CBOL vs. CPSA

Last updated Jun 4, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) are both Defined Outcome funds from Calamos. CBOL is actively managed, while CPSA is passively managed. At a 0.46 correlation, their price movements are largely independent. CBOL charges 0.79%/yr vs 0.69%/yr for CPSA.

Performance

CBOL vs. CPSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and Calamos S&P 500 Structured Alt Protection ETF - August (CPSA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOL achieves a -2.03% return, which is significantly lower than CPSA's 2.81% return.

CBOL

• 1D: -0.13%
• 1M: -0.78%
• YTD: -2.03%
• 6M: -2.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSA

• 1D: 0.00%
• 1M: 0.89%
• YTD: 2.81%
• 6M: 3.15%
• 1Y: 8.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBOL vs. CPSA - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.03%	-2.47%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	2.81%	1.11%

Correlation

The correlation between CBOL and CPSA is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.46

Return for Risk

CBOL vs. CPSA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPSA

CPSA Risk / Return Rank: 94
CPSA Sharpe Ratio Rank: 94
CPSA Sortino Ratio Rank: 96
CPSA Omega Ratio Rank: 96
CPSA Calmar Ratio Rank: 90
CPSA Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBOL vs. CPSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and Calamos S&P 500 Structured Alt Protection ETF - August (CPSA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CBOL	CPSA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.80	1.84	-3.63

Drawdowns

CBOL vs. CPSA - Drawdown Comparison

The maximum CBOL drawdown since its inception was -4.91%, roughly equal to the maximum CPSA drawdown of -4.72%. Use the drawdown chart below to compare losses from any high point for CBOL and CPSA.

Drawdown Indicators

	CBOL	CPSA	Difference
Max Drawdown Largest peak-to-trough decline	-4.91%	-4.72%	-0.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.47%	—
Current Drawdown Current decline from peak	-4.64%	0.00%	-4.64%
Average Drawdown Average peak-to-trough decline	-3.21%	-0.38%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.26%	—

Volatility

Volatility by Period

	CBOL	CPSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.88%	2.33%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	4.14%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	4.14%	-0.26%

CBOL vs. CPSA - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than CPSA's 0.69% expense ratio.

Dividends

CBOL vs. CPSA - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, while CPSA has not paid dividends to shareholders.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOL and CPSA in my portfolio?

CBOL and CPSA have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOL or CPSA?

On fees, CPSA is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or CPSA?

CPSA is cheaper with a 0.69% expense ratio, compared with 0.79% for CBOL.

Which ETF pays a higher dividend yield, CBOL or CPSA?

CBOL has the higher dividend yield at 1.83%, compared with 0.00% for CPSA.

What is the main difference between CBOL and CPSA?

Their fees differ too: 0.79% for CBOL and 0.69% for CPSA.