CPSU vs. MMAX
CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) and MMAX (iShares Large Cap Max Buffer Mar ETF) are both Defined Outcome funds. Both are actively managed. Over the past year, CPSU returned 6.43% vs 7.67% for MMAX. A 0.63 correlation means they provide meaningful diversification when combined. CPSU charges 0.69%/yr vs 0.50%/yr for MMAX.
Performance
CPSU vs. MMAX - Performance Comparison
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Returns By Period
In the year-to-date period, CPSU achieves a 2.29% return, which is significantly lower than MMAX's 3.09% return.
CPSU
- 1D
- -0.05%
- 1M
- 0.45%
- YTD
- 2.29%
- 6M
- 2.84%
- 1Y
- 6.43%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMAX
- 1D
- -0.13%
- 1M
- 0.60%
- YTD
- 3.09%
- 6M
- 3.75%
- 1Y
- 7.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSU vs. MMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPSU Calamos S&P 500 Structured Alt Protection ETF - June | 2.29% | 4.15% |
MMAX iShares Large Cap Max Buffer Mar ETF | 3.09% | 4.52% |
Correlation
The correlation between CPSU and MMAX is 0.62, 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 | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025 | 0.63 |
The correlation between CPSU and MMAX has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.
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Return for Risk
CPSU vs. MMAX — Risk / Return Rank
CPSU
MMAX
CPSU 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 - June (CPSU) 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.
| CPSU | MMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -4.24 | ||
| Omega ratioGain probability vs. loss probability | 1.97 | 2.51 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | 6.29 | 22.49 | -16.20 |
| Martin ratioReturn relative to average drawdown | 42.62 | 112.49 | -69.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPSU | MMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.76 | 5.52 | -1.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.81 | 3.13 | +0.67 |
Drawdowns
CPSU vs. MMAX - Drawdown Comparison
The maximum CPSU drawdown since its inception was -1.03%, smaller than the maximum MMAX drawdown of -1.93%. Use the drawdown chart below to compare losses from any high point for CPSU and MMAX.
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Drawdown Indicators
| CPSU | MMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.03% | -1.93% | +0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -1.03% | -0.34% | -0.69% |
Current DrawdownCurrent decline from peak | -0.15% | -0.13% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.07% | -0.10% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.15% | 0.07% | +0.08% |
Volatility
CPSU vs. MMAX - Volatility Comparison
The current volatility for Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) is 0.29%, while iShares Large Cap Max Buffer Mar ETF (MMAX) has a volatility of 0.36%. This indicates that CPSU experiences smaller price fluctuations and is considered to be less risky than MMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPSU | MMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.29% | 0.36% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.39% | 0.96% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.72% | 1.39% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.72% | 2.49% | -0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.72% | 2.49% | -0.77% |
CPSU vs. MMAX - Expense Ratio Comparison
CPSU has a 0.69% expense ratio, which is higher than MMAX's 0.50% expense ratio.
Dividends
CPSU vs. MMAX - Dividend Comparison
CPSU has not paid dividends to shareholders, while MMAX's dividend yield for the trailing twelve months is around 1.27%.
| Position | TTM | 2025 |
|---|---|---|
CPSU Calamos S&P 500 Structured Alt Protection ETF - June | 0.00% | 0.00% |
MMAX iShares Large Cap Max Buffer Mar ETF | 1.27% | 1.31% |
Frequently Asked Questions
CPSU and MMAX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMAX has higher volatility (0.36%) compared to CPSU (0.29%). In terms of maximum drawdown, CPSU dropped -1.03% vs MMAX's -1.93%.
On 1-year performance, MMAX leads with 7.67% vs 6.43% for CPSU. On fees, MMAX 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.
Over the 1-year period, MMAX has performed better with a 7.67% return vs 6.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CPSU.
MMAX has the higher dividend yield at 1.27%, compared with 0.00% for CPSU.
They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CPSU and 0.50% for MMAX.
MMAX currently has the higher Sharpe Ratio (5.52 vs 3.76), 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.
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