CBXA vs. STEN
CBXA (Calamos Bitcoin 90 Series Structured Alt Protection ETF - April) and STEN (iShares Large Cap 10% Target Buffer Sep ETF) are both Defined Outcome funds. CBXA is passively managed, while STEN is actively managed. A 0.50 correlation means they provide meaningful diversification when combined. CBXA charges 0.69%/yr vs 0.50%/yr for STEN.
Performance
CBXA vs. STEN - Performance Comparison
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Returns By Period
In the year-to-date period, CBXA achieves a -20.06% return, which is significantly lower than STEN's 7.79% return.
CBXA
- 1D
- -0.83%
- 1M
- -5.65%
- YTD
- -20.06%
- 6M
- -21.86%
- 1Y
- -21.42%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
STEN
- 1D
- -0.30%
- 1M
- 3.31%
- YTD
- 7.79%
- 6M
- 8.22%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXA vs. STEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXA Calamos Bitcoin 90 Series Structured Alt Protection ETF - April | -20.06% | -8.19% |
STEN iShares Large Cap 10% Target Buffer Sep ETF | 7.79% | 2.05% |
Correlation
The correlation between CBXA and STEN is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.50 |
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Return for Risk
CBXA vs. STEN — Risk / Return Rank
CBXA
STEN
CBXA vs. STEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) and iShares Large Cap 10% Target Buffer Sep ETF (STEN). 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.
| CBXA | STEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.80 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | — | — |
| Martin ratioReturn relative to average drawdown | -1.52 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBXA | STEN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.63 | 1.67 | -2.30 |
Drawdowns
CBXA vs. STEN - Drawdown Comparison
The maximum CBXA drawdown since its inception was -27.22%, which is greater than STEN's maximum drawdown of -6.21%. Use the drawdown chart below to compare losses from any high point for CBXA and STEN.
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Drawdown Indicators
| CBXA | STEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.22% | -6.21% | -21.01% |
Max Drawdown (1Y)Largest decline over 1 year | -27.22% | — | — |
Current DrawdownCurrent decline from peak | -27.22% | -0.30% | -26.92% |
Average DrawdownAverage peak-to-trough decline | -8.69% | -0.92% | -7.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.07% | — | — |
Volatility
CBXA vs. STEN - Volatility Comparison
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Volatility by Period
| CBXA | STEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.81% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 15.53% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 17.98% | 9.24% | +8.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.13% | 9.24% | +7.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 9.24% | +7.89% |
CBXA vs. STEN - Expense Ratio Comparison
CBXA has a 0.69% expense ratio, which is higher than STEN's 0.50% expense ratio.
Dividends
CBXA vs. STEN - Dividend Comparison
CBXA's dividend yield for the trailing twelve months is around 2.47%, more than STEN's 0.29% yield.
| Position | TTM | 2025 |
|---|---|---|
CBXA Calamos Bitcoin 90 Series Structured Alt Protection ETF - April | 2.47% | 1.97% |
STEN iShares Large Cap 10% Target Buffer Sep ETF | 0.29% | 0.31% |
Frequently Asked Questions
CBXA and STEN have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, STEN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
STEN is cheaper with a 0.50% expense ratio, compared with 0.69% for CBXA.
CBXA has the higher dividend yield at 2.47%, compared with 0.29% for STEN.
They also come from different issuers: Calamos and BlackRock. Their fees differ too: 0.69% for CBXA and 0.50% for STEN.
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