CBOJ vs. SMAX
CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. CBOJ is passively managed, while SMAX is actively managed. Over the past year, CBOJ returned -6.02% vs 7.85% for SMAX. At a 0.38 correlation, their price movements are largely independent. CBOJ charges 0.69%/yr vs 0.50%/yr for SMAX.
Performance
CBOJ vs. SMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBOJ achieves a -1.62% return, which is significantly lower than SMAX's 3.62% return.
CBOJ
- 1D
- -0.13%
- 1M
- -0.08%
- 6M
- -1.68%
- YTD
- -1.62%
- 1Y
- -6.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMAX
- 1D
- -0.16%
- 1M
- 0.65%
- 6M
- 3.17%
- YTD
- 3.62%
- 1Y
- 7.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOJ vs. SMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | -1.62% | -0.83% |
SMAX iShares Large Cap Max Buffer Sep ETF | 3.62% | 7.03% |
Correlation
The correlation between CBOJ and SMAX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2025 | 0.38 |
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Return for Risk
CBOJ vs. SMAX — Risk / Return Rank
CBOJ
SMAX
CBOJ vs. SMAX - 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 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.
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 | SMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.18 | ||
| Sortino ratioReturn per unit of downside risk | -6.14 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.61 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 4.12 | -4.83 |
| Martin ratioReturn relative to average drawdown | -1.07 | 21.90 | -22.97 |
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Drawdowns
CBOJ vs. SMAX - Drawdown Comparison
The maximum CBOJ drawdown since its inception was -8.44%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for CBOJ and SMAX.
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Drawdown Indicators
| CBOJ | SMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.44% | -3.90% | -4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -1.91% | -6.53% |
Current DrawdownCurrent decline from peak | -7.94% | -0.16% | -7.78% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -0.39% | -3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.66% | 0.36% | +5.30% |
Volatility
CBOJ vs. SMAX - Volatility Comparison
Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and iShares Large Cap Max Buffer Sep ETF (SMAX) have volatilities of 0.73% and 0.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOJ | SMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.72% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 2.17% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.79% | 2.71% | +2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.46% | 3.61% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.46% | 3.61% | +0.85% |
CBOJ vs. SMAX - Expense Ratio Comparison
CBOJ has a 0.69% expense ratio, which is higher than SMAX's 0.50% expense ratio.
Dividends
CBOJ vs. SMAX - Dividend Comparison
CBOJ's dividend yield for the trailing twelve months is around 3.21%, more than SMAX's 0.94% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | 3.21% | 3.16% | 0.00% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.94% | 0.98% | 0.27% |
Frequently Asked Questions
CBOJ and SMAX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOJ has higher volatility (0.73%) compared to SMAX (0.72%). In terms of maximum drawdown, CBOJ dropped -8.44% vs SMAX's -3.90%.
On 1-year performance, SMAX leads with 7.85% vs -6.02% for CBOJ. On fees, SMAX is cheaper at 0.50% per year. Their volatility is very similar. 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 7.85% return vs -6.02%. 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 CBOJ.
CBOJ has the higher dividend yield at 3.21%, compared with 0.94% for SMAX.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOJ and 0.50% for SMAX.
SMAX currently has the higher Sharpe Ratio (2.92 vs -1.26), 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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