CBOJ vs. CPRA
CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) and CPRA (Calamos Russell 2000 Structured Alt Protection ETF - April) are both Defined Outcome funds from Calamos. CBOJ is passively managed, while CPRA is actively managed. Over the past year, CBOJ returned -5.58% vs 9.06% for CPRA. Their 0.44 correlation means their historical movements had little consistent relationship. Both charge a 0.69% expense ratio.
Performance
CBOJ vs. CPRA - Performance Comparison
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Returns By Period
In the year-to-date period, CBOJ achieves a -1.54% return, which is significantly lower than CPRA's 4.77% return.
CBOJ
- 1D
- 0.21%
- 1M
- 0.24%
- 6M
- -0.55%
- YTD
- -1.54%
- 1Y
- -5.58%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -1.55%
CPRA
- 1D
- 0.18%
- 1M
- 0.50%
- 6M
- 4.06%
- YTD
- 4.77%
- 1Y
- 9.06%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 8.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $91.16K | $69.82K | $86.34K | |
| $23.72K | $26.42K | $31.57K |
CBOJ vs. CPRA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | -1.54% | 0.17% |
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April | 4.77% | 6.93% |
Correlation
The correlation between CBOJ and CPRA is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025 | 0.44 |
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Return for Risk
CBOJ vs. CPRA — Risk / Return Rank
CBOJ
CPRA
CBOJ vs. CPRA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA). 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.
| CBOJ | CPRA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.46 | ||
| Sortino ratioReturn per unit of downside risk | -9.19 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 2.05 | -1.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | 10.20 | -10.87 |
| Martin ratioReturn relative to average drawdown | -0.94 | 58.41 | -59.34 |
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Drawdowns
CBOJ vs. CPRA - Drawdown Comparison
The maximum CBOJ drawdown since its inception was -8.44%, which is greater than CPRA's maximum drawdown of -1.69%. Use the drawdown chart below to compare losses from any high point for CBOJ and CPRA.
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Drawdown Indicators
| CBOJ | CPRA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.44% | -1.69% | -6.75% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -0.89% | -7.55% |
Current DrawdownCurrent decline from peak | -7.86% | 0.00% | -7.86% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -0.14% | -3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.97% | 0.16% | +5.81% |
Volatility
CBOJ vs. CPRA - Volatility Comparison
Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) has a higher volatility of 0.71% compared to Calamos Russell 2000 Structured Alt Protection ETF - April (CPRA) at 0.47%. This indicates that CBOJ's price experiences larger fluctuations and is considered to be riskier than CPRA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOJ | CPRA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.47% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 2.32% | 1.36% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 2.13% | +2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.40% | 2.71% | +1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.40% | 2.71% | +1.69% |
CBOJ vs. CPRA - Expense Ratio Comparison
Both CBOJ and CPRA have an expense ratio of 0.69%.
Dividends
CBOJ vs. CPRA - Dividend Comparison
CBOJ's dividend yield for the trailing twelve months is around 3.20%, while CPRA has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | 3.20% | 3.16% |
CPRA Calamos Russell 2000 Structured Alt Protection ETF - April | 0.00% | 0.00% |
Frequently Asked Questions
CBOJ and CPRA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBOJ has higher volatility (0.71%) compared to CPRA (0.47%). In terms of maximum drawdown, CBOJ dropped -8.44% vs CPRA's -1.69%.
On 1-year performance, CPRA leads with 9.06% vs -5.58% for CBOJ. Both ETFs have the same 0.69% expense ratio. On volatility, CPRA has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CPRA has performed better with a 9.06% return vs -5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBOJ and CPRA have the same expense ratio: 0.69% per year.
CBOJ has the higher dividend yield at 3.20%, compared with 0.00% for CPRA.
CPRA currently has the higher Sharpe Ratio (4.28 vs -1.18), 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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