CBTA vs. MMAX
CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. CBTA is passively managed, while MMAX is actively managed. Over the past year, CBTA returned -33.12% vs 6.91% for MMAX. Their 0.36 correlation means their historical movements had little consistent relationship. CBTA charges 0.69%/yr vs 0.50%/yr for MMAX.
Performance
CBTA vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBTA achieves a -24.45% return, which is significantly lower than MMAX's 3.81% return.
CBTA
- 1D
- 0.83%
- 1M
- 2.26%
- 6M
- -16.28%
- YTD
- -24.45%
- 1Y
- -33.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -11.98%
MMAX
- 1D
- 0.09%
- 1M
- 0.54%
- 6M
- 3.28%
- YTD
- 3.81%
- 1Y
- 6.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.28K | $37.33K | $32.42K | |
| $66.43K | $143.71K | $147.68K |
CBTA vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -24.45% | 11.82% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.81% | 7.82% |
Correlation
The correlation between CBTA and MMAX is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.36 |
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Return for Risk
CBTA vs. MMAX — Risk / Return Rank
CBTA
MMAX
CBTA vs. MMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) 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.
| CBTA | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.95 | ||
| Sortino ratioReturn per unit of downside risk | -9.95 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 2.20 | -1.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 15.03 | -15.86 |
| Martin ratioReturn relative to average drawdown | -1.32 | 70.78 | -72.10 |
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Drawdowns
CBTA vs. MMAX - Drawdown Comparison
The maximum CBTA drawdown since its inception was -39.83%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CBTA and MMAX.
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Drawdown Indicators
| CBTA | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.83% | -1.93% | -37.90% |
Max Drawdown (1Y)Largest decline over 1 year | -39.83% | -0.46% | -39.37% |
Current DrawdownCurrent decline from peak | -36.91% | 0.00% | -36.91% |
Average DrawdownAverage peak-to-trough decline | -15.96% | -0.10% | -15.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.05% | 0.10% | +24.95% |
Volatility
CBTA vs. MMAX - Volatility Comparison
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) has a higher volatility of 4.88% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.39%. This indicates that CBTA'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.
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Volatility by Period
| CBTA | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 0.39% | +4.49% |
Volatility (6M)Calculated over the trailing 6-month period | 21.40% | 1.08% | +20.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.44% | 1.44% | +28.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.78% | 2.40% | +24.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.78% | 2.40% | +24.38% |
CBTA vs. MMAX - Expense Ratio Comparison
CBTA has a 0.69% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
CBTA vs. MMAX - Dividend Comparison
CBTA's dividend yield for the trailing twelve months is around 1.18%, less than MMAX's 1.27% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.18% | 0.89% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
CBTA and MMAX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBTA has higher volatility (4.88%) compared to MMAX (0.39%). In terms of maximum drawdown, CBTA dropped -39.83% vs MMAX's -1.93%.
On 1-year performance, MMAX leads with 6.91% vs -33.12% for CBTA. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MMAX has performed better with a 6.91% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CBTA.
MMAX has the higher dividend yield at 1.27%, compared with 1.18% for CBTA.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBTA and 0.50% for MMAX.
MMAX currently has the higher Sharpe Ratio (4.82 vs -1.13), 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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