CBTY vs. CPNS
CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos - CBTY tracks the CBOE Bitcoin US ETF Index while CPNS tracks the MerQube Cap Protect US Large Cap Tech PR Index - Sep. Both are passively managed. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.
Performance
CBTY vs. CPNS - Performance Comparison
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Returns By Period
In the year-to-date period, CBTY achieves a -11.15% return, which is significantly lower than CPNS's 3.05% return.
CBTY
- 1D
- 0.05%
- 1M
- -0.53%
- YTD
- -11.15%
- 6M
- -11.71%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPNS
- 1D
- -0.18%
- 1M
- 0.16%
- YTD
- 3.05%
- 6M
- 2.93%
- 1Y
- 7.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTY vs. CPNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | -11.15% | -10.94% |
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 3.05% | 3.24% |
Correlation
The correlation between CBTY and CPNS is 0.34, 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 Jul 8, 2025 | 0.34 |
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Return for Risk
CBTY vs. CPNS — Risk / Return Rank
CBTY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CPNS
CBTY vs. CPNS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - July (CBTY) 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.
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.
| CBTY | CPNS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.74 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 5.51 | — |
| Martin ratioReturn relative to average drawdown | — | 29.76 | — |
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Drawdowns
CBTY vs. CPNS - Drawdown Comparison
The maximum CBTY drawdown since its inception was -26.79%, which is greater than CPNS's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CBTY and CPNS.
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Drawdown Indicators
| CBTY | CPNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.79% | -3.99% | -22.80% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.31% | — |
Current DrawdownCurrent decline from peak | -26.72% | -0.19% | -26.53% |
Average DrawdownAverage peak-to-trough decline | -15.12% | -0.36% | -14.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.24% | — |
Volatility
CBTY vs. CPNS - Volatility Comparison
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Volatility by Period
| CBTY | CPNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.58% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.75% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 2.14% | +14.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.61% | 3.51% | +13.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.61% | 3.51% | +13.10% |
CBTY vs. CPNS - Expense Ratio Comparison
Both CBTY and CPNS have an expense ratio of 0.69%.
Dividends
CBTY vs. CPNS - Dividend Comparison
CBTY's dividend yield for the trailing twelve months is around 1.65%, while CPNS has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | 1.65% | 1.47% |
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 0.00% | 0.00% |
Frequently Asked Questions
CBTY and CPNS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CBTY and CPNS have the same expense ratio: 0.69% per year.
CBTY has the higher dividend yield at 1.65%, compared with 0.00% for CPNS.
CBTY tracks CBOE Bitcoin US ETF Index, while CPNS tracks MerQube Cap Protect US Large Cap Tech PR Index - Sep.
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