CBOO vs. CPNS

Last updated Jun 24, 2026

CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos. CBOO is actively managed, while CPNS is passively managed. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CBOO vs. CPNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOO achieves a 0.10% return, which is significantly lower than CPNS's 3.05% return.

CBOO

• 1D: 0.04%
• 1M: 0.16%
• YTD: 0.10%
• 6M: 0.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNS

• 1D: -0.18%
• 1M: 0.16%
• YTD: 3.05%
• 6M: 2.93%
• 1Y: 7.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOO vs. CPNS - Yearly Performance Comparison

	2026 (YTD)	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.10%	-1.66%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.05%	0.88%

Correlation

The correlation between CBOO and CPNS is 0.34, 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 7, 2025	0.34

Return for Risk

CBOO vs. CPNS — Risk / Return Rank

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

CBOO

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

CPNS

CPNS Risk / Return Rank: 95
CPNS Sharpe Ratio Rank: 95
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 92
CPNS Martin Ratio Rank: 96

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.

CBOO vs. CPNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - October (CBOO) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). 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.

	CBOO	CPNS	Difference
Sharpe ratio: Return per unit of total volatility	—	3.41	—
Sortino ratio: Return per unit of downside risk	—	5.20	—
Omega ratio: Gain probability vs. loss probability	—	1.74	—
Calmar ratio: Return relative to maximum drawdown	—	5.51	—
Martin ratio: Return relative to average drawdown	—	29.76	—

Drawdowns

CBOO vs. CPNS - Drawdown Comparison

The maximum CBOO drawdown since its inception was -2.34%, smaller than the maximum CPNS drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CBOO and CPNS.

Drawdown Indicators

	CBOO	CPNS	Difference
Max Drawdown Largest peak-to-trough decline	-2.34%	-3.99%	+1.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.31%	—
Current Drawdown Current decline from peak	-1.58%	-0.19%	-1.39%
Average Drawdown Average peak-to-trough decline	-1.60%	-0.36%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	CBOO	CPNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.07%	2.14%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	3.51%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.07%	3.51%	-1.44%

CBOO vs. CPNS - Expense Ratio Comparison

Both CBOO and CPNS have an expense ratio of 0.69%.

Dividends

CBOO vs. CPNS - Dividend Comparison

CBOO's dividend yield for the trailing twelve months is around 0.57%, while CPNS has not paid dividends to shareholders.

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOO and CPNS in my portfolio?

CBOO and CPNS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOO or CPNS?

Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOO or CPNS?

CBOO and CPNS have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CBOO or CPNS?

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for CPNS.