MMAX vs. CPSP

Last updated Jun 4, 2026

MMAX (iShares Large Cap Max Buffer Mar ETF) and CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) are both exchange-traded funds - MMAX is a Defined Outcome fund actively managed by iShares, while CPSP is a S&P 500 fund actively managed by Calamos. Both are actively managed. Over the past year, MMAX returned 7.67% vs 7.13% for CPSP. A 0.63 correlation means they provide meaningful diversification when combined. MMAX charges 0.50%/yr vs 0.69%/yr for CPSP.

Performance

MMAX vs. CPSP - 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 S&P 500 Structured Alt Protection ETF - April (CPSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MMAX having a 3.09% return and CPSP slightly higher at 3.18%.

MMAX

• 1D: -0.13%
• 1M: 0.60%
• YTD: 3.09%
• 6M: 3.75%
• 1Y: 7.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSP

• 1D: 0.00%
• 1M: 0.60%
• YTD: 3.18%
• 6M: 3.74%
• 1Y: 7.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMAX vs. CPSP - Yearly Performance Comparison

	2026 (YTD)	2025
MMAX iShares Large Cap Max Buffer Mar ETF	3.09%	5.88%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.18%	5.46%

Correlation

The correlation between MMAX and CPSP is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.63

The correlation between MMAX and CPSP has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

MMAX vs. CPSP — Risk / Return Rank

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

MMAX

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

CPSP

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

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.

MMAX vs. CPSP - 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 S&P 500 Structured Alt Protection ETF - April (CPSP). 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.

	MMAX	CPSP	Difference
Sharpe ratio Return per unit of total volatility	5.52	5.08	+0.45
Sortino ratio Return per unit of downside risk	10.56	9.15	+1.42
Omega ratio Gain probability vs. loss probability	2.51	2.31	+0.21
Calmar ratio Return relative to maximum drawdown	22.49	19.11	+3.38
Martin ratio Return relative to average drawdown	112.49	96.35	+16.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMAX vs. CPSP - Sharpe Ratio Comparison

The current MMAX Sharpe Ratio is 5.52, which is comparable to the CPSP Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of MMAX and CPSP, 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

	MMAX	CPSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.52	5.08	+0.45
Sharpe Ratio (All Time) Calculated using the full available price history	3.13	3.17	-0.04

Drawdowns

MMAX vs. CPSP - Drawdown Comparison

The maximum MMAX drawdown since its inception was -1.93%, which is greater than CPSP's maximum drawdown of -1.73%. Use the drawdown chart below to compare losses from any high point for MMAX and CPSP.

Drawdown Indicators

	MMAX	CPSP	Difference
Max Drawdown Largest peak-to-trough decline	-1.93%	-1.73%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-0.34%	-0.37%	+0.03%
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.08%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	0.07%	0.00%

Volatility

MMAX vs. CPSP - Volatility Comparison

iShares Large Cap Max Buffer Mar ETF (MMAX) has a higher volatility of 0.36% compared to Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) at 0.32%. This indicates that MMAX's price experiences larger fluctuations and is considered to be riskier than CPSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMAX	CPSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	0.32%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.96%	0.84%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	1.39%	1.42%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.49%	2.37%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.49%	2.37%	+0.12%

MMAX vs. CPSP - Expense Ratio Comparison

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

Dividends

MMAX vs. CPSP - Dividend Comparison

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

Position	TTM	2025
CPSP Calamos S&P 500 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 CPSP in my portfolio?

MMAX and CPSP have a correlation of 0.57, 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 CPSP?

MMAX has higher volatility (0.36%) compared to CPSP (0.32%). In terms of maximum drawdown, MMAX dropped -1.93% vs CPSP's -1.73%.

Which ETF is better, MMAX or CPSP?

On 1-year performance, MMAX leads with 7.67% vs 7.13% for CPSP. 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 CPSP?

Over the 1-year period, MMAX has performed better with a 7.67% return vs 7.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMAX or CPSP?

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

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

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

What is the main difference between MMAX and CPSP?

MMAX is categorized as Defined Outcome, while CPSP is S&P 500. They also come from different issuers: iShares and Calamos. Their fees differ too: 0.50% for MMAX and 0.69% for CPSP.

Which has better risk-adjusted returns?

MMAX currently has the higher Sharpe Ratio (5.52 vs 5.08), 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.