Search campaigns give you keyword-level control over who sees your text ads on Google Search, while Performance Max uses Google’s automation to serve across Search, Shopping, YouTube, Display, Discover, Gmail and Maps from one campaign. For most advertisers the best setup is both: Search for your core, high-intent keywords and Performance Max for reach and Shopping.
Performance Max used to be called a black box, but Google has added campaign-level negative keywords, search terms reporting and channel performance reporting since 2025. This comparison explains what each campaign type is good at and how to combine them.
Performance Max vs Search At A Glance
Factor
Search Campaigns
Performance Max
Where ads show
Google Search and optionally search partners
Search, Shopping, YouTube, Display, Discover, Gmail and Maps
Targeting
Keywords and match types
Audience signals, search themes, feed and assets
Control
High: keywords, ads, bids, negatives
Lower, but now with negatives, brand exclusions and search themes
Reporting
Full search terms and keyword data
Search terms, channel performance and asset reports
Best for
Core high-intent terms, lead generation, brand
Ecommerce, Shopping, reach across Google
Main risk
Missing new queries you did not think of
Spend drifting to low-value channels or brand traffic
What Search Campaigns Do Best
Search campaigns let you choose exactly which queries to target, write ads for them and see results for every keyword. They are the safest home for your most valuable terms. Google also gives exact match keywords in Search priority over Performance Max when a query matches both.
What Performance Max Does Best
Performance Max finds conversions across Google’s whole inventory using your goals, product feed, creative and audience signals. Google says more than one million advertisers use it. It is strongest for ecommerce, where it has largely replaced older Smart Shopping campaigns, and for reaching people beyond the keywords you already know.
The New Performance Max Controls
Campaign-level negative keywords, launched in January 2025 and raised to 10,000 per campaign in March 2025
Search terms reporting and channel performance reporting, announced on April 30, 2025
Up to 50 search themes to guide intent
Brand exclusions to keep brand searches in your Search campaigns
Audience and customer list exclusions
What The Data Says
A study by Adalysis of 3,300 campaigns found that when Performance Max and Search were both eligible for the same search terms, Search campaigns typically had higher conversion rates. That supports using Performance Max as a complement to Search rather than a replacement.
How To Run Them Together
Keep exact and phrase match Search campaigns for your most valuable keywords
Use Performance Max for Shopping, reach and new query discovery
Add brand exclusions to Performance Max if brand traffic should run in Search
Review the Performance Max search terms report weekly and add negatives
Check channel performance to see how much spend goes to Display and YouTube, which negatives do not control
Feed real conversion values back so both campaign types bid on what matters
Neither is better in every case. Search gives more control over high-intent keywords, while Performance Max gives broader reach and is strongest for ecommerce. Most accounts perform best running both.
Does Performance Max replace Search campaigns?
No. Google gives exact match Search keywords priority when a query matches both, and data from Adalysis shows Search often converts better on overlapping terms. Use Performance Max alongside Search.
Can Performance Max use negative keywords?
Yes. Campaign-level negative keywords have been available in Performance Max since January 2025, with up to 10,000 per campaign since March 2025. They apply to Search and Shopping inventory.
Should lead generation businesses use Performance Max?
Lead generation businesses can use Performance Max, but only with strong conversion tracking and lead quality data. Without it, Performance Max can chase cheap, low-quality leads.
Conclusion
Search campaigns are your control panel and Performance Max is your reach engine. Protect your best keywords in Search, let Performance Max find new demand and Shopping sales, and use the new controls to keep it honest.
