CBXO vs. CPST
CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos. CBXO is actively managed, while CPST is passively managed. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.
Performance
CBXO vs. CPST - Performance Comparison
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Returns By Period
In the year-to-date period, CBXO achieves a -3.67% return, which is significantly lower than CPST's 2.67% return.
CBXO
- 1D
- -0.03%
- 1M
- -0.92%
- YTD
- -3.67%
- 6M
- -5.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPST
- 1D
- 0.00%
- 1M
- 0.87%
- YTD
- 2.67%
- 6M
- 2.98%
- 1Y
- 7.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXO vs. CPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | -3.67% | -8.02% |
CPST Calamos S&P 500 Structured Alt Protection ETF - September | 2.67% | 0.93% |
Correlation
The correlation between CBXO and CPST is 0.39, 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 | 0.39 |
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Return for Risk
CBXO vs. CPST — Risk / Return Rank
CBXO
CPST
CBXO vs. CPST - 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 S&P 500 Structured Alt Protection ETF - September (CPST). 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
| CBXO | CPST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -2.36 | 2.02 | -4.38 |
Drawdowns
CBXO vs. CPST - Drawdown Comparison
The maximum CBXO drawdown since its inception was -11.40%, which is greater than CPST's maximum drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for CBXO and CPST.
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Drawdown Indicators
| CBXO | CPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.40% | -3.79% | -7.61% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.42% | — |
Current DrawdownCurrent decline from peak | -11.40% | 0.00% | -11.40% |
Average DrawdownAverage peak-to-trough decline | -8.46% | -0.35% | -8.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.26% | — |
Volatility
CBXO vs. CPST - Volatility Comparison
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Volatility by Period
| CBXO | CPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.30% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.60% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.23% | 2.15% | +5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.23% | 3.37% | +3.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 3.37% | +3.86% |
CBXO vs. CPST - Expense Ratio Comparison
Both CBXO and CPST have an expense ratio of 0.69%.
Dividends
CBXO vs. CPST - Dividend Comparison
CBXO's dividend yield for the trailing twelve months is around 0.53%, while CPST has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October | 0.53% | 0.51% |
CPST Calamos S&P 500 Structured Alt Protection ETF - September | 0.00% | 0.00% |
Frequently Asked Questions
CBXO and CPST have a correlation of 0.39, 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 CPST have the same expense ratio: 0.69% per year.
CBXO has the higher dividend yield at 0.53%, compared with 0.00% for CPST.
Find the right allocation for CBXO and CPST
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