CBOJ vs. DMAX
CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - CBOJ tracks the CBOE Bitcoin US ETF Index while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, CBOJ returned -6.14% vs 7.20% for DMAX. At a 0.36 correlation, their price movements are largely independent. CBOJ charges 0.69%/yr vs 0.50%/yr for DMAX.
Performance
CBOJ vs. DMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBOJ achieves a -1.54% return, which is significantly lower than DMAX's 2.87% return.
CBOJ
- 1D
- -0.08%
- 1M
- -0.17%
- 6M
- -1.71%
- YTD
- -1.54%
- 1Y
- -6.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX
- 1D
- -0.06%
- 1M
- 0.42%
- 6M
- 2.83%
- YTD
- 2.87%
- 1Y
- 7.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOJ vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | -1.54% | -0.83% |
DMAX iShares Large Cap Max Buffer December ETF | 2.87% | 7.21% |
Correlation
The correlation between CBOJ and DMAX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025 | 0.36 |
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Return for Risk
CBOJ vs. DMAX — Risk / Return Rank
CBOJ
DMAX
CBOJ vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and iShares Large Cap Max Buffer December ETF (DMAX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CBOJ | DMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.45 | ||
| Sortino ratioReturn per unit of downside risk | -6.53 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.65 | -0.85 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 5.12 | -5.85 |
| Martin ratioReturn relative to average drawdown | -1.08 | 25.26 | -26.33 |
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Drawdowns
CBOJ vs. DMAX - Drawdown Comparison
The maximum CBOJ drawdown since its inception was -8.44%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for CBOJ and DMAX.
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Drawdown Indicators
| CBOJ | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.44% | -3.37% | -5.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -1.41% | -7.03% |
Current DrawdownCurrent decline from peak | -7.86% | -0.06% | -7.80% |
Average DrawdownAverage peak-to-trough decline | -3.50% | -0.37% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.72% | 0.29% | +5.43% |
Volatility
CBOJ vs. DMAX - Volatility Comparison
Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) has a higher volatility of 0.66% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.53%. This indicates that CBOJ's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOJ | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 0.53% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 1.65% | +0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 2.29% | +2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 3.32% | +1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.45% | 3.32% | +1.13% |
CBOJ vs. DMAX - Expense Ratio Comparison
CBOJ has a 0.69% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Dividends
CBOJ vs. DMAX - Dividend Comparison
CBOJ's dividend yield for the trailing twelve months is around 3.20%, more than DMAX's 1.15% yield.
| Position | TTM | 2025 |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | 3.20% | 3.16% |
DMAX iShares Large Cap Max Buffer December ETF | 1.15% | 1.18% |
Frequently Asked Questions
CBOJ and DMAX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOJ has higher volatility (0.66%) compared to DMAX (0.53%). In terms of maximum drawdown, CBOJ dropped -8.44% vs DMAX's -3.37%.
On 1-year performance, DMAX leads with 7.20% vs -6.14% for CBOJ. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DMAX has performed better with a 7.20% return vs -6.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOJ.
CBOJ has the higher dividend yield at 3.20%, compared with 1.15% for DMAX.
CBOJ tracks CBOE Bitcoin US ETF Index, while DMAX tracks S&P 500 Index. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOJ and 0.50% for DMAX.
DMAX currently has the higher Sharpe Ratio (3.15 vs -1.30), 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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