SMAX vs VYM
iShares Large Cap Max Buffer Sep ETF vs Vanguard High Dividend Yield ETF
Which is better, SMAX or VYM?
Option Writing against Large Cap Value.
VYM has a lower expense ratio. VYM led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SMAX | VYM |
|---|---|---|
| Expense Ratio | 0.50% | 0.04%Best |
| AUM | $88M | $81.6B |
| Dividend Yield | 0.74% | 2.22% |
| Holdings | 7 | 613 |
| YTD Return | +4.94% | +13.15%Best |
| 1Y Return | +6.17% | +17.82%Best |
| 3Y Return (annualized) | - | +17.99% |
| 5Y Return (annualized) | - | +12.16% |
| Volatility (annualized) | 3.2%Best | 10.6% |
| Max Drawdown | -3.9%Best | -14.5% |
| $10,000 over 1.9 years | $11,309 | $13,160Best |
| Fund Family | iShares by BlackRock (US) | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Value |
| Inception | Sep 30, 2024 | Nov 10, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.9 years row, are measured over the window both funds cover: Oct 1, 2024 to Sep 10, 2026 (1.9 years).
SMAX vs VYM growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.9 years both funds cover.
SMAX vs VYM Performance
iShares Large Cap Max Buffer Sep ETF (SMAX) is an ETF from iShares by BlackRock (US) and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year SMAX returned +6.17% while VYM returned +17.82%. Year to date, SMAX is up 4.94% versus a gain of 13.15% for VYM.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VYM has been the more volatile fund, with annualized monthly volatility of 10.6% 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 -14.5% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMAX charges 0.50% per year while VYM charges 0.04%. On a $10,000 position that is $50 vs $4 annually, a gap of $46 per year that compounds over a long holding period. On income, SMAX currently yields 0.74% against 2.22% for VYM.
Holdings Overlap
We hold position weights for 3 holdings in SMAX and 603 in VYM, totalling 107.0% and 99.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 62 days apart, SMAX as of Aug 31, 2026 and VYM as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 3 positions we hold weights for in SMAX and 603 in VYM, against full books of 7 and 613.
You are not choosing between two funds in isolation.
Whichever of SMAX and VYM you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SMAX or VYM?
SMAX has an expense ratio of 0.50% while VYM charges 0.04%. VYM is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, SMAX or VYM?
Over the past year SMAX returned +6.17% vs +17.82% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (2 years), SMAX annualized +6.69% vs +15.55% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMAX or VYM?
VYM has been the more volatile fund at 10.6% annualized versus 3.2% for SMAX. Worst drawdown: SMAX -3.9% vs VYM -14.5%.
Should I hold both SMAX and VYM?
SMAX and VYM have a monthly-return correlation of 0.73, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SMAX or VYM?
SMAX yields 0.74% while VYM yields 2.22%, so VYM currently pays the higher dividend yield.
Is VYM better than SMAX?
VYM has a lower expense ratio. VYM led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.