CBOY vs. DMAX

Last updated Aug 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and DMAX (iShares Large Cap Max Buffer December ETF) are both Defined Outcome funds - CBOY tracks the CBOE Bitcoin US ETF Index while DMAX tracks the S&P 500 Index. Both are passively managed. Over the past year, CBOY returned -1.45% vs 7.49% for DMAX. Their 0.29 correlation means their historical movements had little consistent relationship. CBOY charges 0.69%/yr vs 0.50%/yr for DMAX.

Performance

CBOY vs. DMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and iShares Large Cap Max Buffer December ETF (DMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOY achieves a -0.20% return, which is significantly lower than DMAX's 3.26% return.

CBOY

• 1D: 0.16%
• 1M: 0.10%
• 6M: 0.49%
• YTD: -0.20%
• 1Y: -1.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.58%

DMAX

• 1D: 0.07%
• 1M: 0.73%
• 6M: 2.85%
• YTD: 3.26%
• 1Y: 7.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	$82.72K	$66.50K	$36.54K
DMAX iShares Large Cap Max Buffer December ETF	$141.18K	$285.57K	$283.69K

CBOY vs. DMAX - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.20%	-0.42%
DMAX iShares Large Cap Max Buffer December ETF	3.26%	4.49%

Correlation

The correlation between CBOY and DMAX is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.29

Return for Risk

CBOY vs. DMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBOY

CBOY Risk / Return Rank: 6
CBOY Sharpe Ratio Rank: 5
CBOY Sortino Ratio Rank: 5
CBOY Omega Ratio Rank: 4
CBOY Calmar Ratio Rank: 6
CBOY Martin Ratio Rank: 7

DMAX

DMAX Risk / Return Rank: 96
DMAX Sharpe Ratio Rank: 97
DMAX Sortino Ratio Rank: 97
DMAX Omega Ratio Rank: 96
DMAX Calmar Ratio Rank: 95
DMAX Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBOY vs. DMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) 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.

	CBOY	DMAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.46	3.27	-3.74
Sortino ratio: Return per unit of downside risk	-0.62	5.05	-5.67
Omega ratio: Gain probability vs. loss probability	0.92	1.68	-0.76
Calmar ratio: Return relative to maximum drawdown	-0.36	5.32	-5.69
Martin ratio: Return relative to average drawdown	-0.52	26.29	-26.81

CBOY vs. DMAX - Sharpe Ratio Comparison

The current CBOY Sharpe Ratio is -0.46, which is lower than the DMAX Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of CBOY and DMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBOY vs. DMAX - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for CBOY and DMAX.

Drawdown Indicators

	CBOY	DMAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-3.37%	-0.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-1.41%	-2.58%
Current Drawdown Current decline from peak	-3.03%	0.00%	-3.03%
Average Drawdown Average peak-to-trough decline	-2.33%	-0.36%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	0.29%	+2.51%

Volatility

CBOY vs. DMAX - Volatility Comparison

Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) has a higher volatility of 1.06% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.60%. This indicates that CBOY'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.

Volatility by Period

	CBOY	DMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.60%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	1.33%	1.70%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	2.30%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.22%	3.30%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.22%	3.30%	-0.08%

CBOY vs. DMAX - Expense Ratio Comparison

CBOY has a 0.69% expense ratio, which is higher than DMAX's 0.50% expense ratio.

Dividends

CBOY vs. DMAX - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.37%, more than DMAX's 1.14% yield.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.37%	1.37%
DMAX iShares Large Cap Max Buffer December ETF	1.14%	1.18%

Frequently Asked Questions

Can I hold both CBOY and DMAX in my portfolio?

CBOY and DMAX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOY or DMAX?

CBOY has higher volatility (1.06%) compared to DMAX (0.60%). In terms of maximum drawdown, CBOY dropped -3.99% vs DMAX's -3.37%.

Which ETF is better, CBOY or DMAX?

On 1-year performance, DMAX leads with 7.49% vs -1.45% for CBOY. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOY or DMAX?

Over the 1-year period, DMAX has performed better with a 7.49% return vs -1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOY or DMAX?

DMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOY.

Which ETF pays a higher dividend yield, CBOY or DMAX?

CBOY has the higher dividend yield at 1.37%, compared with 1.14% for DMAX.

What is the main difference between CBOY and DMAX?

CBOY 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 CBOY and 0.50% for DMAX.

Which has better risk-adjusted returns?

DMAX currently has the higher Sharpe Ratio (3.27 vs -0.46), 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.