CBTY vs. MMAX
CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. CBTY is passively managed, while MMAX is actively managed. At a 0.29 correlation, their price movements are largely independent. CBTY charges 0.69%/yr vs 0.50%/yr for MMAX.
Performance
CBTY vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CBTY achieves a -11.15% return, which is significantly lower than MMAX's 2.86% return.
CBTY
- 1D
- 0.05%
- 1M
- -0.53%
- YTD
- -11.15%
- 6M
- -11.71%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.15%
- 1M
- -0.06%
- YTD
- 2.86%
- 6M
- 2.99%
- 1Y
- 7.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTY vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | -11.15% | -10.94% |
MMAX iShares Large Cap Max Buffer Mar ETF | 2.86% | 3.40% |
Correlation
The correlation between CBTY and MMAX is 0.29, 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 8, 2025 | 0.29 |
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Return for Risk
CBTY vs. MMAX — Risk / Return Rank
CBTY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMAX
CBTY 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 - July (CBTY) 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.
| CBTY | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.26 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 15.24 | — |
| Martin ratioReturn relative to average drawdown | — | 78.37 | — |
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Drawdowns
CBTY vs. MMAX - Drawdown Comparison
The maximum CBTY drawdown since its inception was -26.79%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CBTY and MMAX.
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Drawdown Indicators
| CBTY | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.79% | -1.93% | -24.86% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.46% | — |
Current DrawdownCurrent decline from peak | -26.72% | -0.35% | -26.37% |
Average DrawdownAverage peak-to-trough decline | -15.12% | -0.11% | -15.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.09% | — |
Volatility
CBTY vs. MMAX - Volatility Comparison
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Volatility by Period
| CBTY | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.54% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.08% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 1.43% | +15.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.61% | 2.48% | +14.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.61% | 2.48% | +14.13% |
CBTY vs. MMAX - Expense Ratio Comparison
CBTY has a 0.69% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
CBTY vs. MMAX - Dividend Comparison
CBTY's dividend yield for the trailing twelve months is around 1.65%, more than MMAX's 1.28% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | 1.65% | 1.47% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.28% | 1.31% |
Frequently Asked Questions
CBTY and MMAX have a correlation of 0.29, 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 CBTY.
CBTY has the higher dividend yield at 1.65%, compared with 1.28% for MMAX.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBTY and 0.50% for MMAX.
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