CBOY vs. CANQ

Last updated Jun 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and CANQ (Calamos Alternative Nasdaq & Bond ETF) are both exchange-traded funds - CBOY is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while CANQ is a Nasdaq-100 fund actively managed by Calamos. CBOY is passively managed, while CANQ is actively managed. At a 0.33 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.90%/yr for CANQ.

Performance

CBOY vs. CANQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and Calamos Alternative Nasdaq & Bond ETF (CANQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOY achieves a -0.57% return, which is significantly lower than CANQ's 7.60% return.

CBOY

• 1D: -0.02%
• 1M: 0.10%
• YTD: -0.57%
• 6M: -1.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CANQ

• 1D: -0.37%
• 1M: 5.62%
• YTD: 7.60%
• 6M: 5.52%
• 1Y: 17.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOY vs. CANQ - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	-0.40%
CANQ Calamos Alternative Nasdaq & Bond ETF	7.60%	6.69%

Correlation

The correlation between CBOY and CANQ is 0.33, 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 Jul 9, 2025	0.33

Return for Risk

CBOY vs. CANQ — Risk / Return Rank

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

CANQ

CANQ Risk / Return Rank: 42
CANQ Sharpe Ratio Rank: 48
CANQ Sortino Ratio Rank: 48
CANQ Omega Ratio Rank: 47
CANQ Calmar Ratio Rank: 34
CANQ Martin Ratio Rank: 34

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.

CBOY vs. CANQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and Calamos Alternative Nasdaq & Bond ETF (CANQ). 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

	CBOY	CANQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	1.35	-1.67

Drawdowns

CBOY vs. CANQ - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum CANQ drawdown of -12.79%. Use the drawdown chart below to compare losses from any high point for CBOY and CANQ.

Drawdown Indicators

	CBOY	CANQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-12.79%	+8.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.77%	—
Current Drawdown Current decline from peak	-3.38%	-0.37%	-3.01%
Average Drawdown Average peak-to-trough decline	-2.18%	-2.95%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.47%	—

Volatility

Volatility by Period

	CBOY	CANQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.86%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	10.76%	-7.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	12.69%	-9.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	12.69%	-9.37%

CBOY vs. CANQ - Expense Ratio Comparison

CBOY has a 0.69% expense ratio, which is lower than CANQ's 0.90% expense ratio.

Dividends

CBOY vs. CANQ - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.38%, less than CANQ's 4.36% yield.

Position	TTM	2025	2024
CANQ Calamos Alternative Nasdaq & Bond ETF	4.36%	5.02%	4.19%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%	0.00%

Frequently Asked Questions

Can I hold both CBOY and CANQ in my portfolio?

CBOY and CANQ have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOY or CANQ?

On fees, CBOY 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, CBOY or CANQ?

CBOY is cheaper with a 0.69% expense ratio, compared with 0.90% for CANQ.

Which ETF pays a higher dividend yield, CBOY or CANQ?

CANQ has the higher dividend yield at 4.36%, compared with 1.38% for CBOY.

What is the main difference between CBOY and CANQ?

CBOY is categorized as Defined Outcome, while CANQ is Nasdaq-100. Their fees differ too: 0.69% for CBOY and 0.90% for CANQ.