CBOA vs. OOSP

Last updated Aug 1, 2026

CBOA (Calamos Bitcoin Structured Alt Protection ETF - April) and OOSP (Obra Opportunistic Structured Products ETF) are both exchange-traded funds - CBOA is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while OOSP is a Multisector Bonds fund actively managed by Obra. CBOA is passively managed, while OOSP is actively managed. Over the past year, CBOA returned -6.31% vs 5.94% for OOSP. Their -0.05 correlation means they have often moved in opposite directions in the past. CBOA charges 0.69%/yr vs 0.90%/yr for OOSP.

Performance

CBOA vs. OOSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) and Obra Opportunistic Structured Products ETF (OOSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOA achieves a -6.06% return, which is significantly lower than OOSP's 3.25% return.

CBOA

• 1D: -0.29%
• 1M: 0.47%
• 6M: -5.57%
• YTD: -6.06%
• 1Y: -6.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.89%

OOSP

• 1D: 0.05%
• 1M: 0.26%
• 6M: 2.19%
• YTD: 3.25%
• 1Y: 5.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.39%

*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)
CBOA Calamos Bitcoin Structured Alt Protection ETF - April	$57.65K	$34.69K	$27.25K
OOSP Obra Opportunistic Structured Products ETF	$61.71K	$74.09K	$68.76K

CBOA vs. OOSP - Yearly Performance Comparison

	2026 (YTD)	2025
CBOA Calamos Bitcoin Structured Alt Protection ETF - April	-6.06%	5.22%
OOSP Obra Opportunistic Structured Products ETF	3.25%	5.17%

Correlation

The correlation between CBOA and OOSP is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.05
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	-0.05

Return for Risk

CBOA vs. OOSP — Risk / Return Rank

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

CBOA

CBOA Risk / Return Rank: 2
CBOA Sharpe Ratio Rank: 0
CBOA Sortino Ratio Rank: 2
CBOA Omega Ratio Rank: 1
CBOA Calmar Ratio Rank: 3
CBOA Martin Ratio Rank: 3

OOSP

OOSP Risk / Return Rank: 83
OOSP Sharpe Ratio Rank: 72
OOSP Sortino Ratio Rank: 74
OOSP Omega Ratio Rank: 81
OOSP Calmar Ratio Rank: 94
OOSP Martin Ratio Rank: 93

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.

CBOA vs. OOSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) and Obra Opportunistic Structured Products ETF (OOSP). 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	OOSP	Difference
Sharpe ratio: Return per unit of total volatility	-1.19	1.64	-2.83
Sortino ratio: Return per unit of downside risk	-1.52	2.39	-3.91
Omega ratio: Gain probability vs. loss probability	0.81	1.34	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.73	4.74	-5.48
Martin ratio: Return relative to average drawdown	-1.25	17.26	-18.51

CBOA vs. OOSP - Sharpe Ratio Comparison

The current CBOA Sharpe Ratio is -1.19, which is lower than the OOSP Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of CBOA and OOSP, 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

CBOA vs. OOSP - Drawdown Comparison

The maximum CBOA drawdown since its inception was -8.92%, which is greater than OOSP's maximum drawdown of -1.31%. Use the drawdown chart below to compare losses from any high point for CBOA and OOSP.

Drawdown Indicators

	CBOA	OOSP	Difference
Max Drawdown Largest peak-to-trough decline	-8.92%	-1.31%	-7.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.92%	-1.31%	-7.61%
Current Drawdown Current decline from peak	-7.91%	-0.08%	-7.83%
Average Drawdown Average peak-to-trough decline	-3.07%	-0.20%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	0.36%	+4.83%

Volatility

CBOA vs. OOSP - Volatility Comparison

The current volatility for Calamos Bitcoin Structured Alt Protection ETF - April (CBOA) is 1.05%, while Obra Opportunistic Structured Products ETF (OOSP) has a volatility of 1.22%. This indicates that CBOA experiences smaller price fluctuations and is considered to be less risky than OOSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBOA	OOSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.05%	1.22%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	2.36%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	5.49%	3.79%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	3.36%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	3.36%	+1.66%

CBOA vs. OOSP - Expense Ratio Comparison

CBOA has a 0.69% expense ratio, which is lower than OOSP's 0.90% expense ratio.

Dividends

CBOA vs. OOSP - Dividend Comparison

CBOA's dividend yield for the trailing twelve months is around 2.38%, less than OOSP's 6.40% yield.

Position	TTM	2025	2024
CBOA Calamos Bitcoin Structured Alt Protection ETF - April	2.38%	2.24%	0.00%
OOSP Obra Opportunistic Structured Products ETF	6.40%	6.71%	5.42%

Frequently Asked Questions

Can I hold both CBOA and OOSP in my portfolio?

CBOA and OOSP have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOA or OOSP?

OOSP has higher volatility (1.22%) compared to CBOA (1.05%). In terms of maximum drawdown, CBOA dropped -8.92% vs OOSP's -1.31%.

Which ETF is better, CBOA or OOSP?

On 1-year performance, OOSP leads with 5.94% vs -6.31% for CBOA. On fees, CBOA is cheaper at 0.69% per year. On volatility, CBOA has been the lower-risk option at 1.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOA or OOSP?

Over the 1-year period, OOSP has performed better with a 5.94% return vs -6.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOA or OOSP?

CBOA is cheaper with a 0.69% expense ratio, compared with 0.90% for OOSP.

Which ETF pays a higher dividend yield, CBOA or OOSP?

OOSP has the higher dividend yield at 6.40%, compared with 2.38% for CBOA.

What is the main difference between CBOA and OOSP?

CBOA is categorized as Defined Outcome, while OOSP is Multisector Bonds. They also come from different issuers: Calamos and Obra. Their fees differ too: 0.69% for CBOA and 0.90% for OOSP.

Which has better risk-adjusted returns?

OOSP currently has the higher Sharpe Ratio (1.64 vs -1.19), 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.