CBXL vs. CPNS

Last updated Jun 6, 2026

CBXL (Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos. CBXL is actively managed, while CPNS is passively managed. At a 0.49 correlation, their price movements are largely independent. CBXL charges 0.79%/yr vs 0.69%/yr for CPNS.

Performance

CBXL vs. CPNS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL) 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, CBXL achieves a -10.63% return, which is significantly lower than CPNS's 2.79% return.

CBXL

• 1D: -0.65%
• 1M: -4.41%
• YTD: -10.63%
• 6M: -11.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNS

• 1D: -0.25%
• 1M: 0.36%
• YTD: 2.79%
• 6M: 2.91%
• 1Y: 7.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXL vs. CPNS - Yearly Performance Comparison

	2026 (YTD)	2025
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF	-10.63%	-9.21%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	2.79%	0.89%

Correlation

The correlation between CBXL and CPNS is 0.49, 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 Oct 15, 2025	0.49

Return for Risk

CBXL vs. CPNS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPNS

CPNS Risk / Return Rank: 95
CPNS Sharpe Ratio Rank: 95
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 92
CPNS Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBXL vs. CPNS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CBXL	CPNS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	-2.09	2.14	-4.23

Drawdowns

CBXL vs. CPNS - Drawdown Comparison

The maximum CBXL drawdown since its inception was -19.49%, which is greater than CPNS's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CBXL and CPNS.

Drawdown Indicators

	CBXL	CPNS	Difference
Max Drawdown Largest peak-to-trough decline	-19.49%	-3.99%	-15.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.31%	—
Current Drawdown Current decline from peak	-19.49%	-0.25%	-19.24%
Average Drawdown Average peak-to-trough decline	-12.23%	-0.35%	-11.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.24%	—

Volatility

Volatility by Period

	CBXL	CPNS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.41%	2.15%	+11.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.41%	3.48%	+9.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.41%	3.48%	+9.93%

CBXL vs. CPNS - Expense Ratio Comparison

CBXL has a 0.79% expense ratio, which is higher than CPNS's 0.69% expense ratio.

Dividends

CBXL vs. CPNS - Dividend Comparison

CBXL's dividend yield for the trailing twelve months is around 1.59%, while CPNS has not paid dividends to shareholders.

Position	TTM	2025
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF	1.59%	1.42%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXL and CPNS in my portfolio?

CBXL and CPNS have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXL or CPNS?

On fees, CPNS is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBXL or CPNS?

CPNS is cheaper with a 0.69% expense ratio, compared with 0.79% for CBXL.

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

CBXL has the higher dividend yield at 1.59%, compared with 0.00% for CPNS.

What is the main difference between CBXL and CPNS?

Their fees differ too: 0.79% for CBXL and 0.69% for CPNS.