CBOY vs. CPNS

Last updated Jun 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos - CBOY tracks the CBOE Bitcoin US ETF Index while CPNS tracks the MerQube Cap Protect US Large Cap Tech PR Index - Sep. Both are passively managed. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CBOY vs. CPNS - 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 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, CBOY achieves a -0.57% return, which is significantly lower than CPNS's 3.00% return.

CBOY

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

CPNS

• 1D: -0.04%
• 1M: 0.78%
• YTD: 3.00%
• 6M: 3.17%
• 1Y: 7.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOY vs. CPNS - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	-0.40%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.00%	3.16%

Correlation

The correlation between CBOY and CPNS is 0.27, 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	0.27

Return for Risk

CBOY vs. CPNS — Risk / Return Rank

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

CPNS

CPNS Risk / Return Rank: 95
CPNS Sharpe Ratio Rank: 94
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 91
CPNS 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.

CBOY vs. CPNS - 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 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.

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

Sharpe Ratios by Period

	CBOY	CPNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	2.18	-2.51

Drawdowns

CBOY vs. CPNS - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, roughly equal to the maximum CPNS drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CBOY and CPNS.

Drawdown Indicators

	CBOY	CPNS	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-3.99%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.31%	—
Current Drawdown Current decline from peak	-3.38%	-0.05%	-3.33%
Average Drawdown Average peak-to-trough decline	-2.18%	-0.36%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	CBOY	CPNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	2.14%	+1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	3.48%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	3.48%	-0.16%

CBOY vs. CPNS - Expense Ratio Comparison

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

Dividends

CBOY vs. CPNS - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.38%, while CPNS has not paid dividends to shareholders.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOY and CPNS in my portfolio?

CBOY and CPNS have a correlation of 0.27, 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 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, CBOY or CPNS?

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

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

CBOY has the higher dividend yield at 1.38%, compared with 0.00% for CPNS.

What is the main difference between CBOY and CPNS?

CBOY tracks CBOE Bitcoin US ETF Index, while CPNS tracks MerQube Cap Protect US Large Cap Tech PR Index - Sep.