CBOA vs. CSHP
CBOA (Calamos Bitcoin Structured Alt Protection ETF - April) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - CBOA is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. CBOA is passively managed, while CSHP is actively managed. Over the past year, CBOA returned -5.36% vs 3.94% for CSHP. At a correlation of -0.10, they often move in opposite directions. CBOA charges 0.69%/yr vs 0.20%/yr for CSHP.
Performance
CBOA vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, CBOA achieves a -6.53% return, which is significantly lower than CSHP's 1.83% return.
CBOA
- 1D
- -0.41%
- 1M
- -1.85%
- YTD
- -6.53%
- 6M
- -6.48%
- 1Y
- -5.36%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.03%
- 1M
- 0.27%
- YTD
- 1.83%
- 6M
- 1.92%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOA vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOA Calamos Bitcoin Structured Alt Protection ETF - April | -6.53% | 5.22% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.83% | 3.11% |
Correlation
The correlation between CBOA and CSHP is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | -0.10 |
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Return for Risk
CBOA vs. CSHP — Risk / Return Rank
CBOA
CSHP
CBOA vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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.
| CBOA | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.08 | ||
| Sortino ratioReturn per unit of downside risk | -28.85 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 6.46 | -5.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 65.45 | -66.07 |
| Martin ratioReturn relative to average drawdown | -1.20 | 381.67 | -382.87 |
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Drawdowns
CBOA vs. CSHP - Drawdown Comparison
The maximum CBOA drawdown since its inception was -8.65%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for CBOA and CSHP.
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Drawdown Indicators
| CBOA | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.65% | -0.08% | -8.57% |
Max Drawdown (1Y)Largest decline over 1 year | -8.65% | -0.06% | -8.59% |
Current DrawdownCurrent decline from peak | -8.36% | -0.04% | -8.32% |
Average DrawdownAverage peak-to-trough decline | -2.62% | -0.00% | -2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 0.01% | +4.45% |
Volatility
CBOA vs. CSHP - Volatility Comparison
Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) has a higher volatility of 1.37% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.16%. This indicates that CBOA's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOA | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 0.16% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.55% | 0.27% | +4.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.45% | 0.36% | +5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.13% | 0.41% | +4.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 0.41% | +4.72% |
CBOA vs. CSHP - Expense Ratio Comparison
CBOA has a 0.69% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
CBOA vs. CSHP - Dividend Comparison
CBOA's dividend yield for the trailing twelve months is around 2.40%, less than CSHP's 3.91% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBOA Calamos Bitcoin Structured Alt Protection ETF - April | 2.40% | 2.24% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% |
Frequently Asked Questions
CBOA and CSHP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOA has higher volatility (1.37%) compared to CSHP (0.16%). In terms of maximum drawdown, CBOA dropped -8.65% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -5.36% for CBOA. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.94% return vs -5.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.69% for CBOA.
CSHP has the higher dividend yield at 3.91%, compared with 2.40% for CBOA.
CBOA is categorized as Defined Outcome, while CSHP is Ultrashort Bond. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBOA and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.09 vs -0.99), 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.
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