CBOL vs. CPSL

Last updated Jun 26, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and CPSL (Calamos Laddered S&P 500 Structured Alt Protection ETF) are both Defined Outcome funds from Calamos. Both are actively managed. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

CBOL vs. CPSL - 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 Laddered S&P 500 Structured Alt Protection ETF (CPSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOL achieves a -2.26% return, which is significantly lower than CPSL's 2.47% return.

CBOL

• 1D: 0.02%
• 1M: -0.89%
• YTD: -2.26%
• 6M: -2.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSL

• 1D: 0.09%
• 1M: -0.04%
• YTD: 2.47%
• 6M: 2.26%
• 1Y: 6.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. CPSL - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.26%	-2.04%
CPSL Calamos Laddered S&P 500 Structured Alt Protection ETF	2.47%	1.17%

Correlation

The correlation between CBOL and CPSL is 0.37, 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 14, 2025	0.37

Return for Risk

CBOL vs. CPSL — Risk / Return Rank

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

CBOL

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

CPSL

CPSL Risk / Return Rank: 94
CPSL Sharpe Ratio Rank: 93
CPSL Sortino Ratio Rank: 95
CPSL Omega Ratio Rank: 93
CPSL Calmar Ratio Rank: 92
CPSL 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. CPSL - 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 Laddered S&P 500 Structured Alt Protection ETF (CPSL). 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.

	CBOL	CPSL	Difference
Sharpe ratio: Return per unit of total volatility	—	2.88	—
Sortino ratio: Return per unit of downside risk	—	4.61	—
Omega ratio: Gain probability vs. loss probability	—	1.56	—
Calmar ratio: Return relative to maximum drawdown	—	5.42	—
Martin ratio: Return relative to average drawdown	—	26.95	—

Drawdowns

CBOL vs. CPSL - Drawdown Comparison

The maximum CBOL drawdown since its inception was -5.05%, which is greater than CPSL's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for CBOL and CPSL.

Drawdown Indicators

	CBOL	CPSL	Difference
Max Drawdown Largest peak-to-trough decline	-5.05%	-3.72%	-1.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.18%	—
Current Drawdown Current decline from peak	-4.87%	-0.34%	-4.53%
Average Drawdown Average peak-to-trough decline	-3.32%	-0.33%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	CBOL	CPSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.57%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	2.22%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.81%	3.31%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.81%	3.31%	+0.50%

CBOL vs. CPSL - Expense Ratio Comparison

Both CBOL and CPSL have an expense ratio of 0.79%.

Dividends

CBOL vs. CPSL - Dividend Comparison

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

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

Frequently Asked Questions

Can I hold both CBOL and CPSL in my portfolio?

CBOL and CPSL have a correlation of 0.37, 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 CPSL?

Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOL or CPSL?

CBOL and CPSL have the same expense ratio: 0.79% per year.

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

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