MMAX vs. CPRA

Last updated Aug 4, 2026

MMAX (iShares Large Cap Max Buffer Mar ETF) and CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) are both Defined Outcome funds. Both are actively managed. Over the past year, MMAX returned 6.91% vs 9.06% for CPRA. Their 0.59 correlation means they have sometimes moved together and sometimes differently. MMAX charges 0.50%/yr vs 0.69%/yr for CPRA.

Performance

MMAX vs. CPRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Mar ETF (MMAX) and Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMAX achieves a 3.81% return, which is significantly lower than CPRA's 4.77% return.

MMAX

• 1D: 0.09%
• 1M: 0.54%
• 6M: 3.28%
• YTD: 3.81%
• 1Y: 6.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.44%

CPRA

• 1D: 0.18%
• 1M: 0.50%
• 6M: 4.06%
• YTD: 4.77%
• 1Y: 9.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.85%

*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)
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	$23.72K	$26.42K	$31.57K
MMAX iShares Large Cap Max Buffer Mar ETF	$66.43K	$143.71K	$147.68K

MMAX vs. CPRA - Yearly Performance Comparison

	2026 (YTD)	2025
MMAX iShares Large Cap Max Buffer Mar ETF	3.81%	6.04%
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	4.77%	6.93%

Correlation

The correlation between MMAX and CPRA is 0.55, 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.	0.55
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.59

The correlation between MMAX and CPRA has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

Return for Risk

MMAX vs. CPRA — Risk / Return Rank

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

MMAX

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

CPRA

CPRA Risk / Return Rank: 98
CPRA Sharpe Ratio Rank: 98
CPRA Sortino Ratio Rank: 98
CPRA Omega Ratio Rank: 98
CPRA Calmar Ratio Rank: 98
CPRA Martin Ratio Rank: 98

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.

MMAX vs. CPRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Mar ETF (MMAX) and Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA). 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.

	MMAX	CPRA	Difference
Sharpe ratio: Return per unit of total volatility	4.82	4.28	+0.54
Sortino ratio: Return per unit of downside risk	8.34	7.61	+0.72
Omega ratio: Gain probability vs. loss probability	2.20	2.05	+0.15
Calmar ratio: Return relative to maximum drawdown	15.03	10.20	+4.83
Martin ratio: Return relative to average drawdown	70.78	58.41	+12.37

MMAX vs. CPRA - Sharpe Ratio Comparison

The current MMAX Sharpe Ratio is 4.82, which is comparable to the CPRA Sharpe Ratio of 4.28. The chart below compares the historical Sharpe Ratios of MMAX and CPRA, 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

MMAX vs. CPRA - Drawdown Comparison

The maximum MMAX drawdown since its inception was -1.93%, which is greater than CPRA's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for MMAX and CPRA.

Drawdown Indicators

	MMAX	CPRA	Difference
Max Drawdown Largest peak-to-trough decline	-1.93%	-1.69%	-0.24%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-0.89%	+0.43%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.14%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.16%	-0.06%

Volatility

MMAX vs. CPRA - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Mar ETF (MMAX) is 0.39%, while Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) has a volatility of 0.47%. This indicates that MMAX experiences smaller price fluctuations and is considered to be less risky than CPRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMAX	CPRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.47%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	1.08%	1.36%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	1.44%	2.13%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.40%	2.71%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.40%	2.71%	-0.31%

MMAX vs. CPRA - Expense Ratio Comparison

MMAX has a 0.50% expense ratio, which is lower than CPRA's 0.69% expense ratio.

Dividends

MMAX vs. CPRA - Dividend Comparison

MMAX's dividend yield for the trailing twelve months is around 1.27%, while CPRA has not paid dividends to shareholders.

Position	TTM	2025
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April	0.00%	0.00%
MMAX iShares Large Cap Max Buffer Mar ETF	1.27%	1.31%

Frequently Asked Questions

Can I hold both MMAX and CPRA in my portfolio?

MMAX and CPRA have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMAX or CPRA?

CPRA has higher volatility (0.47%) compared to MMAX (0.39%). In terms of maximum drawdown, MMAX dropped -1.93% vs CPRA's -1.69%.

Which ETF is better, MMAX or CPRA?

On 1-year performance, CPRA leads with 9.06% vs 6.91% for MMAX. 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.

Which ETF has performed better, MMAX or CPRA?

Over the 1-year period, CPRA has performed better with a 9.06% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMAX or CPRA?

MMAX is cheaper with a 0.50% expense ratio, compared with 0.69% for CPRA.

Which ETF pays a higher dividend yield, MMAX or CPRA?

MMAX has the higher dividend yield at 1.27%, compared with 0.00% for CPRA.

What is the main difference between MMAX and CPRA?

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

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (4.82 vs 4.28), 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.