CBTL vs. CPNS
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos. CBTL is actively managed, while CPNS is passively managed. At a 0.49 correlation, their price movements are largely independent. CBTL charges 0.79%/yr vs 0.69%/yr for CPNS.
Performance
CBTL vs. CPNS - Performance Comparison
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Returns By Period
In the year-to-date period, CBTL achieves a -14.75% return, which is significantly lower than CPNS's 3.00% return.
CBTL
- 1D
- -0.65%
- 1M
- -6.10%
- YTD
- -14.75%
- 6M
- -18.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPNS
- 1D
- -0.04%
- 1M
- 0.78%
- YTD
- 3.00%
- 6M
- 3.17%
- 1Y
- 7.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. CPNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.75% | -14.41% |
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 3.00% | 0.89% |
Correlation
The correlation between CBTL and CPNS is 0.49, 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 Oct 15, 2025 | 0.49 |
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Return for Risk
CBTL vs. CPNS — Risk / Return Rank
CBTL
CPNS
CBTL vs. CPNS - 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 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.
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Sharpe Ratios by Period
| CBTL | 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 | -1.76 | 2.18 | -3.95 |
Drawdowns
CBTL vs. CPNS - Drawdown Comparison
The maximum CBTL drawdown since its inception was -27.80%, which is greater than CPNS's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CBTL and CPNS.
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Drawdown Indicators
| CBTL | CPNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -3.99% | -23.81% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.31% | — |
Current DrawdownCurrent decline from peak | -27.80% | -0.05% | -27.75% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -0.36% | -17.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.24% | — |
Volatility
CBTL vs. CPNS - Volatility Comparison
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Volatility by Period
| CBTL | 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 | 22.41% | 2.14% | +20.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 3.48% | +18.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 3.48% | +18.93% |
CBTL vs. CPNS - Expense Ratio Comparison
CBTL has a 0.79% expense ratio, which is higher than CPNS's 0.69% expense ratio.
Dividends
CBTL vs. CPNS - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.15%, while CPNS has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% |
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 0.00% | 0.00% |
Frequently Asked Questions
CBTL and CPNS 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, CPNS is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPNS is cheaper with a 0.69% expense ratio, compared with 0.79% for CBTL.
CBTL has the higher dividend yield at 1.15%, compared with 0.00% for CPNS.
Their fees differ too: 0.79% for CBTL and 0.69% for CPNS.
Find the right allocation for CBTL and CPNS
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