TSLO vs. SMAX

Last updated Jun 4, 2026

TSLO (Leverage Shares 2x Capped Accelerated TSLA Monthly ETF) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. TSLO charges 0.77%/yr vs 0.50%/yr for SMAX.

Performance

TSLO vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2x Capped Accelerated TSLA Monthly ETF (TSLO) 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, TSLO achieves a -5.63% return, which is significantly lower than SMAX's 3.09% return.

TSLO

• 1D: -0.08%
• 1M: 5.33%
• YTD: -5.63%
• 6M: -0.02%
• 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)

TSLO vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
TSLO Leverage Shares 2x Capped Accelerated TSLA Monthly ETF	-5.63%	20.81%
SMAX iShares Large Cap Max Buffer Sep ETF	3.09%	2.87%

Correlation

The correlation between TSLO and SMAX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 14, 2025	0.54

Return for Risk

TSLO 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.

TSLO vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2x Capped Accelerated TSLA Monthly ETF (TSLO) 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

	TSLO	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	0.47	2.01	-1.54

Drawdowns

TSLO vs. SMAX - Drawdown Comparison

The maximum TSLO drawdown since its inception was -25.40%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for TSLO and SMAX.

Drawdown Indicators

	TSLO	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-3.90%	-21.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.91%	—
Current Drawdown Current decline from peak	-8.53%	-0.09%	-8.44%
Average Drawdown Average peak-to-trough decline	-7.88%	-0.40%	-7.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.35%	—

Volatility

Volatility by Period

	TSLO	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	38.08%	2.67%	+35.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.08%	3.67%	+34.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.08%	3.67%	+34.41%

TSLO vs. SMAX - Expense Ratio Comparison

TSLO has a 0.77% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

TSLO vs. SMAX - Dividend Comparison

TSLO's dividend yield for the trailing twelve months is around 20.92%, more than SMAX's 0.95% yield.

Position	TTM	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%
TSLO Leverage Shares 2x Capped Accelerated TSLA Monthly ETF	20.92%	19.74%	0.00%

Frequently Asked Questions

Can I hold both TSLO and SMAX in my portfolio?

TSLO and SMAX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSLO or SMAX?

On fees, SMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSLO or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.77% for TSLO.

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

TSLO has the higher dividend yield at 20.92%, compared with 0.95% for SMAX.

What is the main difference between TSLO and SMAX?

They also come from different issuers: Leverage Shares and iShares. Their fees differ too: 0.77% for TSLO and 0.50% for SMAX.