CBTL vs. CPSJ

Last updated Jun 24, 2026

CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and CPSJ (Calamos S&P 500 Structured Alt Protection ETF - July) are both Defined Outcome funds from Calamos. CBTL is actively managed, while CPSJ is passively managed. At a 0.45 correlation, their price movements are largely independent. CBTL charges 0.79%/yr vs 0.69%/yr for CPSJ.

Performance

CBTL vs. CPSJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) and Calamos S&P 500 Structured Alt Protection ETF - July (CPSJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTL achieves a -15.74% return, which is significantly lower than CPSJ's 2.86% return.

CBTL

• 1D: -0.84%
• 1M: -5.05%
• YTD: -15.74%
• 6M: -16.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPSJ

• 1D: 0.02%
• 1M: 0.43%
• YTD: 2.86%
• 6M: 2.90%
• 1Y: 6.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBTL vs. CPSJ - Yearly Performance Comparison

	2026 (YTD)	2025
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF	-15.74%	-14.09%
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	2.86%	1.01%

Correlation

The correlation between CBTL and CPSJ is 0.45, 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 14, 2025	0.45

Return for Risk

CBTL vs. CPSJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBTL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CPSJ

CPSJ Risk / Return Rank: 94
CPSJ Sharpe Ratio Rank: 94
CPSJ Sortino Ratio Rank: 96
CPSJ Omega Ratio Rank: 96
CPSJ Calmar Ratio Rank: 89
CPSJ Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBTL vs. CPSJ - 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 - July (CPSJ). 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	CPSJ	Difference
Sharpe ratio: Return per unit of total volatility	—	3.21	—
Sortino ratio: Return per unit of downside risk	—	5.17	—
Omega ratio: Gain probability vs. loss probability	—	1.71	—
Calmar ratio: Return relative to maximum drawdown	—	4.79	—
Martin ratio: Return relative to average drawdown	—	27.19	—

Drawdowns

CBTL vs. CPSJ - Drawdown Comparison

The maximum CBTL drawdown since its inception was -28.94%, which is greater than CPSJ's maximum drawdown of -5.36%. Use the drawdown chart below to compare losses from any high point for CBTL and CPSJ.

Drawdown Indicators

	CBTL	CPSJ	Difference
Max Drawdown Largest peak-to-trough decline	-28.94%	-5.36%	-23.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.38%	—
Current Drawdown Current decline from peak	-28.64%	0.00%	-28.64%
Average Drawdown Average peak-to-trough decline	-18.91%	-0.44%	-18.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	CBTL	CPSJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.69%	2.13%	+19.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.69%	4.53%	+17.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.69%	4.53%	+17.16%

CBTL vs. CPSJ - Expense Ratio Comparison

CBTL has a 0.79% expense ratio, which is higher than CPSJ's 0.69% expense ratio.

Dividends

CBTL vs. CPSJ - Dividend Comparison

CBTL's dividend yield for the trailing twelve months is around 1.16%, while CPSJ has not paid dividends to shareholders.

Position	TTM	2025
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF	1.16%	0.98%
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTL and CPSJ in my portfolio?

CBTL and CPSJ 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.

Which ETF is better, CBTL or CPSJ?

On fees, CPSJ is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBTL or CPSJ?

CPSJ is cheaper with a 0.69% expense ratio, compared with 0.79% for CBTL.

Which ETF pays a higher dividend yield, CBTL or CPSJ?

CBTL has the higher dividend yield at 1.16%, compared with 0.00% for CPSJ.

What is the main difference between CBTL and CPSJ?

Their fees differ too: 0.79% for CBTL and 0.69% for CPSJ.