HEDG vs SMAX
Equable Shares Hedged Equity ETF vs iShares Large Cap Max Buffer Sep ETF
Which is better, HEDG or SMAX?
HEDG has been ahead.
SMAX has a lower expense ratio. HEDG 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 | HEDG | SMAX |
|---|---|---|
| Expense Ratio | 0.96% | 0.50%Best |
| AUM | $465M | $119M |
| Dividend Yield | 2.78% | 0.74% |
| Holdings | 10 | 7 |
| YTD Return | +6.78%Best | +6.06% |
| 1Y Return | +10.34%Best | +6.54% |
| Volatility (annualized) | 3.6% | 3.1%Best |
| Max Drawdown | -3.9% | -2.1%Best |
| $10,000 over 1 years | $11,015Best | $10,661 |
| Fund Family | Equable Shares | iShares by BlackRock (US) |
| Category | Alternative | Alternative |
| Style | Option Writing | Option Writing |
| Inception | Oct 13, 2025 | Sep 30, 2024 |
Not shown on this pair: 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Oct 13, 2025 to Oct 14, 2026 (1 years).
HEDG vs SMAX 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 years both funds cover.
HEDG vs SMAX Performance
Equable Shares Hedged Equity ETF (HEDG) is an ETF from Equable Shares and iShares Large Cap Max Buffer Sep ETF (SMAX) is an ETF from iShares by BlackRock (US). Over the past year HEDG returned +10.34% while SMAX returned +6.54%. Year to date, HEDG is up 6.78% versus a gain of 6.06% for SMAX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HEDG has been the more volatile fund, with annualized monthly volatility of 3.6% compared with 3.1% 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 HEDG and -2.1% for SMAX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HEDG charges 0.96% per year while SMAX charges 0.50%. On a $10,000 position that is $96 vs $50 annually, a gap of $46 per year that compounds over a long holding period. On income, HEDG currently yields 2.78% against 0.74% for SMAX.
Holdings Overlap
At least 77.7% of HEDG's money is in holdings SMAX also owns.
Stated as a floor: for SMAX, our book for it covers 96.1% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of HEDG is already inside SMAX. Owning both mostly buys the same companies twice.
1 positions in common, counted across the 10 positions we hold weights for in HEDG and 3 in SMAX, against full books of 10 and 7.
What only one of them owns
Measured across the 10 and 3 positions we hold weights for.
SMAX holds 2 positions HEDG does not, 3.5% of the fund.
Largest: XTSLA 3.38%, GSCFT 0.10%
Top Shared Holdings
| Stock | Weight in HEDG | Weight in SMAX | Difference |
|---|---|---|---|
| IVVIshares Core S&p 500 ETF | 77.68% | 92.63% | 14.95% |
77.7% of HEDG is already inside SMAX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HEDG or SMAX?
HEDG has an expense ratio of 0.96% while SMAX charges 0.50%. SMAX is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, HEDG or SMAX?
Over the past year HEDG returned +10.34% vs +6.54% for SMAX, so HEDG leads on 1-year performance. Over the longest common window we track (1 years), HEDG annualized +10.15% vs +6.61% for SMAX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HEDG or SMAX?
HEDG has been the more volatile fund at 3.6% annualized versus 3.1% for SMAX. Worst drawdown: HEDG -3.9% vs SMAX -2.1%.
Should I hold both HEDG and SMAX?
HEDG and SMAX have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between HEDG and SMAX?
At least 77.7% of HEDG's money is in holdings SMAX also owns. Our book for SMAX is partial, so the real figure is this or higher. They hold 1 positions in common, counted across the 10 positions we hold weights for in HEDG and 3 in SMAX.
Which pays a higher dividend, HEDG or SMAX?
HEDG yields 2.78% while SMAX yields 0.74%, so HEDG currently pays the higher dividend yield.
Is SMAX better than HEDG?
SMAX has a lower expense ratio. HEDG 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.