CBXL vs. CPSM
CBXL (Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF) and CPSM (Calamos S&P 500 Structured Alt Protection ETF - May) are both Defined Outcome funds from Calamos. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. CBXL charges 0.79%/yr vs 0.69%/yr for CPSM.
Performance
CBXL vs. CPSM - Performance Comparison
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Returns By Period
In the year-to-date period, CBXL achieves a -10.63% return, which is significantly lower than CPSM's 2.04% return.
CBXL
- 1D
- -0.65%
- 1M
- -4.41%
- YTD
- -10.63%
- 6M
- -11.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSM
- 1D
- -0.22%
- 1M
- 0.33%
- YTD
- 2.04%
- 6M
- 2.46%
- 1Y
- 5.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXL vs. CPSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | -10.63% | -9.21% |
CPSM Calamos S&P 500 Structured Alt Protection ETF - May | 2.04% | 1.12% |
Correlation
The correlation between CBXL and CPSM is 0.40, 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 | 0.40 |
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Return for Risk
CBXL vs. CPSM — Risk / Return Rank
CBXL
CPSM
CBXL vs. CPSM - 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 S&P 500 Structured Alt Protection ETF - May (CPSM). 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
| CBXL | CPSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -2.09 | 1.51 | -3.60 |
Drawdowns
CBXL vs. CPSM - Drawdown Comparison
The maximum CBXL drawdown since its inception was -19.49%, which is greater than CPSM's maximum drawdown of -5.19%. Use the drawdown chart below to compare losses from any high point for CBXL and CPSM.
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Drawdown Indicators
| CBXL | CPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -5.19% | -14.30% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.45% | — |
Current DrawdownCurrent decline from peak | -19.49% | -0.28% | -19.21% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -0.20% | -12.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.10% | — |
Volatility
CBXL vs. CPSM - Volatility Comparison
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Volatility by Period
| CBXL | CPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.41% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.15% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.41% | 1.58% | +11.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 5.09% | +8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.41% | 5.09% | +8.32% |
CBXL vs. CPSM - Expense Ratio Comparison
CBXL has a 0.79% expense ratio, which is higher than CPSM's 0.69% expense ratio.
Dividends
CBXL vs. CPSM - Dividend Comparison
CBXL's dividend yield for the trailing twelve months is around 1.59%, while CPSM has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | 1.59% | 1.42% |
CPSM Calamos S&P 500 Structured Alt Protection ETF - May | 0.00% | 0.00% |
Frequently Asked Questions
CBXL and CPSM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CPSM is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CPSM is cheaper with a 0.69% expense ratio, compared with 0.79% for CBXL.
CBXL has the higher dividend yield at 1.59%, compared with 0.00% for CPSM.
Their fees differ too: 0.79% for CBXL and 0.69% for CPSM.
Find the right allocation for CBXL and CPSM
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