CBTL vs. CPSD
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) are both Defined Outcome funds from Calamos. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. CBTL charges 0.79%/yr vs 0.69%/yr for CPSD.
Performance
CBTL vs. CPSD - 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 CPSD's 2.55% return.
CBTL
- 1D
- -0.65%
- 1M
- -6.10%
- YTD
- -14.75%
- 6M
- -18.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSD
- 1D
- 0.07%
- 1M
- 0.89%
- YTD
- 2.55%
- 6M
- 2.99%
- 1Y
- 9.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. CPSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.75% | -14.41% |
CPSD Calamos S&P 500 Structured Alt Protection ETF - December | 2.55% | 1.96% |
Correlation
The correlation between CBTL and CPSD is 0.42, 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 | 0.42 |
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Return for Risk
CBTL vs. CPSD — Risk / Return Rank
CBTL
CPSD
CBTL vs. CPSD - 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 S&P 500 Structured Alt Protection ETF - December (CPSD). 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 | CPSD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.76 | 2.03 | -3.79 |
Drawdowns
CBTL vs. CPSD - Drawdown Comparison
The maximum CBTL drawdown since its inception was -27.80%, which is greater than CPSD's maximum drawdown of -3.45%. Use the drawdown chart below to compare losses from any high point for CBTL and CPSD.
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Drawdown Indicators
| CBTL | CPSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -3.45% | -24.35% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.49% | — |
Current DrawdownCurrent decline from peak | -27.80% | 0.00% | -27.80% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -0.47% | -17.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.30% | — |
Volatility
CBTL vs. CPSD - Volatility Comparison
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Volatility by Period
| CBTL | CPSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.37% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.58% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 2.83% | +19.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 3.41% | +19.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 3.41% | +19.00% |
CBTL vs. CPSD - Expense Ratio Comparison
CBTL has a 0.79% expense ratio, which is higher than CPSD's 0.69% expense ratio.
Dividends
CBTL vs. CPSD - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.15%, while CPSD has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% |
CPSD Calamos S&P 500 Structured Alt Protection ETF - December | 0.00% | 0.00% |
Frequently Asked Questions
CBTL and CPSD have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CPSD is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPSD 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 CPSD.
Their fees differ too: 0.79% for CBTL and 0.69% for CPSD.
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