SMAX vs SPY
iShares Large Cap Max Buffer Sep ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SMAX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $89M | $821.1B | |
| Dividend Yield | 0.75% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | +4.71% | +12.68% | |
| 1Y Return | +6.85% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 3.2% | 15.3% | |
| Max Drawdown | -3.9% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Sep 30, 2024 | Jan 22, 1993 |
SMAX vs SPY Performance
iShares Large Cap Max Buffer Sep ETF (SMAX) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SMAX returned +6.85% while SPY returned +21.82%. Year to date, SMAX is up 4.71% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.2% for SMAX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -3.9% for SMAX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SMAX charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, SMAX currently yields 0.75% against 1.01% for SPY.
Holdings Overlap
SMAX and SPY share 0 holdings out of 507 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SMAX or SPY?
SMAX has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, SMAX or SPY?
Over the past year SMAX returned +6.85% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SMAX annualized +6.76% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, SMAX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.2% for SMAX. Worst drawdown: SMAX -3.9% vs SPY -56.5%.
Should I hold both SMAX and SPY?
SMAX and SPY have a monthly-return correlation of 0.93, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SMAX and SPY?
SMAX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, SMAX or SPY?
SMAX yields 0.75% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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