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. Over the past year, CBTY returned -21.47% vs 6.91% for MMAX. Their 0.30 correlation means their historical movements had little consistent relationship. 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 -10.34% return, which is significantly lower than MMAX's 3.81% return.
CBTY
- 1D
- 0.68%
- 1M
- 0.70%
- 6M
- -5.02%
- YTD
- -10.34%
- 1Y
- -21.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -18.96%
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) |
|---|---|---|---|
| $61.01K | $284.14K | $242.81K | |
| $66.43K | $143.71K | $147.68K |
CBTY vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | -10.34% | -10.94% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.81% | 3.40% |
Correlation
The correlation between CBTY and MMAX is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025 | 0.30 |
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Return for Risk
CBTY vs. MMAX — Risk / Return Rank
CBTY
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 | -6.14 | ||
| Sortino ratioReturn per unit of downside risk | -10.18 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 2.20 | -1.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 15.03 | -15.81 |
| Martin ratioReturn relative to average drawdown | -1.09 | 70.78 | -71.87 |
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Drawdowns
CBTY vs. MMAX - Drawdown Comparison
The maximum CBTY drawdown since its inception was -27.79%, 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 | -27.79% | -1.93% | -25.86% |
Max Drawdown (1Y)Largest decline over 1 year | -27.79% | -0.46% | -27.33% |
Current DrawdownCurrent decline from peak | -26.05% | 0.00% | -26.05% |
Average DrawdownAverage peak-to-trough decline | -16.27% | -0.10% | -16.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.73% | 0.10% | +19.63% |
Volatility
CBTY vs. MMAX - Volatility Comparison
Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) has a higher volatility of 4.37% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.39%. This indicates that CBTY'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
| CBTY | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 0.39% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 7.61% | 1.08% | +6.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.31% | 1.44% | +14.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.27% | 2.40% | +13.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.27% | 2.40% | +13.87% |
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 1.64%, more than MMAX's 1.27% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | 1.64% | 1.47% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 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.
CBTY has higher volatility (4.37%) compared to MMAX (0.39%). In terms of maximum drawdown, CBTY dropped -27.79% vs MMAX's -1.93%.
On 1-year performance, MMAX leads with 6.91% vs -21.47% for CBTY. 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 -21.47%. 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 CBTY.
CBTY has the higher dividend yield at 1.64%, compared with 1.27% for MMAX.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBTY and 0.50% for MMAX.
MMAX currently has the higher Sharpe Ratio (4.82 vs -1.32), 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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