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. A 0.51 correlation means they provide meaningful diversification when combined. 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 -25.50% return, which is significantly lower than STEN's 6.53% return.
CBTA
- 1D
- -1.88%
- 1M
- -9.31%
- YTD
- -25.50%
- 6M
- -28.82%
- 1Y
- -30.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
STEN
- 1D
- -0.86%
- 1M
- -0.34%
- YTD
- 6.53%
- 6M
- 6.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTA vs. STEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -25.50% | -13.91% |
STEN iShares Large Cap 10% Target Buffer Sep ETF | 6.53% | 2.36% |
Correlation
The correlation between CBTA and STEN is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025 | 0.51 |
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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 | 0.83 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | — | — |
| Martin ratioReturn relative to average drawdown | -1.38 | — | — |
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Drawdowns
CBTA vs. STEN - Drawdown Comparison
The maximum CBTA drawdown since its inception was -38.87%, 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 | -38.87% | -6.21% | -32.66% |
Max Drawdown (1Y)Largest decline over 1 year | -38.87% | — | — |
Current DrawdownCurrent decline from peak | -37.79% | -1.47% | -36.32% |
Average DrawdownAverage peak-to-trough decline | -13.99% | -0.93% | -13.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.73% | — | — |
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 | 6.69% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 24.14% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 29.24% | 9.46% | +19.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.51% | 9.46% | +18.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.51% | 9.46% | +18.05% |
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 1.20%, more than STEN's 0.29% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.20% | 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 0.51, 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 1.20%, 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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