- Issuer
- Calamos
- Inception Date
- Oct 13, 2025
- Region
- Global (Global)
- Category
- Defined Outcome, Cryptocurrency
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- US
- Distribution Policy
- Distributing
- Asset Class
- Cryptocurrency
Share Price Chart
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Performance
CBXL Performance Chart
Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL) is down 10.3% since the beginning of the year. CBXL is currently trading at $20 per share.
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Returns By Period
Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF
- 1D
- -0.23%
- 1M
- -2.69%
- YTD
- -10.32%
- 6M
- -10.89%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
CBXL Monthly Returns History
Based on dividend-adjusted daily data since Oct 14, 2025, CBXL's average daily return is -0.12%, while the average monthly return is -2.20%.
Historically, 11% of months were positive and 89% were negative. The best month was Apr 2026 with a return of +1.4%, while the worst month was Nov 2025 at -6.9%. The longest winning streak lasted 1 consecutive months, and the longest losing streak was 6 months.
On a daily basis, CBXL closed higher 43% of trading days. The best single day was Dec 2, 2025 with a return of +2.3%, while the worst single day was Jan 20, 2026 at -2.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.02% | -6.75% | -0.27% | 1.44% | -0.78% | -2.22% | -10.32% | ||||||
| 2025 | -0.45% | -6.91% | -1.81% | -9.01% |
Benchmark Metrics
Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF has an annualized alpha of -30.73%, beta of 0.45, and R2 of 0.21 versus S&P 500 Index. Calculated based on daily prices since October 14, 2025.
- This ETF participated in 130.94% of S&P 500 Index downside but only -33.28% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.45 may look defensive, but with R2 of 0.21 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.21 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -30.73%
- Beta
- 0.45
- R²
- 0.21
- Upside Capture
- -33.28%
- Downside Capture
- 130.94%
Expense Ratio
CBXL has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL) and compare them to S&P 500 Index.
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.
| CBXL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.66 | — |
| Martin ratioReturn relative to average drawdown | — | 11.86 | — |
Dividends
Dividend History
Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF provided a 1.59% dividend yield over the last twelve months, with an annual payout of $0.32 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $0.32 | $0.32 |
Dividend yield | 1.59% | 1.42% |
Monthly Dividends
The table displays the monthly dividend distributions for Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.32 | $0.32 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF was 19.49%, occurring on Jun 5, 2026. The portfolio has not yet recovered.
The current Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF drawdown is 19.20%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 correction2026 | -19.49%Jun 2026 | 7mo 10d | — | 7mo 27dOct 2025 - now |
2025 pullback2025 | -2.00%Oct 2025 | 2d | 10d | 12dOct 2025 - Oct 2025 |
Drawdown Indicators
| CBXL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -56.78% | +37.29% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -19.20% | -2.49% | -16.71% |
Average DrawdownAverage peak-to-trough decline | -12.52% | -10.72% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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