SMAX vs. CPSM

Last updated Jun 23, 2026

SMAX (iShares Large Cap Max Buffer Sep ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds. Both are actively managed. Over the past year, SMAX returned 9.07% vs 5.49% for CPSM. A 0.65 correlation means they provide meaningful diversification when combined. SMAX charges 0.50%/yr vs 0.69%/yr for CPSM.

Performance

SMAX vs. CPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Sep ETF (SMAX) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMAX achieves a 3.21% return, which is significantly higher than CPSM's 2.08% return.

SMAX

• 1D: -0.05%
• 1M: 0.36%
• YTD: 3.21%
• 6M: 3.24%
• 1Y: 9.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSM

• 1D: -0.07%
• 1M: 0.05%
• YTD: 2.08%
• 6M: 2.19%
• 1Y: 5.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMAX vs. CPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAX iShares Large Cap Max Buffer Sep ETF	3.21%	8.01%	1.06%
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	2.08%	7.21%	1.29%

Correlation

The correlation between SMAX and CPSM is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.65

The correlation between SMAX and CPSM has been stable across timeframes, ranging from 0.60 to 0.65 - a consistent structural relationship.

Return for Risk

SMAX vs. CPSM — Risk / Return Rank

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

SMAX

SMAX Risk / Return Rank: 93
SMAX Sharpe Ratio Rank: 94
SMAX Sortino Ratio Rank: 96
SMAX Omega Ratio Rank: 95
SMAX Calmar Ratio Rank: 87
SMAX Martin Ratio Rank: 94

CPSM

CPSM Risk / Return Rank: 96
CPSM Sharpe Ratio Rank: 94
CPSM Sortino Ratio Rank: 96
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 97
CPSM Martin Ratio Rank: 98

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.

SMAX vs. CPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) and Calamos S&P 500 Structured Alt Protection ETF - May (CPSM). 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.

	SMAX	CPSM	Difference
Sharpe ratio: Return per unit of total volatility	3.36	3.35	+0.01
Sortino ratio: Return per unit of downside risk	5.17	5.42	-0.24
Omega ratio: Gain probability vs. loss probability	1.72	1.73	0.00
Calmar ratio: Return relative to maximum drawdown	4.76	11.26	-6.50
Martin ratio: Return relative to average drawdown	25.48	49.30	-23.82

SMAX vs. CPSM - Sharpe Ratio Comparison

The current SMAX Sharpe Ratio is 3.36, which is comparable to the CPSM Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of SMAX and CPSM, 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

SMAX vs. CPSM - Drawdown Comparison

The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum CPSM drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for SMAX and CPSM.

Drawdown Indicators

	SMAX	CPSM	Difference
Max Drawdown Largest peak-to-trough decline	-3.90%	-5.19%	+1.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.91%	-0.49%	-1.42%
Current Drawdown Current decline from peak	-0.07%	-0.25%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.40%	-0.20%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.11%	+0.25%

Volatility

SMAX vs. CPSM - Volatility Comparison

iShares Large Cap Max Buffer Sep ETF (SMAX) has a higher volatility of 0.73% compared to Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) at 0.64%. This indicates that SMAX's price experiences larger fluctuations and is considered to be riskier than CPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMAX	CPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.64%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	1.17%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	1.65%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.65%	5.05%	-1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.65%	5.05%	-1.40%

SMAX vs. CPSM - Expense Ratio Comparison

SMAX has a 0.50% expense ratio, which is lower than CPSM's 0.69% expense ratio.

Dividends

SMAX vs. CPSM - Dividend Comparison

SMAX's dividend yield for the trailing twelve months is around 0.95%, while CPSM has not paid dividends to shareholders.

Position	TTM	2025	2024
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%	0.00%
SMAX iShares Large Cap Max Buffer Sep ETF	0.95%	0.98%	0.27%

Frequently Asked Questions

Can I hold both SMAX and CPSM in my portfolio?

SMAX and CPSM have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMAX or CPSM?

SMAX has higher volatility (0.73%) compared to CPSM (0.64%). In terms of maximum drawdown, SMAX dropped -3.90% vs CPSM's -5.19%.

Which ETF is better, SMAX or CPSM?

On 1-year performance, SMAX leads with 9.07% vs 5.49% for CPSM. On fees, SMAX 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, SMAX or CPSM?

Over the 1-year period, SMAX has performed better with a 9.07% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMAX or CPSM?

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

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

SMAX has the higher dividend yield at 0.95%, compared with 0.00% for CPSM.

What is the main difference between SMAX and CPSM?

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

Which has better risk-adjusted returns?

SMAX currently has the higher Sharpe Ratio (3.36 vs 3.35), 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.