CPSA vs. MMAX

Last updated Apr 7, 2026

Compare and contrast key facts about Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and iShares Large Cap Max Buffer Mar ETF (MMAX).

CPSA and MMAX 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. MMAX is an actively managed fund by iShares. It was launched on Mar 31, 2025.

Performance

CPSA vs. MMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and iShares Large Cap Max Buffer Mar ETF (MMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSA achieves a 0.27% return, which is significantly lower than MMAX's 1.34% return.

CPSA

• 1D: 0.13%
• 1M: -0.13%
• YTD: 0.27%
• 6M: 1.27%
• 1Y: 11.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMAX

• 1D: 0.08%
• 1M: 0.64%
• YTD: 1.34%
• 6M: 3.04%
• 1Y: 9.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSA vs. MMAX - Yearly Performance Comparison

	2026 (YTD)	2025
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.27%	8.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.34%	5.88%

Correlation

The correlation between CPSA and MMAX is 0.61, 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. MMAX - Expense Ratio Comparison

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

CPSA

Calamos S&P 500 Structured Alt Protection ETF - August

MMAX

iShares Large Cap Max Buffer Mar ETF

Return for Risk

CPSA vs. MMAX — Risk / Return Rank

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

CPSA

CPSA Risk / Return Rank: 94
CPSA Sharpe Ratio Rank: 92
CPSA Sortino Ratio Rank: 97
CPSA Omega Ratio Rank: 97
CPSA Calmar Ratio Rank: 90
CPSA Martin Ratio Rank: 96

MMAX

MMAX Risk / Return Rank: 98
MMAX Sharpe Ratio Rank: 98
MMAX Sortino Ratio Rank: 99
MMAX Omega Ratio Rank: 99
MMAX Calmar Ratio Rank: 97
MMAX Martin Ratio Rank: 98

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.

CPSA vs. MMAX - 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 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.

	CPSA	MMAX	Difference
Sharpe ratio Return per unit of total volatility	2.79	4.33	-1.54
Sortino ratio Return per unit of downside risk	5.10	8.86	-3.76
Omega ratio Gain probability vs. loss probability	1.79	2.35	-0.56
Calmar ratio Return relative to maximum drawdown	4.01	5.88	-1.88
Martin ratio Return relative to average drawdown	21.00	41.31	-20.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSA vs. MMAX - Sharpe Ratio Comparison

The current CPSA Sharpe Ratio is 2.79, which is lower than the MMAX Sharpe Ratio of 4.33. The chart below compares the historical Sharpe Ratios of CPSA 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

	CPSA	MMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	4.33	-1.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	2.80	-1.22

Drawdowns

CPSA vs. MMAX - Drawdown Comparison

The maximum CPSA drawdown since its inception was -4.72%, which is greater than MMAX's maximum drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CPSA and MMAX.

Drawdown Indicators

	CPSA	MMAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-1.93%	-2.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.99%	-0.90%	-1.09%
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-0.42%	-0.11%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.17%	+0.21%

Volatility

CPSA vs. MMAX - 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 Mar ETF (MMAX) at 0.35%. This indicates that CPSA'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

	CPSA	MMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.35%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	1.71%	0.96%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	2.16%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.28%	2.60%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.28%	2.60%	+1.68%

Dividends

CPSA vs. MMAX - Dividend Comparison

CPSA has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.30%.

	TTM	2025
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.00%	0.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.30%	1.31%