CBOO vs. CPSA

Last updated Jun 4, 2026

CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) and CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) are both Defined Outcome funds from Calamos. CBOO is actively managed, while CPSA is passively managed. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CBOO vs. CPSA - 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 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, CBOO achieves a -0.04% return, which is significantly lower than CPSA's 2.81% return.

CBOO

• 1D: -0.04%
• 1M: -0.00%
• YTD: -0.04%
• 6M: -0.22%
• 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)

CBOO vs. CPSA - Yearly Performance Comparison

	2026 (YTD)	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	-0.04%	-1.62%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	2.81%	1.03%

Correlation

The correlation between CBOO and CPSA is 0.29, 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 8, 2025	0.29

Return for Risk

CBOO 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.

CBOO vs. CPSA - 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 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

	CBOO	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	-1.19	1.84	-3.02

Drawdowns

CBOO vs. CPSA - Drawdown Comparison

The maximum CBOO drawdown since its inception was -2.34%, smaller than the maximum CPSA drawdown of -4.72%. Use the drawdown chart below to compare losses from any high point for CBOO and CPSA.

Drawdown Indicators

	CBOO	CPSA	Difference
Max Drawdown Largest peak-to-trough decline	-2.34%	-4.72%	+2.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.47%	—
Current Drawdown Current decline from peak	-1.72%	0.00%	-1.72%
Average Drawdown Average peak-to-trough decline	-1.61%	-0.38%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.26%	—

Volatility

Volatility by Period

	CBOO	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	2.14%	2.33%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.14%	4.14%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.14%	4.14%	-2.00%

CBOO vs. CPSA - Expense Ratio Comparison

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

Dividends

CBOO vs. CPSA - Dividend Comparison

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

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOO and CPSA in my portfolio?

CBOO and CPSA have a correlation of 0.29, 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 CPSA?

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 CPSA?

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

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

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