CBTL vs. CPSJ
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
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Returns By Period
In the year-to-date period, CBTL achieves a -14.75% return, which is significantly lower than CPSJ's 2.61% return.
CBTL
- 1D
- -0.65%
- 1M
- -6.10%
- YTD
- -14.75%
- 6M
- -18.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSJ
- 1D
- 0.04%
- 1M
- 0.70%
- YTD
- 2.61%
- 6M
- 2.98%
- 1Y
- 7.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. CPSJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.75% | -14.41% |
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July | 2.61% | 1.05% |
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 15, 2025 | 0.45 |
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Return for Risk
CBTL vs. CPSJ — Risk / Return Rank
CBTL
CPSJ
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.
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 | CPSJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.30 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.76 | 1.63 | -3.39 |
Drawdowns
CBTL vs. CPSJ - Drawdown Comparison
The maximum CBTL drawdown since its inception was -27.80%, 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.
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Drawdown Indicators
| CBTL | CPSJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -5.36% | -22.44% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.38% | — |
Current DrawdownCurrent decline from peak | -27.80% | 0.00% | -27.80% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -0.45% | -17.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.25% | — |
Volatility
CBTL vs. CPSJ - Volatility Comparison
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Volatility by Period
| CBTL | CPSJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.33% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.67% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 2.32% | +20.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 4.59% | +17.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 4.59% | +17.82% |
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 1.15%, while CPSJ has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% |
CPSJ Calamos S&P 500 Structured Alt Protection ETF - July | 0.00% | 0.00% |
Frequently Asked Questions
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.
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.
CPSJ 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 CPSJ.
Their fees differ too: 0.79% for CBTL and 0.69% for CPSJ.
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