CPSA vs. SMAX

Last updated Aug 2, 2026

CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) and SMAX (iShares Large Cap Max Buffer Sep ETF) are both Defined Outcome funds. CPSA is passively managed, while SMAX is actively managed. Over the past year, CPSA returned 6.25% vs 7.96% for SMAX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. CPSA charges 0.69%/yr vs 0.50%/yr for SMAX.

Performance

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

Returns By Period

In the year-to-date period, CPSA achieves a 3.65% return, which is significantly lower than SMAX's 3.95% return.

CPSA

• 1D: 0.17%
• 1M: 0.47%
• 6M: 3.14%
• YTD: 3.65%
• 1Y: 6.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.16%

SMAX

• 1D: 0.11%
• 1M: 0.55%
• 6M: 3.48%
• YTD: 3.95%
• 1Y: 7.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	$119.05K	$109.06K	$94.91K
SMAX iShares Large Cap Max Buffer Sep ETF	$101.66K	$217.24K	$294.99K

CPSA vs. SMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	3.65%	7.39%	1.03%
SMAX iShares Large Cap Max Buffer Sep ETF	3.95%	8.01%	1.06%

Correlation

The correlation between CPSA and SMAX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.76

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

Return for Risk

CPSA vs. SMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPSA

CPSA Risk / Return Rank: 96
CPSA Sharpe Ratio Rank: 96
CPSA Sortino Ratio Rank: 97
CPSA Omega Ratio Rank: 96
CPSA Calmar Ratio Rank: 93
CPSA Martin Ratio Rank: 96

SMAX

SMAX Risk / Return Rank: 94
SMAX Sharpe Ratio Rank: 95
SMAX Sortino Ratio Rank: 95
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 91
SMAX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPSA vs. SMAX - 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 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.

	CPSA	SMAX	Difference
Sharpe ratio: Return per unit of total volatility	3.08	2.74	+0.35
Sortino ratio: Return per unit of downside risk	4.96	4.16	+0.80
Omega ratio: Gain probability vs. loss probability	1.66	1.56	+0.10
Calmar ratio: Return relative to maximum drawdown	4.46	3.94	+0.52
Martin ratio: Return relative to average drawdown	25.46	20.98	+4.48

CPSA vs. SMAX - Sharpe Ratio Comparison

The current CPSA Sharpe Ratio is 3.08, which is comparable to the SMAX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of CPSA 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

CPSA vs. SMAX - Drawdown Comparison

The maximum CPSA drawdown since its inception was -4.72%, which is greater than SMAX's maximum drawdown of -3.90%. Use the drawdown chart below to compare losses from any high point for CPSA and SMAX.

Drawdown Indicators

	CPSA	SMAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-3.90%	-0.82%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-1.91%	+0.44%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.36%	-0.38%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	0.36%	-0.10%

Volatility

CPSA vs. SMAX - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) is 0.26%, while iShares Large Cap Max Buffer Sep ETF (SMAX) has a volatility of 0.74%. This indicates that CPSA 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

	CPSA	SMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	0.74%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	1.70%	2.15%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.14%	2.76%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.99%	3.59%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.99%	3.59%	+0.40%

CPSA vs. SMAX - Expense Ratio Comparison

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

Dividends

CPSA vs. SMAX - Dividend Comparison

CPSA has not paid dividends to shareholders, while SMAX's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.94%	0.98%	0.27%

Frequently Asked Questions

Can I hold both CPSA and SMAX in my portfolio?

CPSA 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, CPSA or SMAX?

SMAX has higher volatility (0.74%) compared to CPSA (0.26%). In terms of maximum drawdown, CPSA dropped -4.72% vs SMAX's -3.90%.

Which ETF is better, CPSA or SMAX?

On 1-year performance, SMAX leads with 7.96% vs 6.25% for CPSA. On fees, SMAX is cheaper at 0.50% per year. On volatility, CPSA has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSA or SMAX?

Over the 1-year period, SMAX has performed better with a 7.96% return vs 6.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSA or SMAX?

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

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

SMAX has the higher dividend yield at 0.94%, compared with 0.00% for CPSA.

What is the main difference between CPSA and SMAX?

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

Which has better risk-adjusted returns?

CPSA currently has the higher Sharpe Ratio (3.08 vs 2.74), 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.