Current Drawdown Current decline from peak	-0.30%	-0.09%	-0.21%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.40%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	STEN	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.24%	2.67%	+6.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.24%	3.67%	+5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.24%	3.67%	+5.57%

STEN vs. SMAX - Expense Ratio Comparison

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

Dividends

STEN vs. SMAX - Dividend Comparison

STEN's dividend yield for the trailing twelve months is around 0.29%, less than SMAX's 0.95% yield.

Position	TTM	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%
STEN iShares Large Cap 10% Target Buffer Sep ETF	0.29%	0.31%	0.00%

Frequently Asked Questions

Can I hold both STEN and SMAX in my portfolio?

With a correlation of 0.91, STEN and SMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, STEN or SMAX?

Both ETFs have the same 0.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, STEN or SMAX?

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

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

SMAX has the higher dividend yield at 0.95%, compared with 0.29% for STEN.

What is the main difference between STEN and SMAX?

They also come from different issuers: BlackRock and iShares.