CBTY vs. CPSD
CBTY (Calamos Bitcoin 80 Series Structured Alt Protection ETF - July) and CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) are both Defined Outcome funds from Calamos. CBTY is passively managed, while CPSD is actively managed. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.
Performance
CBTY vs. CPSD - 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 CPSD's 2.55% return.
CBTY
- 1D
- -0.03%
- 1M
- -2.89%
- YTD
- -11.11%
- 6M
- -14.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSD
- 1D
- 0.07%
- 1M
- 0.89%
- YTD
- 2.55%
- 6M
- 2.99%
- 1Y
- 9.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTY vs. CPSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | -11.11% | -10.93% |
CPSD Calamos S&P 500 Structured Alt Protection ETF - December | 2.55% | 4.84% |
Correlation
The correlation between CBTY and CPSD is 0.36, 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 | 0.36 |
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Return for Risk
CBTY vs. CPSD — Risk / Return Rank
CBTY
CPSD
CBTY vs. CPSD - 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 - 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
| CBTY | 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 | -1.33 | 2.03 | -3.36 |
Drawdowns
CBTY vs. CPSD - Drawdown Comparison
The maximum CBTY drawdown since its inception was -26.68%, which is greater than CPSD's maximum drawdown of -3.45%. Use the drawdown chart below to compare losses from any high point for CBTY and CPSD.
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Drawdown Indicators
| CBTY | CPSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.68% | -3.45% | -23.23% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.49% | — |
Current DrawdownCurrent decline from peak | -26.68% | 0.00% | -26.68% |
Average DrawdownAverage peak-to-trough decline | -14.52% | -0.47% | -14.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.30% | — |
Volatility
CBTY vs. CPSD - Volatility Comparison
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Volatility by Period
| CBTY | 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 | 17.11% | 2.83% | +14.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.11% | 3.41% | +13.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.11% | 3.41% | +13.70% |
CBTY vs. CPSD - Expense Ratio Comparison
Both CBTY and CPSD have an expense ratio of 0.69%.
Dividends
CBTY vs. CPSD - Dividend Comparison
CBTY's dividend yield for the trailing twelve months is around 1.65%, while CPSD has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTY Calamos Bitcoin 80 Series Structured Alt Protection ETF - July | 1.65% | 1.47% |
CPSD Calamos S&P 500 Structured Alt Protection ETF - December | 0.00% | 0.00% |
Frequently Asked Questions
CBTY and CPSD have a correlation of 0.36, 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 CPSD have the same expense ratio: 0.69% per year.
CBTY has the higher dividend yield at 1.65%, compared with 0.00% for CPSD.
Find the right allocation for CBTY and CPSD
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