UXJL vs. SMAX

Last updated Aug 1, 2026

UXJL (FT Vest U.S. Equity Uncapped Accelerator ETF - July) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, UXJL returned 21.89% vs 7.96% for SMAX. Their correlation of 0.87 means they have usually moved in the same direction. UXJL charges 0.85%/yr vs 0.50%/yr for SMAX.

Performance

UXJL vs. SMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Uncapped Accelerator ETF - July (UXJL) 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, UXJL achieves a 10.27% return, which is significantly higher than SMAX's 3.95% return.

UXJL

• 1D: 0.93%
• 1M: 0.21%
• 6M: 8.78%
• YTD: 10.27%
• 1Y: 21.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.22%

SMAX

• 1D: 0.11%
• 1M: 0.55%
• 6M: 3.48%
• YTD: 3.95%
• 1Y: 7.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMAX iShares Large Cap Max Buffer Sep ETF	$101.66K	$217.24K	$294.99K
UXJL FT Vest U.S. Equity Uncapped Accelerator ETF - July	$17.25K	$15.17K	$23.14K

UXJL vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
UXJL FT Vest U.S. Equity Uncapped Accelerator ETF - July	10.27%	8.62%
SMAX iShares Large Cap Max Buffer Sep ETF	3.95%	3.81%

Correlation

The correlation between UXJL and SMAX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Jul 21, 2025	0.87

The correlation between UXJL and SMAX has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

UXJL vs. SMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UXJL

UXJL Risk / Return Rank: 56
UXJL Sharpe Ratio Rank: 55
UXJL Sortino Ratio Rank: 54
UXJL Omega Ratio Rank: 53
UXJL Calmar Ratio Rank: 53
UXJL Martin Ratio Rank: 64

SMAX

SMAX Risk / Return Rank: 94
SMAX Sharpe Ratio Rank: 95
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 91
SMAX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UXJL vs. SMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Uncapped Accelerator ETF - July (UXJL) 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.

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.

	UXJL	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.74	-1.38
Sortino ratio: Return per unit of downside risk	1.90	4.16	-2.26
Omega ratio: Gain probability vs. loss probability	1.24	1.56	-0.32
Calmar ratio: Return relative to maximum drawdown	1.92	3.94	-2.02
Martin ratio: Return relative to average drawdown	7.73	20.98	-13.25

UXJL vs. SMAX - Sharpe Ratio Comparison

The current UXJL Sharpe Ratio is 1.35, which is lower than the SMAX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of UXJL and SMAX, 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

UXJL vs. SMAX - Drawdown Comparison

The maximum UXJL drawdown since its inception was -10.29%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for UXJL and SMAX.

Drawdown Indicators

	UXJL	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.29%	-3.90%	-6.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-1.91%	-8.38%
Current Drawdown Current decline from peak	-2.10%	0.00%	-2.10%
Average Drawdown Average peak-to-trough decline	-1.67%	-0.38%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	0.36%	+2.20%

Volatility

UXJL vs. SMAX - Volatility Comparison

FT Vest U.S. Equity Uncapped Accelerator ETF - July (UXJL) has a higher volatility of 3.98% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.74%. This indicates that UXJL's price experiences larger fluctuations and is considered to be riskier than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UXJL	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	0.74%	+3.24%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	2.15%	+9.45%
Volatility (1Y) Calculated over the trailing 1-year period	14.65%	2.76%	+11.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.47%	3.59%	+10.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.47%	3.59%	+10.88%

UXJL vs. SMAX - Expense Ratio Comparison

UXJL has a 0.85% expense ratio, which is higher than SMAX's 0.50% expense ratio.

Dividends

UXJL vs. SMAX - Dividend Comparison

UXJL has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	0.94%	0.98%	0.27%
UXJL FT Vest U.S. Equity Uncapped Accelerator ETF - July	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UXJL and SMAX in my portfolio?

UXJL and SMAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UXJL or SMAX?

UXJL has higher volatility (3.98%) compared to SMAX (0.74%). In terms of maximum drawdown, UXJL dropped -10.29% vs SMAX's -3.90%.

Which ETF is better, UXJL or SMAX?

On 1-year performance, UXJL leads with 21.89% vs 7.96% for SMAX. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UXJL or SMAX?

Over the 1-year period, UXJL has performed better with a 21.89% return vs 7.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXJL or SMAX?

SMAX is cheaper with a 0.50% expense ratio, compared with 0.85% for UXJL.

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

SMAX has the higher dividend yield at 0.94%, compared with 0.00% for UXJL.

What is the main difference between UXJL and SMAX?

They also come from different issuers: First Trust and iShares. Their fees differ too: 0.85% for UXJL and 0.50% for SMAX.

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (2.74 vs 1.35), 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.