CBOO vs. MMAX
CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Their 0.16 correlation means their historical movements had little consistent relationship. CBOO charges 0.69%/yr vs 0.50%/yr for MMAX.
Performance
CBOO vs. MMAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CBOO achieves a 0.43% return, which is significantly lower than MMAX's 3.99% return.
CBOO
- 1D
- 0.00%
- 1M
- 0.27%
- 6M
- 0.71%
- YTD
- 0.43%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
MMAX
- 1D
- 0.17%
- 1M
- 0.70%
- 6M
- 3.49%
- YTD
- 3.99%
- 1Y
- 6.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.37K | $26.33K | $18.92K | |
| $53.52K | $137.56K | $145.78K |
CBOO vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOO Calamos Bitcoin Structured Alt Protection ETF - October | 0.43% | -1.66% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.99% | 1.68% |
Correlation
The correlation between CBOO and MMAX is 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.16 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CBOO vs. MMAX — Risk / Return Rank
CBOO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX
CBOO vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) 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.
| CBOO | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.21 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 15.05 | — |
| Martin ratioReturn relative to average drawdown | — | 70.89 | — |
Loading charts...
Drawdowns
CBOO vs. MMAX - Drawdown Comparison
The maximum CBOO drawdown since its inception was -2.34%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CBOO and MMAX.
Loading charts...
Drawdown Indicators
| CBOO | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.34% | -1.93% | -0.41% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.46% | — |
Current DrawdownCurrent decline from peak | -1.26% | 0.00% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -1.58% | -0.10% | -1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.10% | — |
Volatility
CBOO vs. MMAX - Volatility Comparison
Loading charts...
Volatility by Period
| CBOO | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.40% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.09% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.95% | 1.45% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.95% | 2.40% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.95% | 2.40% | -0.45% |
CBOO vs. MMAX - Expense Ratio Comparison
CBOO has a 0.69% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
CBOO vs. MMAX - Dividend Comparison
CBOO's dividend yield for the trailing twelve months is around 0.57%, less than MMAX's 1.26% yield.
| Position | TTM | 2025 |
|---|---|---|
CBOO Calamos Bitcoin Structured Alt Protection ETF - October | 0.57% | 0.57% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.26% | 1.31% |
Frequently Asked Questions
CBOO and MMAX have a correlation of 0.16, 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 0.69% for CBOO.
MMAX has the higher dividend yield at 1.26%, compared with 0.57% for CBOO.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOO and 0.50% for MMAX.
Find the right allocation for CBOO and MMAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer