CBOY vs. MMAX
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. 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
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Returns By Period
In the year-to-date period, CBOY achieves a -0.57% return, which is significantly lower than MMAX's 3.09% return.
CBOY
- 1D
- -0.02%
- 1M
- 0.10%
- YTD
- -0.57%
- 6M
- -1.12%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.13%
- 1M
- 0.60%
- YTD
- 3.09%
- 6M
- 3.75%
- 1Y
- 7.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOY vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOY Calamos Bitcoin Structured Alt Protection ETF - July | -0.57% | -0.40% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.09% | 3.42% |
Correlation
The correlation between CBOY and MMAX is 0.28, 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 Jul 9, 2025 | 0.28 |
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Return for Risk
CBOY vs. MMAX — Risk / Return Rank
CBOY
MMAX
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.
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
| CBOY | 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 | -0.32 | 3.13 | -3.45 |
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.
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Drawdown Indicators
| CBOY | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.99% | -1.93% | -2.06% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.34% | — |
Current DrawdownCurrent decline from peak | -3.38% | -0.13% | -3.25% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -0.10% | -2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.07% | — |
Volatility
CBOY vs. MMAX - Volatility Comparison
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Volatility by Period
| CBOY | 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 | 3.32% | 1.39% | +1.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 2.49% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.32% | 2.49% | +0.83% |
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 1.38%, more than MMAX's 1.27% yield.
| Position | TTM | 2025 |
|---|---|---|
CBOY Calamos Bitcoin Structured Alt Protection ETF - July | 1.38% | 1.37% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
CBOY and MMAX have a correlation of 0.28, 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 CBOY.
CBOY has the higher dividend yield at 1.38%, compared with 1.27% for MMAX.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOY and 0.50% for MMAX.
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