CBOA vs. SMAX
CBOA (Calamos Bitcoin Structured Alt Protection ETF - April) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. CBOA is passively managed, while SMAX is actively managed. Over the past year, CBOA returned -4.82% vs 9.25% for SMAX. At a 0.35 correlation, their price movements are largely independent. CBOA charges 0.69%/yr vs 0.50%/yr for SMAX.
Performance
CBOA vs. SMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBOA achieves a -6.26% return, which is significantly lower than SMAX's 3.13% return.
CBOA
- 1D
- -0.21%
- 1M
- -1.95%
- YTD
- -6.26%
- 6M
- -6.52%
- 1Y
- -4.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMAX
- 1D
- 0.04%
- 1M
- 0.96%
- YTD
- 3.13%
- 6M
- 3.51%
- 1Y
- 9.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOA vs. SMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOA Calamos Bitcoin Structured Alt Protection ETF - April | -6.26% | 5.24% |
SMAX iShares Large Cap Max Buffer Sep ETF | 3.13% | 10.42% |
Correlation
The correlation between CBOA and SMAX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025 | 0.35 |
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Return for Risk
CBOA vs. SMAX — Risk / Return Rank
CBOA
SMAX
CBOA vs. SMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) and iShares Large Cap Max Buffer Sep ETF (SMAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CBOA | SMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.38 | ||
| Sortino ratioReturn per unit of downside risk | -6.51 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.76 | -0.91 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 4.85 | -5.45 |
| Martin ratioReturn relative to average drawdown | -1.18 | 26.32 | -27.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBOA | SMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | 3.48 | -4.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 2.01 | -2.24 |
Drawdowns
CBOA vs. SMAX - Drawdown Comparison
The maximum CBOA drawdown since its inception was -8.10%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for CBOA and SMAX.
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Drawdown Indicators
| CBOA | SMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.10% | -3.90% | -4.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.10% | -1.91% | -6.19% |
Current DrawdownCurrent decline from peak | -8.10% | -0.05% | -8.05% |
Average DrawdownAverage peak-to-trough decline | -2.40% | -0.40% | -2.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 0.35% | +3.74% |
Volatility
CBOA vs. SMAX - Volatility Comparison
Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) has a higher volatility of 0.90% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.36%. This indicates that CBOA's price experiences larger fluctuations and is considered to be riskier than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOA | SMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.36% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.56% | 2.10% | +2.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.39% | 2.67% | +2.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.14% | 3.66% | +1.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 3.66% | +1.48% |
CBOA vs. SMAX - Expense Ratio Comparison
CBOA has a 0.69% expense ratio, which is higher than SMAX's 0.50% expense ratio.
Dividends
CBOA vs. SMAX - Dividend Comparison
CBOA's dividend yield for the trailing twelve months is around 2.39%, more than SMAX's 0.95% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBOA Calamos Bitcoin Structured Alt Protection ETF - April | 2.39% | 2.24% | 0.00% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.95% | 0.98% | 0.27% |
Frequently Asked Questions
CBOA and SMAX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOA has higher volatility (0.90%) compared to SMAX (0.36%). In terms of maximum drawdown, CBOA dropped -8.10% vs SMAX's -3.90%.
On 1-year performance, SMAX leads with 9.25% vs -4.82% for CBOA. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMAX has performed better with a 9.25% return vs -4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOA.
CBOA has the higher dividend yield at 2.39%, compared with 0.95% for SMAX.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOA and 0.50% for SMAX.
SMAX currently has the higher Sharpe Ratio (3.48 vs -0.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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