APRW vs. CBOX

Last updated Aug 2, 2026

APRW (AllianzIM U.S. Large Cap Buffer20 Apr ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both Options Trading funds. Both are actively managed. Their 0.07 correlation means their historical movements had little consistent relationship. APRW charges 0.74%/yr vs 0.14%/yr for CBOX.

Performance

APRW vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

APRW

• 1D: 0.28%
• 1M: 0.61%
• 6M: 6.65%
• YTD: 7.14%
• 1Y: 11.33%
• 3Y*: 9.57%
• 5Y*: 7.07%
• 10Y*: —
• ALL TIME*: 7.37%

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)
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	$172.15K	$1.27M	$609.35K
CBOX Calamos Tax-Aware Collateral ETF	$7.89M	$8.89M	$7.14M

APRW vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	2.76%
CBOX Calamos Tax-Aware Collateral ETF	1.12%

Correlation

The correlation between APRW and CBOX is 0.07, 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	0.07

Return for Risk

APRW vs. CBOX — Risk / Return Rank

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

APRW

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

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.

APRW vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer20 Apr ETF (APRW) 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.

	APRW	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	3.98	—	—
Sortino ratio: Return per unit of downside risk	6.77	—	—
Omega ratio: Gain probability vs. loss probability	1.94	—	—
Calmar ratio: Return relative to maximum drawdown	12.40	—	—
Martin ratio: Return relative to average drawdown	61.04	—	—

Drawdowns

APRW vs. CBOX - Drawdown Comparison

The maximum APRW drawdown since its inception was -9.61%, which is greater than CBOX's maximum drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for APRW and CBOX.

Drawdown Indicators

	APRW	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-9.61%	-2.90%	-6.71%
Max Drawdown (1Y) Largest decline over 1 year	-0.89%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-9.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.61%	—	—
Current Drawdown Current decline from peak	0.00%	-2.30%	+2.30%
Average Drawdown Average peak-to-trough decline	-1.10%	-1.47%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.18%	—	—

Volatility

Volatility by Period

	APRW	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	7.83%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.73%	7.83%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.35%	7.83%	-1.48%

APRW vs. CBOX - Expense Ratio Comparison

APRW has a 0.74% expense ratio, which is higher than CBOX's 0.14% expense ratio.

Dividends

APRW vs. CBOX - Dividend Comparison

Neither APRW nor CBOX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
APRW AllianzIM U.S. Large Cap Buffer20 Apr ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.67%
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRW and CBOX in my portfolio?

APRW and CBOX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, APRW 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, APRW or CBOX?

CBOX is cheaper with a 0.14% expense ratio, compared with 0.74% for APRW.

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

APRW and CBOX have nearly identical dividend yields, around 0.00%.

What is the main difference between APRW and CBOX?

They also come from different issuers: Allianz and Calamos. Their fees differ too: 0.74% for APRW and 0.14% for CBOX.