SPYvsSMAXETF Comparison
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State Street SPDR S&P 500 ETF Trust (SPY) belongs to the US Large Cap segment. iShares Large Cap Max Buffer Sep ETF (SMAX) is part of the Options Strategies segment. SPY's top 3 sector exposures are Technology, Finance and Consumer Non-Cyclicals. In contrast, SMAX's top sector exposures are Technology, Finance and Healthcare. SPY is less expensive with a Total Expense Ratio (TER) of 0.0945%, versus 0.53% for SMAX. SPY is up 12.16% year-to-date (YTD) with +$8.98B in YTD flows. SMAX performs worse with 5.35% YTD performance, and -$34M in YTD flows. Run a side-by-side ETF comparison of SPY and SMAX below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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SPY vs SMAX performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/14/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPY SMAX | -2.02%+0.36% | +1.10%+1.74% | +12.16%+5.35% | +16.41%+7.16% | +75.34%n/a | +83.35%n/a |
| Flows | SPY SMAX | -$217M-$1M | -$324M-$4M | +$8.98B-$34M | +$33.06B+$515K | +$71.45B- | +$80.92B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPY SMAX | +11.47%+2.06% | +12.87%+2.77% | +15.04%n/a | +17.04%n/a |
| Max drawdown | SPY SMAX | -3.40%-0.49% | -8.89%-1.93% | -18.74%n/a | -24.50%n/a |
| Max drawdown duration | SPY SMAX | 19d14d | 76d44d | 126dn/a | 708dn/a |
Trading data
SPY | SMAX | |
Last sale 9/15/2026 at 7:02 PM | $757.31 | $28.33 |
| Previous close 09/14/2026 | $760.88 | $28.30 |
| Consolidated volume 09/14/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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SMAX
is actively managed and doesn’t replicate an indexSPY | SMAX | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/15/2026 at 7:02 PM
Live
Closed
SPY | SMAX | |
|---|---|---|
| Last price | $757.31 | $28.33 |
| 1D performance | -0.47% | +0.11% |
| AuM | $802.94 B | $88.39 M |
| E/R | 0.0945% | 0.53% |
Characteristics
SPY | SMAX | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | iShares |
| Benchmark | S&P 500 Index | - |
| N° of holdings | 497 | 501 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 22, 1993 | September 30, 2024 |
| ESG | No | No |
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Exposure
Countries
SPY
USA
96.41%
Other
3.59%
SMAX
USA
102.01%
Other
-2.01%
Sectors
SPY
Technology
44.7%
Finance
13.9%
Consumer Non-Cycl.
9.41%
Healthcare
8.88%
Industrials
7.86%
Other
15.24%
SMAX
Technology
46.23%
Finance
14.48%
Healthcare
9.28%
Consumer Non-Cycl.
9.23%
Industrials
8.09%
Other
12.68%
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Diversification
SPY
Total weight of top 15 holdings out of 15
43.98%
SMAX
Total weight of top 15 holdings out of 15
45.4%
Top 15 holdings
Data as of July 31, 2026
SPY
NVIDIA Corp.
7.55%
Apple, Inc.
7.04%
Microsoft Corp.
5.36%
Amazon.com, Inc.
4.13%
Alphabet, Inc.
3.24%
Broadcom Inc.
2.86%
Alphabet, Inc.
2.62%
Meta Platforms, Inc.
1.90%
JPMorgan Chase & Co.
1.46%
Berkshire Hathaway, Inc.
1.46%
Micron Technology, Inc.
1.44%
Eli Lilly & Co.
1.41%
Tesla, Inc.
1.36%
Advanced Micro Devices, Inc.
1.21%
Johnson & Johnson
0.96%
SMAX
Apple, Inc.
7.90%
NVIDIA Corp.
7.62%
Microsoft Corp.
5.40%
Amazon.com, Inc.
3.72%
Alphabet, Inc.
3.16%
Broadcom Inc.
2.96%
Alphabet, Inc.
2.54%
Meta Platforms, Inc.
1.91%
Micron Technology, Inc.
1.59%
JPMorgan Chase & Co.
1.52%
Berkshire Hathaway, Inc.
1.51%
Eli Lilly & Co.
1.47%
BlackRock Cash Funds - Treasury
1.42%
Tesla, Inc.
1.40%
Advanced Micro Devices, Inc.
1.28%
Frequently asked questions about SPY and SMAX
How have the SPY and SMAX ETFs performed in 2026?
As of September 14, 2026, SPY is up 12.16% year-to-date (YTD), while SMAX has returned 5.35%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: SPY or SMAX?
Year-to-date, the SPY ETF saw +$8.98B in flows, compared to -$34M for SMAX.
Which ETF is more volatile: SPY or SMAX?
Over the past year, SPY had a volatility of 12.87%, while SMAX experienced 2.77%.
Which ETF is bigger: SPY or SMAX?
As of September 14, 2026, SPY holds $802.94 B in assets under management (AUM), while SMAX manages $88.39 M.
What sectors do the SPY and SMAX ETFs invest in?
SPY leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, SMAX focuses on Technology, Finance and Healthcare.
What are the top holdings of the SPY ETF and SMAX ETF?
SPY top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. SMAX holds in its top three: Apple, Inc., NVIDIA Corp. and Microsoft Corp..
Which ETF is more diversified: SPY or SMAX?
SPY holds 500 securities with 43.98% of its assets in the top 15. SMAX has 504 securities and a top 15 weight of 45.4%.
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