CBXY vs. CPST
CBXY (Calamos Bitcoin 90 Series Structured Alt Protection ETF - July) and CPST (Calamos S&P 500 Structured Alt Protection ETF - September) are both Defined Outcome funds from Calamos - CBXY tracks the CBOE Bitcoin US ETF Index while CPST tracks the MerQube Cap Protect US Lrg Cap PR Index - Sep. Both are passively managed. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.
Performance
CBXY vs. CPST - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CBXY achieves a -5.15% return, which is significantly lower than CPST's 2.50% return.
CBXY
- 1D
- -0.04%
- 1M
- -0.79%
- YTD
- -5.15%
- 6M
- -6.12%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPST
- 1D
- -0.18%
- 1M
- 0.42%
- YTD
- 2.50%
- 6M
- 2.76%
- 1Y
- 7.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXY vs. CPST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July | -5.15% | -6.16% |
CPST Calamos S&P 500 Structured Alt Protection ETF - September | 2.50% | 3.36% |
Correlation
The correlation between CBXY and CPST is 0.34, 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 Jul 9, 2025 | 0.34 |
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
CBXY vs. CPST — Risk / Return Rank
CBXY
CPST
CBXY 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 - July (CBXY) 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.
Loading charts...
Sharpe Ratios by Period
| CBXY | CPST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.18 | 1.98 | -3.17 |
Drawdowns
CBXY vs. CPST - Drawdown Comparison
The maximum CBXY drawdown since its inception was -15.78%, which is greater than CPST's maximum drawdown of -3.79%. Use the drawdown chart below to compare losses from any high point for CBXY and CPST.
Loading charts...
Drawdown Indicators
| CBXY | CPST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.78% | -3.79% | -11.99% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.42% | — |
Current DrawdownCurrent decline from peak | -15.66% | -0.18% | -15.48% |
Average DrawdownAverage peak-to-trough decline | -8.96% | -0.34% | -8.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.26% | — |
Volatility
CBXY vs. CPST - Volatility Comparison
Loading charts...
Volatility by Period
| CBXY | CPST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.33% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.60% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 10.16% | 2.15% | +8.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.16% | 3.36% | +6.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 3.36% | +6.80% |
CBXY vs. CPST - Expense Ratio Comparison
Both CBXY and CPST have an expense ratio of 0.69%.
Dividends
CBXY vs. CPST - Dividend Comparison
CBXY's dividend yield for the trailing twelve months is around 1.45%, while CPST has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July | 1.45% | 1.38% |
CPST Calamos S&P 500 Structured Alt Protection ETF - September | 0.00% | 0.00% |
Frequently Asked Questions
CBXY and CPST have a correlation of 0.34, 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.
CBXY and CPST have the same expense ratio: 0.69% per year.
CBXY has the higher dividend yield at 1.45%, compared with 0.00% for CPST.
CBXY tracks CBOE Bitcoin US ETF Index, while CPST tracks MerQube Cap Protect US Lrg Cap PR Index - Sep.
Find the right allocation for CBXY and CPST
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