CBXJ vs. CPNS

Last updated Aug 1, 2026

CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both exchange-traded funds - CBXJ is a Blockchain fund actively managed by Calamos, while CPNS is a Defined Outcome fund tracking the MerQube Cap Protect US Large Cap Tech PR Index - Sep. CBXJ is actively managed, while CPNS is passively managed. Over the past year, CBXJ returned -25.33% vs 6.58% for CPNS. Their 0.43 correlation means their historical movements had little consistent relationship. Both charge a 0.69% expense ratio.

Performance

CBXJ vs. CPNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) and Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXJ achieves a -12.12% return, which is significantly lower than CPNS's 3.80% return.

CBXJ

• 1D: -0.79%
• 1M: -0.23%
• 6M: -8.81%
• YTD: -12.12%
• 1Y: -25.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -13.12%

CPNS

• 1D: 0.15%
• 1M: 0.54%
• 6M: 3.27%
• YTD: 3.80%
• 1Y: 6.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	$98.27K	$111.32K	$150.57K
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	$59.75K	$61.06K	$67.17K

CBXJ vs. CPNS - Yearly Performance Comparison

	2026 (YTD)	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-12.12%	-7.64%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.80%	6.47%

Correlation

The correlation between CBXJ and CPNS is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	0.43

Return for Risk

CBXJ vs. CPNS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CBXJ

CBXJ Risk / Return Rank: 1
CBXJ Sharpe Ratio Rank: 0
CBXJ Sortino Ratio Rank: 0
CBXJ Omega Ratio Rank: 0
CBXJ Calmar Ratio Rank: 2
CBXJ Martin Ratio Rank: 2

CPNS

CPNS Risk / Return Rank: 96
CPNS Sharpe Ratio Rank: 96
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 94
CPNS Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBXJ vs. CPNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) 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.

	CBXJ	CPNS	Difference
Sharpe ratio: Return per unit of total volatility	-1.53	2.98	-4.50
Sortino ratio: Return per unit of downside risk	-2.18	4.53	-6.71
Omega ratio: Gain probability vs. loss probability	0.75	1.63	-0.88
Calmar ratio: Return relative to maximum drawdown	-0.88	4.91	-5.79
Martin ratio: Return relative to average drawdown	-1.28	26.25	-27.54

CBXJ vs. CPNS - Sharpe Ratio Comparison

The current CBXJ Sharpe Ratio is -1.53, which is lower than the CPNS Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of CBXJ and CPNS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBXJ vs. CPNS - Drawdown Comparison

The maximum CBXJ drawdown since its inception was -30.16%, which is greater than CPNS's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CBXJ and CPNS.

Drawdown Indicators

	CBXJ	CPNS	Difference
Max Drawdown Largest peak-to-trough decline	-30.16%	-3.99%	-26.17%
Max Drawdown (1Y) Largest decline over 1 year	-30.16%	-1.31%	-28.85%
Current Drawdown Current decline from peak	-29.61%	0.00%	-29.61%
Average Drawdown Average peak-to-trough decline	-12.62%	-0.34%	-12.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.65%	0.25%	+20.40%

Volatility

CBXJ vs. CPNS - Volatility Comparison

Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) has a higher volatility of 2.31% compared to Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) at 0.58%. This indicates that CBXJ's price experiences larger fluctuations and is considered to be riskier than CPNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBXJ	CPNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	0.58%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	8.26%	1.76%	+6.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	2.17%	+15.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	3.43%	+12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.01%	3.43%	+12.58%

CBXJ vs. CPNS - Expense Ratio Comparison

Both CBXJ and CPNS have an expense ratio of 0.69%.

Dividends

CBXJ vs. CPNS - Dividend Comparison

CBXJ's dividend yield for the trailing twelve months is around 2.24%, while CPNS has not paid dividends to shareholders.

Position	TTM	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.24%	1.97%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXJ and CPNS in my portfolio?

CBXJ and CPNS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBXJ or CPNS?

CBXJ has higher volatility (2.31%) compared to CPNS (0.58%). In terms of maximum drawdown, CBXJ dropped -30.16% vs CPNS's -3.99%.

Which ETF is better, CBXJ or CPNS?

On 1-year performance, CPNS leads with 6.58% vs -25.33% for CBXJ. Both ETFs have the same 0.69% expense ratio. On volatility, CPNS has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBXJ or CPNS?

Over the 1-year period, CPNS has performed better with a 6.58% return vs -25.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBXJ or CPNS?

CBXJ and CPNS have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CBXJ or CPNS?

CBXJ has the higher dividend yield at 2.24%, compared with 0.00% for CPNS.

What is the main difference between CBXJ and CPNS?

CBXJ is categorized as Blockchain, while CPNS is Defined Outcome.

Which has better risk-adjusted returns?

CPNS currently has the higher Sharpe Ratio (2.98 vs -1.53), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.