CBXL vs. QB
CBXL (Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds. CBXL is actively managed, while QB is passively managed. At a 0.42 correlation, their price movements are largely independent. CBXL charges 0.79%/yr vs 0.58%/yr for QB.
Performance
CBXL vs. QB - Performance Comparison
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Returns By Period
In the year-to-date period, CBXL achieves a -10.07% return, which is significantly lower than QB's 12.42% return.
CBXL
- 1D
- -0.22%
- 1M
- -0.25%
- 6M
- -13.19%
- YTD
- -10.07%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QB
- 1D
- -0.11%
- 1M
- 2.44%
- 6M
- 11.41%
- YTD
- 12.42%
- 1Y
- 18.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXL vs. QB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | -10.07% | -9.01% |
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 12.42% | 3.02% |
Correlation
The correlation between CBXL and QB is 0.42, 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 14, 2025 | 0.42 |
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Return for Risk
CBXL vs. QB — Risk / Return Rank
CBXL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
QB
CBXL vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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.
| CBXL | QB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.63 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 5.38 | — |
| Martin ratioReturn relative to average drawdown | — | 25.93 | — |
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Drawdowns
CBXL vs. QB - Drawdown Comparison
The maximum CBXL drawdown since its inception was -20.01%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for CBXL and QB.
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Drawdown Indicators
| CBXL | QB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.01% | -3.47% | -16.54% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.47% | — |
Current DrawdownCurrent decline from peak | -18.98% | -0.22% | -18.76% |
Average DrawdownAverage peak-to-trough decline | -13.17% | -0.42% | -12.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.72% | — |
Volatility
CBXL vs. QB - Volatility Comparison
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Volatility by Period
| CBXL | QB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.71% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.83% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 12.62% | 7.03% | +5.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.62% | 6.91% | +5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.62% | 6.91% | +5.71% |
CBXL vs. QB - Expense Ratio Comparison
CBXL has a 0.79% expense ratio, which is higher than QB's 0.58% expense ratio.
Dividends
CBXL vs. QB - Dividend Comparison
CBXL's dividend yield for the trailing twelve months is around 1.58%, more than QB's 0.77% yield.
| Position | TTM | 2025 |
|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | 1.58% | 1.42% |
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 0.77% | 0.48% |
Frequently Asked Questions
CBXL and QB have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QB is cheaper with a 0.58% expense ratio, compared with 0.79% for CBXL.
CBXL has the higher dividend yield at 1.58%, compared with 0.77% for QB.
They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.79% for CBXL and 0.58% for QB.
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