CBTA vs. STEN
CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and STEN (iShares Large Cap 10% Target Buffer Sep ETF) are both Defined Outcome funds. CBTA is passively managed, while STEN is actively managed. Their 0.49 correlation means their historical movements had little consistent relationship. CBTA charges 0.69%/yr vs 0.50%/yr for STEN.
Performance
CBTA vs. STEN - 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 STEN's 9.45% return.
CBTA
- 1D
- 0.83%
- 1M
- 2.26%
- 6M
- -16.28%
- YTD
- -24.45%
- 1Y
- -33.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -11.98%
STEN
- 1D
- 0.88%
- 1M
- 1.63%
- 6M
- 7.87%
- YTD
- 9.45%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.28K | $37.33K | $32.42K | |
| $16.77K | $41.31K | $90.00K |
CBTA vs. STEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -24.45% | -13.91% |
STEN iShares Large Cap 10% Target Buffer Sep ETF | 9.45% | 2.36% |
Correlation
The correlation between CBTA and STEN is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.49 |
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Return for Risk
CBTA vs. STEN — Risk / Return Rank
CBTA
STEN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CBTA vs. STEN - 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 Large Cap 10% Target Buffer Sep ETF (STEN). 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 | STEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.81 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | — | — |
| Martin ratioReturn relative to average drawdown | -1.32 | — | — |
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Drawdowns
CBTA vs. STEN - Drawdown Comparison
The maximum CBTA drawdown since its inception was -39.83%, which is greater than STEN's maximum drawdown of -6.21%. Use the drawdown chart below to compare losses from any high point for CBTA and STEN.
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Drawdown Indicators
| CBTA | STEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.83% | -6.21% | -33.62% |
Max Drawdown (1Y)Largest decline over 1 year | -39.83% | — | — |
Current DrawdownCurrent decline from peak | -36.91% | 0.00% | -36.91% |
Average DrawdownAverage peak-to-trough decline | -15.96% | -0.90% | -15.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.05% | — | — |
Volatility
CBTA vs. STEN - Volatility Comparison
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Volatility by Period
| CBTA | STEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 21.40% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 29.44% | 9.37% | +20.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.78% | 9.37% | +17.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.78% | 9.37% | +17.41% |
CBTA vs. STEN - Expense Ratio Comparison
CBTA has a 0.69% expense ratio, which is higher than STEN's 0.50% expense ratio.
Dividends
CBTA vs. STEN - Dividend Comparison
CBTA's dividend yield for the trailing twelve months is around 1.18%, more than STEN's 0.29% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.18% | 0.89% |
STEN iShares Large Cap 10% Target Buffer Sep ETF | 0.29% | 0.31% |
Frequently Asked Questions
CBTA and STEN have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, STEN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
STEN is cheaper with a 0.50% expense ratio, compared with 0.69% for CBTA.
CBTA has the higher dividend yield at 1.18%, compared with 0.29% for STEN.
They also come from different issuers: Calamos and BlackRock. Their fees differ too: 0.69% for CBTA and 0.50% for STEN.
Find the right allocation for CBTA and STEN
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