CBTL vs. CANQ
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and CANQ (Calamos Alternative Nasdaq & Bond ETF) are both exchange-traded funds - CBTL is a Defined Outcome fund actively managed by Calamos, while CANQ is a Nasdaq-100 fund actively managed by Calamos. Both are actively managed. Their 0.45 correlation means their historical movements had little consistent relationship. CBTL charges 0.79%/yr vs 0.90%/yr for CANQ.
Performance
CBTL vs. CANQ - Performance Comparison
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Returns By Period
In the year-to-date period, CBTL achieves a -14.83% return, which is significantly lower than CANQ's 5.37% return.
CBTL
- 1D
- 0.31%
- 1M
- 0.62%
- 6M
- -6.28%
- YTD
- -14.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
CANQ
- 1D
- -0.61%
- 1M
- -0.11%
- 6M
- 6.15%
- YTD
- 5.37%
- 1Y
- 10.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.33K | $67.45K | $119.50K | |
| $27.38K | $84.45K | $56.61K |
CBTL vs. CANQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.83% | -14.09% |
CANQ Calamos Alternative Nasdaq & Bond ETF | 5.37% | 0.27% |
Correlation
The correlation between CBTL and CANQ is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025 | 0.45 |
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Return for Risk
CBTL vs. CANQ — Risk / Return Rank
CBTL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CANQ
CBTL vs. CANQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) 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.
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.
| CBTL | CANQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.16 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.00 | — |
| Martin ratioReturn relative to average drawdown | — | 2.84 | — |
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Drawdowns
CBTL vs. CANQ - Drawdown Comparison
The maximum CBTL drawdown since its inception was -29.70%, which is greater than CANQ's maximum drawdown of -12.79%. Use the drawdown chart below to compare losses from any high point for CBTL and CANQ.
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Drawdown Indicators
| CBTL | CANQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.70% | -12.79% | -16.91% |
Max Drawdown (1Y)Largest decline over 1 year | — | -10.77% | — |
Current DrawdownCurrent decline from peak | -27.87% | -2.43% | -25.44% |
Average DrawdownAverage peak-to-trough decline | -20.31% | -2.99% | -17.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.78% | — |
Volatility
CBTL vs. CANQ - Volatility Comparison
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Volatility by Period
| CBTL | CANQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.67% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.96% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 20.43% | 11.73% | +8.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.43% | 12.80% | +7.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.43% | 12.80% | +7.63% |
CBTL vs. CANQ - Expense Ratio Comparison
CBTL has a 0.79% expense ratio, which is lower than CANQ's 0.90% expense ratio.
Dividends
CBTL vs. CANQ - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.15%, less than CANQ's 4.49% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CANQ Calamos Alternative Nasdaq & Bond ETF | 4.49% | 5.02% | 4.19% |
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% | 0.00% |
Frequently Asked Questions
CBTL and CANQ have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBTL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBTL is cheaper with a 0.79% expense ratio, compared with 0.90% for CANQ.
CANQ has the higher dividend yield at 4.49%, compared with 1.15% for CBTL.
CBTL is categorized as Defined Outcome, while CANQ is Nasdaq-100. Their fees differ too: 0.79% for CBTL and 0.90% for CANQ.
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