CPNM vs. SMAX

Last updated Jun 24, 2026

CPNM (Calamos Nasdaq-100 Structured Alt Protection ETF - March) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. CPNM is passively managed, while SMAX is actively managed. Over the past year, CPNM returned 7.22% vs 8.56% for SMAX. A 0.76 correlation means they provide meaningful diversification when combined. CPNM charges 0.69%/yr vs 0.50%/yr for SMAX.

Performance

CPNM vs. SMAX - 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 Sep ETF (SMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNM achieves a 2.69% return, which is significantly lower than SMAX's 2.98% return.

CPNM

• 1D: -0.19%
• 1M: 0.02%
• YTD: 2.69%
• 6M: 3.03%
• 1Y: 7.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMAX

• 1D: -0.22%
• 1M: 0.14%
• YTD: 2.98%
• 6M: 2.87%
• 1Y: 8.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNM vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	2.69%	6.16%
SMAX iShares Large Cap Max Buffer Sep ETF	2.98%	7.12%

Correlation

The correlation between CPNM and SMAX is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	0.76

The correlation between CPNM and SMAX has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

CPNM vs. SMAX — Risk / Return Rank

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

CPNM

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

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 93
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 86
SMAX Martin Ratio Rank: 94

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. SMAX - 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 Sep ETF (SMAX). 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.

	CPNM	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	3.65	3.17	+0.48
Sortino ratio: Return per unit of downside risk	5.92	4.86	+1.06
Omega ratio: Gain probability vs. loss probability	1.79	1.67	+0.12
Calmar ratio: Return relative to maximum drawdown	7.03	4.49	+2.53
Martin ratio: Return relative to average drawdown	37.63	24.03	+13.60

CPNM vs. SMAX - Sharpe Ratio Comparison

The current CPNM Sharpe Ratio is 3.65, which is comparable to the SMAX Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of CPNM and SMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPNM vs. SMAX - Drawdown Comparison

The maximum CPNM drawdown since its inception was -2.19%, smaller than the maximum SMAX drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for CPNM and SMAX.

Drawdown Indicators

	CPNM	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-2.19%	-3.90%	+1.71%
Max Drawdown (1Y) Largest decline over 1 year	-1.03%	-1.91%	+0.88%
Current Drawdown Current decline from peak	-0.34%	-0.29%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.40%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	0.36%	-0.17%

Volatility

CPNM vs. SMAX - Volatility Comparison

The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - March (CPNM) is 0.71%, while iShares Large Cap Max Buffer Sep ETF (SMAX) has a volatility of 0.77%. This indicates that CPNM experiences smaller price fluctuations and is considered to be less risky than SMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNM	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	0.77%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.50%	2.18%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	2.00%	2.72%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.84%	3.65%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.84%	3.65%	-0.81%

CPNM vs. SMAX - Expense Ratio Comparison

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

Dividends

CPNM vs. SMAX - Dividend Comparison

CPNM has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.95%.

Position	TTM	2025	2024
CPNM Calamos Nasdaq-100 Structured Alt Protection ETF - March	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%

Frequently Asked Questions

Can I hold both CPNM and SMAX in my portfolio?

CPNM and SMAX have a correlation of 0.72, 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 SMAX?

SMAX has higher volatility (0.77%) compared to CPNM (0.71%). In terms of maximum drawdown, CPNM dropped -2.19% vs SMAX's -3.90%.

Which ETF is better, CPNM or SMAX?

On 1-year performance, SMAX leads with 8.56% vs 7.22% for CPNM. On fees, SMAX is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNM or SMAX?

Over the 1-year period, SMAX has performed better with a 8.56% return vs 7.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNM or SMAX?

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

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

SMAX has the higher dividend yield at 0.95%, compared with 0.00% for CPNM.

What is the main difference between CPNM and SMAX?

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

Which has better risk-adjusted returns?

CPNM currently has the higher Sharpe Ratio (3.65 vs 3.17), 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.