CBOY vs. MMAX

Last updated Jul 15, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. CBOY is passively managed, while MMAX is actively managed. Over the past year, CBOY returned -1.94% vs 6.85% for MMAX. At a 0.28 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.50%/yr for MMAX.

Performance

CBOY vs. MMAX - 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 Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOY achieves a -0.37% return, which is significantly lower than MMAX's 3.51% return.

CBOY

• 1D: 0.48%
• 1M: 0.16%
• 6M: -1.07%
• YTD: -0.37%
• 1Y: -1.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: 0.11%
• 1M: 0.46%
• 6M: 3.29%
• YTD: 3.51%
• 1Y: 6.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOY vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.37%	-0.42%
MMAX iShares Large Cap Max Buffer Mar ETF	3.51%	3.40%

Correlation

The correlation between CBOY and MMAX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.28

Return for Risk

CBOY vs. MMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBOY

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

MMAX

MMAX Risk / Return Rank: 98
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 98
MMAX Omega Ratio Rank: 98
MMAX Calmar Ratio Rank: 99
MMAX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBOY vs. MMAX - 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 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.

	CBOY	MMAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	4.84	-5.45
Sortino ratio: Return per unit of downside risk	-0.82	8.53	-9.35
Omega ratio: Gain probability vs. loss probability	0.90	2.22	-1.32
Calmar ratio: Return relative to maximum drawdown	-0.49	14.89	-15.38
Martin ratio: Return relative to average drawdown	-0.72	70.83	-71.55

CBOY vs. MMAX - Sharpe Ratio Comparison

The current CBOY Sharpe Ratio is -0.61, which is lower than the MMAX Sharpe Ratio of 4.84. The chart below compares the historical Sharpe Ratios of CBOY and MMAX, 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. MMAX - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CBOY and MMAX.

Drawdown Indicators

	CBOY	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-1.93%	-2.06%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	-0.46%	-3.53%
Current Drawdown Current decline from peak	-3.18%	0.00%	-3.18%
Average Drawdown Average peak-to-trough decline	-2.29%	-0.11%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	0.10%	+2.61%

Volatility

CBOY vs. MMAX - Volatility Comparison

Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) has a higher volatility of 0.92% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.44%. This indicates that CBOY'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.

Volatility by Period

	CBOY	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.44%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	1.54%	1.08%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	1.42%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	2.44%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.26%	2.44%	+0.82%

CBOY vs. MMAX - Expense Ratio Comparison

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

Dividends

CBOY vs. MMAX - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.37%, more than MMAX's 1.27% yield.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.37%	1.37%
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%

Frequently Asked Questions

Can I hold both CBOY and MMAX in my portfolio?

CBOY and MMAX have a correlation of 0.27, 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 MMAX?

CBOY has higher volatility (0.92%) compared to MMAX (0.44%). In terms of maximum drawdown, CBOY dropped -3.99% vs MMAX's -1.93%.

Which ETF is better, CBOY or MMAX?

On 1-year performance, MMAX leads with 6.85% vs -1.94% for CBOY. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOY or MMAX?

Over the 1-year period, MMAX has performed better with a 6.85% return vs -1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOY or MMAX?

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

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

CBOY has the higher dividend yield at 1.37%, compared with 1.27% for MMAX.

What is the main difference between CBOY and MMAX?

They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOY and 0.50% for MMAX.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (4.84 vs -0.61), 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.