CBOJ vs. CPSU

Last updated Aug 4, 2026

CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) and CPSU (Calamos S&P 500 Structured Alt Protection ETF - June) are both Defined Outcome funds from Calamos. CBOJ is passively managed, while CPSU is actively managed. Over the past year, CBOJ returned -5.58% vs 5.34% for CPSU. Their 0.41 correlation means their historical movements had little consistent relationship. Both charge a 0.69% expense ratio.

Performance

CBOJ vs. CPSU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Calamos S&P 500 Structured Alt Protection ETF - June (CPSU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOJ achieves a -1.54% return, which is significantly lower than CPSU's 2.61% return.

CBOJ

• 1D: 0.21%
• 1M: 0.24%
• 6M: -0.55%
• YTD: -1.54%
• 1Y: -5.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.55%

CPSU

• 1D: 0.27%
• 1M: 0.54%
• 6M: 2.17%
• YTD: 2.61%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.02%

*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)
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	$91.16K	$69.82K	$86.34K
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	$61.17K	$44.34K	$282.25K

CBOJ vs. CPSU - Yearly Performance Comparison

	2026 (YTD)	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.54%	-2.47%
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	2.61%	4.35%

Correlation

The correlation between CBOJ and CPSU is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.41

Return for Risk

CBOJ vs. CPSU — Risk / Return Rank

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

CBOJ

CBOJ Risk / Return Rank: 2
CBOJ Sharpe Ratio Rank: 1
CBOJ Sortino Ratio Rank: 2
CBOJ Omega Ratio Rank: 2
CBOJ Calmar Ratio Rank: 4
CBOJ Martin Ratio Rank: 5

CPSU

CPSU Risk / Return Rank: 94
CPSU Sharpe Ratio Rank: 93
CPSU Sortino Ratio Rank: 94
CPSU Omega Ratio Rank: 96
CPSU Calmar Ratio Rank: 94
CPSU Martin Ratio Rank: 95

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.

CBOJ vs. CPSU - 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 S&P 500 Structured Alt Protection ETF - June (CPSU). 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	CPSU	Difference
Sharpe ratio: Return per unit of total volatility	-1.18	2.62	-3.80
Sortino ratio: Return per unit of downside risk	-1.58	4.01	-5.60
Omega ratio: Gain probability vs. loss probability	0.82	1.63	-0.81
Calmar ratio: Return relative to maximum drawdown	-0.66	5.21	-5.88
Martin ratio: Return relative to average drawdown	-0.94	22.65	-23.59

CBOJ vs. CPSU - Sharpe Ratio Comparison

The current CBOJ Sharpe Ratio is -1.18, which is lower than the CPSU Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of CBOJ and CPSU, 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

CBOJ vs. CPSU - Drawdown Comparison

The maximum CBOJ drawdown since its inception was -8.44%, which is greater than CPSU's maximum drawdown of -1.03%. Use the drawdown chart below to compare losses from any high point for CBOJ and CPSU.

Drawdown Indicators

	CBOJ	CPSU	Difference
Max Drawdown Largest peak-to-trough decline	-8.44%	-1.03%	-7.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-1.03%	-7.41%
Current Drawdown Current decline from peak	-7.86%	0.00%	-7.86%
Average Drawdown Average peak-to-trough decline	-3.64%	-0.11%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	0.24%	+5.73%

Volatility

CBOJ vs. CPSU - Volatility Comparison

The current volatility for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) is 0.71%, while Calamos S&P 500 Structured Alt Protection ETF - June (CPSU) has a volatility of 0.88%. This indicates that CBOJ experiences smaller price fluctuations and is considered to be less risky than CPSU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBOJ	CPSU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	0.88%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	1.82%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	4.75%	2.05%	+2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.40%	1.97%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	1.97%	+2.43%

CBOJ vs. CPSU - Expense Ratio Comparison

Both CBOJ and CPSU have an expense ratio of 0.69%.

Dividends

CBOJ vs. CPSU - Dividend Comparison

CBOJ's dividend yield for the trailing twelve months is around 3.20%, while CPSU has not paid dividends to shareholders.

Position	TTM	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.20%	3.16%
CPSU Calamos S&P 500 Structured Alt Protection ETF - June	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOJ and CPSU in my portfolio?

CBOJ and CPSU have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOJ or CPSU?

CPSU has higher volatility (0.88%) compared to CBOJ (0.71%). In terms of maximum drawdown, CBOJ dropped -8.44% vs CPSU's -1.03%.

Which ETF is better, CBOJ or CPSU?

On 1-year performance, CPSU leads with 5.34% vs -5.58% for CBOJ. Both ETFs have the same 0.69% expense ratio. On volatility, CBOJ has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOJ or CPSU?

Over the 1-year period, CPSU has performed better with a 5.34% return vs -5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOJ or CPSU?

CBOJ and CPSU have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CBOJ or CPSU?

CBOJ has the higher dividend yield at 3.20%, compared with 0.00% for CPSU.

Which has better risk-adjusted returns?

CPSU currently has the higher Sharpe Ratio (2.62 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.