CBOL vs. MMAX
CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. CBOL charges 0.79%/yr vs 0.50%/yr for MMAX.
Performance
CBOL vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBOL achieves a -2.03% return, which is significantly lower than MMAX's 3.09% return.
CBOL
- 1D
- -0.13%
- 1M
- -0.78%
- YTD
- -2.03%
- 6M
- -2.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.13%
- 1M
- 0.60%
- YTD
- 3.09%
- 6M
- 3.75%
- 1Y
- 7.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOL vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -2.03% | -2.47% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.09% | 1.58% |
Correlation
The correlation between CBOL and MMAX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025 | 0.39 |
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Return for Risk
CBOL vs. MMAX — Risk / Return Rank
CBOL
MMAX
CBOL vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| CBOL | MMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 5.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.80 | 3.13 | -4.93 |
Drawdowns
CBOL vs. MMAX - Drawdown Comparison
The maximum CBOL drawdown since its inception was -4.91%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CBOL and MMAX.
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Drawdown Indicators
| CBOL | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.91% | -1.93% | -2.98% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.34% | — |
Current DrawdownCurrent decline from peak | -4.64% | -0.13% | -4.51% |
Average DrawdownAverage peak-to-trough decline | -3.21% | -0.10% | -3.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.07% | — |
Volatility
CBOL vs. MMAX - Volatility Comparison
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Volatility by Period
| CBOL | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.36% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.96% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 1.39% | +2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.88% | 2.49% | +1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.88% | 2.49% | +1.39% |
CBOL vs. MMAX - Expense Ratio Comparison
CBOL has a 0.79% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
CBOL vs. MMAX - Dividend Comparison
CBOL's dividend yield for the trailing twelve months is around 1.83%, more than MMAX's 1.27% yield.
| Position | TTM | 2025 |
|---|---|---|
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.83% | 1.79% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
CBOL and MMAX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MMAX is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.79% for CBOL.
CBOL has the higher dividend yield at 1.83%, compared with 1.27% for MMAX.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.79% for CBOL and 0.50% for MMAX.
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