CPNM vs. MMAX

Last updated Jun 4, 2026

CPNM (Calamos Nasdaq-100 Structured Alt Protection ETF - March) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. CPNM is passively managed, while MMAX is actively managed. Over the past year, CPNM returned 8.01% vs 7.67% for MMAX. A 0.63 correlation means they provide meaningful diversification when combined. CPNM charges 0.69%/yr vs 0.50%/yr for MMAX.

Performance

CPNM vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CPNM having a 2.97% return and MMAX slightly higher at 3.09%.

CPNM

• 1D: -0.03%
• 1M: 0.81%
• YTD: 2.97%
• 6M: 3.58%
• 1Y: 8.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CPNM vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	2.97%	7.32%
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	5.88%

Correlation

The correlation between CPNM and MMAX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.63

The correlation between CPNM and MMAX has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

Return for Risk

CPNM vs. MMAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPNM

CPNM Risk / Return Rank: 97
CPNM Sharpe Ratio Rank: 96
CPNM Sortino Ratio Rank: 98
CPNM Omega Ratio Rank: 97
CPNM Calmar Ratio Rank: 95
CPNM Martin Ratio Rank: 97

MMAX

MMAX Risk / Return Rank: 99
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 99
MMAX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CPNM vs. MMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM) 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.

	CPNM	MMAX	Difference
Sharpe ratio: Return per unit of total volatility	4.18	5.52	-1.34
Sortino ratio: Return per unit of downside risk	7.02	10.56	-3.54
Omega ratio: Gain probability vs. loss probability	1.95	2.51	-0.56
Calmar ratio: Return relative to maximum drawdown	7.80	22.49	-14.69
Martin ratio: Return relative to average drawdown	43.66	112.49	-68.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPNM vs. MMAX - Sharpe Ratio Comparison

The current CPNM Sharpe Ratio is 4.18, which is comparable to the MMAX Sharpe Ratio of 5.52. The chart below compares the historical Sharpe Ratios of CPNM and MMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPNM	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.18	5.52	-1.34
Sharpe Ratio (All Time) Calculated using the full available price history	2.77	3.13	-0.36

Drawdowns

CPNM vs. MMAX - Drawdown Comparison

The maximum CPNM drawdown since its inception was -1.91%, roughly equal to the maximum MMAX drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CPNM and MMAX.

Drawdown Indicators

	CPNM	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-1.91%	-1.93%	+0.02%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-0.34%	-0.69%
Current Drawdown Current decline from peak	-0.03%	-0.13%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.18%	-0.10%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	0.07%	+0.11%

Volatility

CPNM vs. MMAX - Volatility Comparison

Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM) has a higher volatility of 0.51% compared to iShares Large Cap Max Buffer Mar ETF (MMAX) at 0.36%. This indicates that CPNM'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.

Volatility by Period

	CPNM	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.36%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	1.36%	0.96%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	1.39%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	2.49%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.81%	2.49%	+0.32%

CPNM vs. MMAX - Expense Ratio Comparison

CPNM has a 0.69% expense ratio, which is higher than MMAX's 0.50% expense ratio.

Dividends

CPNM vs. MMAX - Dividend Comparison

CPNM has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.27%.

Position	TTM	2025
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	0.00%	0.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%

Frequently Asked Questions

Can I hold both CPNM and MMAX in my portfolio?

CPNM and MMAX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPNM or MMAX?

CPNM has higher volatility (0.51%) compared to MMAX (0.36%). In terms of maximum drawdown, CPNM dropped -1.91% vs MMAX's -1.93%.

Which ETF is better, CPNM or MMAX?

On 1-year performance, CPNM leads with 8.01% vs 7.67% for MMAX. On fees, MMAX is cheaper at 0.50% per year. On volatility, MMAX has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNM or MMAX?

Over the 1-year period, CPNM has performed better with a 8.01% return vs 7.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNM or MMAX?

MMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CPNM.

Which ETF pays a higher dividend yield, CPNM or MMAX?

MMAX has the higher dividend yield at 1.27%, compared with 0.00% for CPNM.

What is the main difference between CPNM and MMAX?

They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CPNM and 0.50% for MMAX.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.52 vs 4.18), 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.