CBTO vs. MMAX
CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Their 0.38 correlation means their historical movements had little consistent relationship. CBTO charges 0.69%/yr vs 0.50%/yr for MMAX.
Performance
CBTO vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBTO achieves a -8.21% return, which is significantly lower than MMAX's 3.72% return.
CBTO
- 1D
- 0.02%
- 1M
- 0.10%
- 6M
- -6.76%
- YTD
- -8.21%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
MMAX
- 1D
- 0.09%
- 1M
- 0.44%
- 6M
- 3.24%
- YTD
- 3.72%
- 1Y
- 6.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $159.82K | $137.82K | $229.26K | |
| $75.73K | $146.75K | $150.47K |
CBTO vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | -8.21% | -13.82% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.72% | 1.68% |
Correlation
The correlation between CBTO and MMAX is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025 | 0.38 |
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Return for Risk
CBTO vs. MMAX — Risk / Return Rank
CBTO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX
CBTO 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 - October (CBTO) 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.
| CBTO | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.16 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 14.68 | — |
| Martin ratioReturn relative to average drawdown | — | 69.13 | — |
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Drawdowns
CBTO vs. MMAX - Drawdown Comparison
The maximum CBTO drawdown since its inception was -21.27%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CBTO and MMAX.
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Drawdown Indicators
| CBTO | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.27% | -1.93% | -19.34% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.46% | — |
Current DrawdownCurrent decline from peak | -21.06% | 0.00% | -21.06% |
Average DrawdownAverage peak-to-trough decline | -16.07% | -0.10% | -15.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.10% | — |
Volatility
CBTO vs. MMAX - Volatility Comparison
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Volatility by Period
| CBTO | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.38% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.08% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 11.56% | 1.44% | +10.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.56% | 2.40% | +9.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.56% | 2.40% | +9.16% |
CBTO vs. MMAX - Expense Ratio Comparison
CBTO has a 0.69% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
CBTO vs. MMAX - Dividend Comparison
CBTO's dividend yield for the trailing twelve months is around 0.24%, less than MMAX's 1.27% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October | 0.24% | 0.22% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
CBTO 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.
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 CBTO.
MMAX has the higher dividend yield at 1.27%, compared with 0.24% for CBTO.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBTO and 0.50% for MMAX.
Find the right allocation for CBTO and MMAX
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