CBTY vs. CPSA
CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) are both Defined Outcome funds from Calamos - CBTY tracks the CBOE Bitcoin US ETF Index while CPSA tracks the MerQube Cap Protect US Lrg Cap PR Index - Aug. Both are passively managed. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.
Performance
CBTY vs. CPSA - Performance Comparison
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Returns By Period
In the year-to-date period, CBTY achieves a -11.11% return, which is significantly lower than CPSA's 2.81% return.
CBTY
- 1D
- -0.03%
- 1M
- -2.89%
- YTD
- -11.11%
- 6M
- -14.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSA
- 1D
- 0.00%
- 1M
- 0.89%
- YTD
- 2.81%
- 6M
- 3.15%
- 1Y
- 8.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTY vs. CPSA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | -11.11% | -10.93% |
CPSA Calamos S&P 500 Structured Alt Protection ETF - August | 2.81% | 3.47% |
Correlation
The correlation between CBTY and CPSA is 0.38, 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 9, 2025 | 0.38 |
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Return for Risk
CBTY vs. CPSA — Risk / Return Rank
CBTY
CPSA
CBTY vs. CPSA - 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 S&P 500 Structured Alt Protection ETF - August (CPSA). 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
| CBTY | CPSA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.33 | 1.84 | -3.17 |
Drawdowns
CBTY vs. CPSA - Drawdown Comparison
The maximum CBTY drawdown since its inception was -26.68%, which is greater than CPSA's maximum drawdown of -4.72%. Use the drawdown chart below to compare losses from any high point for CBTY and CPSA.
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Drawdown Indicators
| CBTY | CPSA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.68% | -4.72% | -21.96% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.47% | — |
Current DrawdownCurrent decline from peak | -26.68% | 0.00% | -26.68% |
Average DrawdownAverage peak-to-trough decline | -14.52% | -0.38% | -14.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.26% | — |
Volatility
CBTY vs. CPSA - Volatility Comparison
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Volatility by Period
| CBTY | CPSA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.41% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.73% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 17.11% | 2.33% | +14.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.11% | 4.14% | +12.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 4.14% | +12.97% |
CBTY vs. CPSA - Expense Ratio Comparison
Both CBTY and CPSA have an expense ratio of 0.69%.
Dividends
CBTY vs. CPSA - Dividend Comparison
CBTY's dividend yield for the trailing twelve months is around 1.65%, while CPSA has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | 1.65% | 1.47% |
CPSA Calamos S&P 500 Structured Alt Protection ETF - August | 0.00% | 0.00% |
Frequently Asked Questions
CBTY and CPSA have a correlation of 0.38, 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 CPSA have the same expense ratio: 0.69% per year.
CBTY has the higher dividend yield at 1.65%, compared with 0.00% for CPSA.
CBTY tracks CBOE Bitcoin US ETF Index, while CPSA tracks MerQube Cap Protect US Lrg Cap PR Index - Aug.
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