IVVM vs. CBOX

Last updated Aug 2, 2026

IVVM (iShares Large Cap Moderate Buffer ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both Options Trading funds. Both are actively managed. Their 0.01 correlation means their historical movements had little consistent relationship. IVVM charges 0.50%/yr vs 0.14%/yr for CBOX.

Performance

IVVM vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Moderate Buffer ETF (IVVM) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IVVM

• 1D: 0.57%
• 1M: 0.51%
• 6M: 5.79%
• YTD: 6.70%
• 1Y: 14.40%
• 3Y*: 13.47%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.75%

CBOX

• 1D: 0.00%
• 1M: 0.37%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CBOX Calamos Tax-Aware Collateral ETF	$7.89M	$8.89M	$7.14M
IVVM iShares Large Cap Moderate Buffer ETF	$740.71K	$781.13K	$703.06K

IVVM vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
IVVM iShares Large Cap Moderate Buffer ETF	4.12%
CBOX Calamos Tax-Aware Collateral ETF	1.12%

Correlation

The correlation between IVVM and CBOX is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026	0.01

Return for Risk

IVVM vs. CBOX — Risk / Return Rank

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

IVVM

IVVM Risk / Return Rank: 79
IVVM Sharpe Ratio Rank: 78
IVVM Sortino Ratio Rank: 79
IVVM Omega Ratio Rank: 82
IVVM Calmar Ratio Rank: 71
IVVM Martin Ratio Rank: 85

CBOX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IVVM vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Moderate Buffer ETF (IVVM) and Calamos Tax-Aware Collateral ETF (CBOX). 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.

	IVVM	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.55	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	2.49	—	—
Martin ratio: Return relative to average drawdown	12.04	—	—

Drawdowns

IVVM vs. CBOX - Drawdown Comparison

The maximum IVVM drawdown since its inception was -11.62%, which is greater than CBOX's maximum drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for IVVM and CBOX.

Drawdown Indicators

	IVVM	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-11.62%	-2.90%	-8.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.31%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.62%	—	—
Current Drawdown Current decline from peak	-0.40%	-2.30%	+1.90%
Average Drawdown Average peak-to-trough decline	-0.90%	-1.47%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	—	—

Volatility

Volatility by Period

	IVVM	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.42%	7.83%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.50%	7.83%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.50%	7.83%	+1.67%

IVVM vs. CBOX - Expense Ratio Comparison

IVVM has a 0.50% expense ratio, which is higher than CBOX's 0.14% expense ratio.

Dividends

IVVM vs. CBOX - Dividend Comparison

IVVM's dividend yield for the trailing twelve months is around 0.64%, while CBOX has not paid dividends to shareholders.

Position	TTM	2025	2024
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%
IVVM iShares Large Cap Moderate Buffer ETF	0.64%	0.68%	0.62%

Frequently Asked Questions

Can I hold both IVVM and CBOX in my portfolio?

IVVM and CBOX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IVVM or CBOX?

On fees, CBOX is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVVM or CBOX?

CBOX is cheaper with a 0.14% expense ratio, compared with 0.50% for IVVM.

Which ETF pays a higher dividend yield, IVVM or CBOX?

IVVM has the higher dividend yield at 0.64%, compared with 0.00% for CBOX.

What is the main difference between IVVM and CBOX?

They also come from different issuers: iShares and Calamos. Their fees differ too: 0.50% for IVVM and 0.14% for CBOX.