CPSA vs. DMAX
Compare and contrast key facts about Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and iShares Large Cap Max Buffer December ETF (DMAX).
CPSA and DMAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CPSA is a passively managed fund by Calamos that tracks the performance of the MerQube Cap Protect US Lrg Cap PR Index - Aug. It was launched on Aug 1, 2024. DMAX is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Dec 31, 2024. Both CPSA and DMAX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CPSA vs. DMAX - Performance Comparison
Loading graphics...
Returns By Period
In the year-to-date period, CPSA achieves a 0.27% return, which is significantly higher than DMAX's -0.13% return.
CPSA
- 1D
- 0.13%
- 1M
- -0.13%
- YTD
- 0.27%
- 6M
- 1.27%
- 1Y
- 11.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DMAX
- 1D
- 0.09%
- 1M
- -0.34%
- YTD
- -0.13%
- 6M
- 1.81%
- 1Y
- 9.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSA vs. DMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPSA Calamos S&P 500 Structured Alt Protection ETF - August | 0.27% | 7.26% |
DMAX iShares Large Cap Max Buffer December ETF | -0.13% | 7.81% |
Correlation
The correlation between CPSA and DMAX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.
CPSA vs. DMAX - Expense Ratio Comparison
CPSA has a 0.69% expense ratio, which is higher than DMAX's 0.50% expense ratio.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CPSA vs. DMAX — Risk / Return Rank
CPSA
DMAX
CPSA vs. DMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and iShares Large Cap Max Buffer December ETF (DMAX). 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.
| CPSA | DMAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.79 | 3.12 | -0.32 |
Sortino ratioReturn per unit of downside risk | 5.10 | 5.28 | -0.18 |
Omega ratioGain probability vs. loss probability | 1.79 | 1.73 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 4.01 | 5.46 | -1.45 |
Martin ratioReturn relative to average drawdown | 21.00 | 23.85 | -2.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| CPSA | DMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.79 | 3.12 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.58 | 1.73 | -0.15 |
Drawdowns
CPSA vs. DMAX - Drawdown Comparison
The maximum CPSA drawdown since its inception was -4.72%, which is greater than DMAX's maximum drawdown of -3.37%. Use the drawdown chart below to compare losses from any high point for CPSA and DMAX.
Loading graphics...
Drawdown Indicators
| CPSA | DMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.72% | -3.37% | -1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -1.99% | -1.41% | -0.58% |
Current DrawdownCurrent decline from peak | -0.48% | -0.73% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -0.42% | -0.43% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.32% | +0.06% |
Volatility
CPSA vs. DMAX - Volatility Comparison
Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) has a higher volatility of 1.15% compared to iShares Large Cap Max Buffer December ETF (DMAX) at 0.99%. This indicates that CPSA's price experiences larger fluctuations and is considered to be riskier than DMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| CPSA | DMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 0.99% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 1.81% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 3.17% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.28% | 3.55% | +0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.28% | 3.55% | +0.73% |
Dividends
CPSA vs. DMAX - Dividend Comparison
CPSA has not paid dividends to shareholders, while DMAX's dividend yield for the trailing twelve months is around 1.18%.
| TTM | 2025 | |
|---|---|---|
CPSA Calamos S&P 500 Structured Alt Protection ETF - August | 0.00% | 0.00% |
DMAX iShares Large Cap Max Buffer December ETF | 1.18% | 1.18% |