CBXO vs. CPNS
CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos. CBXO is actively managed, while CPNS is passively managed. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.
Performance
CBXO vs. CPNS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CBXO achieves a -3.67% return, which is significantly lower than CPNS's 3.00% return.
CBXO
- 1D
- -0.03%
- 1M
- -0.92%
- YTD
- -3.67%
- 6M
- -5.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPNS
- 1D
- -0.04%
- 1M
- 0.78%
- YTD
- 3.00%
- 6M
- 3.17%
- 1Y
- 7.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXO vs. CPNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | -3.67% | -8.02% |
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 3.00% | 0.89% |
Correlation
The correlation between CBXO and CPNS is 0.43, 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 8, 2025 | 0.43 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CBXO vs. CPNS — Risk / Return Rank
CBXO
CPNS
CBXO 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 - October (CBXO) 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.
Loading charts...
Sharpe Ratios by Period
| CBXO | CPNS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -2.36 | 2.18 | -4.54 |
Drawdowns
CBXO vs. CPNS - Drawdown Comparison
The maximum CBXO drawdown since its inception was -11.40%, which is greater than CPNS's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CBXO and CPNS.
Loading charts...
Drawdown Indicators
| CBXO | CPNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.40% | -3.99% | -7.41% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.31% | — |
Current DrawdownCurrent decline from peak | -11.40% | -0.05% | -11.35% |
Average DrawdownAverage peak-to-trough decline | -8.46% | -0.36% | -8.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.24% | — |
Volatility
CBXO vs. CPNS - Volatility Comparison
Loading charts...
Volatility by Period
| CBXO | CPNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.32% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.74% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 2.14% | +5.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.23% | 3.48% | +3.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 3.48% | +3.75% |
CBXO vs. CPNS - Expense Ratio Comparison
Both CBXO and CPNS have an expense ratio of 0.69%.
Dividends
CBXO vs. CPNS - Dividend Comparison
CBXO's dividend yield for the trailing twelve months is around 0.53%, while CPNS has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | 0.53% | 0.51% |
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September | 0.00% | 0.00% |
Frequently Asked Questions
CBXO and CPNS have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CBXO and CPNS have the same expense ratio: 0.69% per year.
CBXO has the higher dividend yield at 0.53%, compared with 0.00% for CPNS.
Find the right allocation for CBXO and CPNS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer