CBTA vs. CSHP
CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - CBTA is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. CBTA is passively managed, while CSHP is actively managed. Over the past year, CBTA returned -33.12% vs 4.19% for CSHP. Their -0.03 correlation means they have often moved in opposite directions in the past. CBTA charges 0.69%/yr vs 0.20%/yr for CSHP.
Performance
CBTA vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, CBTA achieves a -24.45% return, which is significantly lower than CSHP's 2.53% return.
CBTA
- 1D
- 0.83%
- 1M
- 2.26%
- 6M
- -16.28%
- YTD
- -24.45%
- 1Y
- -33.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -11.98%
CSHP
- 1D
- 0.15%
- 1M
- 0.50%
- 6M
- 2.23%
- YTD
- 2.53%
- 1Y
- 4.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.28K | $37.33K | $32.42K | |
| $14.42M | $7.30M | $2.63M |
CBTA vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -24.45% | 11.82% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 2.53% | 3.11% |
Correlation
The correlation between CBTA and CSHP is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | -0.03 |
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Return for Risk
CBTA vs. CSHP — Risk / Return Rank
CBTA
CSHP
CBTA vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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.
| CBTA | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.81 | ||
| Sortino ratioReturn per unit of downside risk | -8.26 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 2.79 | -1.98 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 10.90 | -11.73 |
| Martin ratioReturn relative to average drawdown | -1.32 | 68.37 | -69.69 |
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Drawdowns
CBTA vs. CSHP - Drawdown Comparison
The maximum CBTA drawdown since its inception was -39.83%, which is greater than CSHP's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for CBTA and CSHP.
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Drawdown Indicators
| CBTA | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.83% | -0.39% | -39.44% |
Max Drawdown (1Y)Largest decline over 1 year | -39.83% | -0.39% | -39.44% |
Current DrawdownCurrent decline from peak | -36.91% | -0.12% | -36.79% |
Average DrawdownAverage peak-to-trough decline | -15.96% | -0.01% | -15.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.05% | 0.06% | +24.99% |
Volatility
CBTA vs. CSHP - Volatility Comparison
Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) has a higher volatility of 4.88% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 1.11%. This indicates that CBTA's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBTA | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 1.11% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 21.40% | 1.12% | +20.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.44% | 1.15% | +28.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.78% | 0.86% | +25.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.78% | 0.86% | +25.92% |
CBTA vs. CSHP - Expense Ratio Comparison
CBTA has a 0.69% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
CBTA vs. CSHP - Dividend Comparison
CBTA's dividend yield for the trailing twelve months is around 1.18%, less than CSHP's 4.10% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.18% | 0.89% | 0.00% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 4.10% | 5.39% | 1.96% |
Frequently Asked Questions
CBTA and CSHP have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CBTA has higher volatility (4.88%) compared to CSHP (1.11%). In terms of maximum drawdown, CBTA dropped -39.83% vs CSHP's -0.39%.
On 1-year performance, CSHP leads with 4.19% vs -33.12% for CBTA. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 4.19% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.69% for CBTA.
CSHP has the higher dividend yield at 4.10%, compared with 1.18% for CBTA.
CBTA is categorized as Defined Outcome, while CSHP is Ultrashort Bond. They also come from different issuers: Calamos and iShares. Their fees differ too: 0.69% for CBTA and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (3.67 vs -1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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