CBOJ vs. MMAX
CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. CBOJ is passively managed, while MMAX is actively managed. Over the past year, CBOJ returned -4.25% vs 7.01% for MMAX. At a 0.33 correlation, their price movements are largely independent. CBOJ charges 0.69%/yr vs 0.50%/yr for MMAX.
Performance
CBOJ vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBOJ achieves a -1.85% return, which is significantly lower than MMAX's 2.86% return.
CBOJ
- 1D
- -0.21%
- 1M
- -1.58%
- YTD
- -1.85%
- 6M
- -2.06%
- 1Y
- -4.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.15%
- 1M
- -0.06%
- YTD
- 2.86%
- 6M
- 2.99%
- 1Y
- 7.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOJ vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | -1.85% | 0.17% |
MMAX iShares Large Cap Max Buffer Mar ETF | 2.86% | 6.04% |
Correlation
The correlation between CBOJ and MMAX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | 0.33 |
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Return for Risk
CBOJ vs. MMAX — Risk / Return Rank
CBOJ
MMAX
CBOJ vs. MMAX - 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 Mar ETF (MMAX). 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 | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.79 | ||
| Sortino ratioReturn per unit of downside risk | -9.94 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 2.26 | -1.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 15.24 | -15.76 |
| Martin ratioReturn relative to average drawdown | -0.80 | 78.37 | -79.17 |
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Drawdowns
CBOJ vs. MMAX - Drawdown Comparison
The maximum CBOJ drawdown since its inception was -8.15%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CBOJ and MMAX.
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Drawdown Indicators
| CBOJ | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.15% | -1.93% | -6.22% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -0.46% | -7.69% |
Current DrawdownCurrent decline from peak | -8.15% | -0.35% | -7.80% |
Average DrawdownAverage peak-to-trough decline | -3.30% | -0.11% | -3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.35% | 0.09% | +5.26% |
Volatility
CBOJ vs. MMAX - Volatility Comparison
Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) has a higher volatility of 0.85% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.54%. This indicates that CBOJ's price experiences larger fluctuations and is considered to be riskier than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOJ | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.54% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 1.08% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.90% | 1.43% | +3.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 2.48% | +2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 2.48% | +2.04% |
CBOJ vs. MMAX - Expense Ratio Comparison
CBOJ has a 0.69% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
CBOJ vs. MMAX - Dividend Comparison
CBOJ's dividend yield for the trailing twelve months is around 3.22%, more than MMAX's 1.28% yield.
| Position | TTM | 2025 |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | 3.22% | 3.16% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
Frequently Asked Questions
CBOJ and MMAX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOJ has higher volatility (0.85%) compared to MMAX (0.54%). In terms of maximum drawdown, CBOJ dropped -8.15% vs MMAX's -1.93%.
On 1-year performance, MMAX leads with 7.01% vs -4.25% for CBOJ. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MMAX has performed better with a 7.01% return vs -4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOJ.
CBOJ has the higher dividend yield at 3.22%, compared with 1.28% for MMAX.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOJ and 0.50% for MMAX.
MMAX currently has the higher Sharpe Ratio (4.92 vs -0.87), 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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