CBOY vs. SMAX
CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. CBOY is passively managed, while SMAX is actively managed. Over the past year, CBOY returned -1.45% vs 8.21% for SMAX. Their 0.27 correlation means their historical movements had little consistent relationship. CBOY charges 0.69%/yr vs 0.50%/yr for SMAX.
Performance
CBOY vs. SMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBOY achieves a -0.20% return, which is significantly lower than SMAX's 4.19% return.
CBOY
- 1D
- 0.16%
- 1M
- 0.10%
- 6M
- 0.49%
- YTD
- -0.20%
- 1Y
- -1.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.58%
SMAX
- 1D
- 0.23%
- 1M
- 0.78%
- 6M
- 3.60%
- YTD
- 4.19%
- 1Y
- 8.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.72K | $66.50K | $36.54K | |
| $86.72K | $213.67K | $299.05K |
CBOY vs. SMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOY Calamos Bitcoin Structured Alt Protection ETF - July | -0.20% | -0.42% |
SMAX iShares Large Cap Max Buffer Sep ETF | 4.19% | 4.21% |
Correlation
The correlation between CBOY and SMAX is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025 | 0.27 |
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Return for Risk
CBOY vs. SMAX — Risk / Return Rank
CBOY
SMAX
CBOY vs. SMAX - 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 Sep ETF (SMAX). 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 | SMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.49 | ||
| Sortino ratioReturn per unit of downside risk | -5.29 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.63 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | -0.36 | 4.31 | -4.67 |
| Martin ratioReturn relative to average drawdown | -0.52 | 22.94 | -23.46 |
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Drawdowns
CBOY vs. SMAX - Drawdown Comparison
The maximum CBOY drawdown since its inception was -3.99%, roughly equal to the maximum SMAX drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for CBOY and SMAX.
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Drawdown Indicators
| CBOY | SMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.99% | -3.90% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -1.91% | -2.08% |
Current DrawdownCurrent decline from peak | -3.03% | 0.00% | -3.03% |
Average DrawdownAverage peak-to-trough decline | -2.33% | -0.38% | -1.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 0.36% | +2.44% |
Volatility
CBOY vs. SMAX - Volatility Comparison
Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) has a higher volatility of 1.06% compared to iShares Large Cap Max Buffer Sep ETF (SMAX) at 0.77%. This indicates that CBOY's price experiences larger fluctuations and is considered to be riskier than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOY | SMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.77% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.33% | 2.16% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.15% | 2.73% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.22% | 3.59% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.22% | 3.59% | -0.37% |
CBOY vs. SMAX - Expense Ratio Comparison
CBOY has a 0.69% expense ratio, which is higher than SMAX's 0.50% expense ratio.
Dividends
CBOY vs. SMAX - Dividend Comparison
CBOY's dividend yield for the trailing twelve months is around 1.37%, more than SMAX's 0.94% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBOY Calamos Bitcoin Structured Alt Protection ETF - July | 1.37% | 1.37% | 0.00% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.94% | 0.98% | 0.27% |
Frequently Asked Questions
CBOY and SMAX 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.
CBOY has higher volatility (1.06%) compared to SMAX (0.77%). In terms of maximum drawdown, CBOY dropped -3.99% vs SMAX's -3.90%.
On 1-year performance, SMAX leads with 8.21% vs -1.45% for CBOY. On fees, SMAX is cheaper at 0.50% per year. On volatility, SMAX has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMAX has performed better with a 8.21% return vs -1.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CBOY.
CBOY has the higher dividend yield at 1.37%, compared with 0.94% for SMAX.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOY and 0.50% for SMAX.
SMAX currently has the higher Sharpe Ratio (3.02 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.
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