CPNJ vs. DBO

Last updated Jun 24, 2026

CPNJ (Calamos Nasdaq-100 Structured Alt Protection ETF - June) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - CPNJ is a Nasdaq-100 fund actively managed by Calamos, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. CPNJ is actively managed, while DBO is passively managed. Over the past year, CPNJ returned 5.81% vs 36.30% for DBO. At a 0.01 correlation, their price movements are largely independent. CPNJ charges 0.69%/yr vs 0.78%/yr for DBO.

Performance

CPNJ vs. DBO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq-100 Structured Alt Protection ETF - June (CPNJ) and Invesco DB Oil Fund (DBO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNJ achieves a 1.95% return, which is significantly lower than DBO's 50.16% return.

CPNJ

• 1D: -0.32%
• 1M: -0.38%
• YTD: 1.95%
• 6M: 2.15%
• 1Y: 5.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DBO

• 1D: -1.13%
• 1M: -18.58%
• YTD: 50.16%
• 6M: 47.74%
• 1Y: 36.30%
• 3Y*: 14.32%
• 5Y*: 10.16%
• 10Y*: 9.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CPNJ vs. DBO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPNJ Calamos Nasdaq-100 Structured Alt Protection ETF - June	1.95%	8.35%	4.90%
DBO Invesco DB Oil Fund	50.16%	-11.71%	-1.37%

Correlation

The correlation between CPNJ and DBO is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.01

The correlation between CPNJ and DBO shifts across timeframes, from -0.10 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CPNJ vs. DBO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPNJ

CPNJ Risk / Return Rank: 91
CPNJ Sharpe Ratio Rank: 87
CPNJ Sortino Ratio Rank: 91
CPNJ Omega Ratio Rank: 92
CPNJ Calmar Ratio Rank: 92
CPNJ Martin Ratio Rank: 95

DBO

DBO Risk / Return Rank: 31
DBO Sharpe Ratio Rank: 31
DBO Sortino Ratio Rank: 31
DBO Omega Ratio Rank: 30
DBO Calmar Ratio Rank: 33
DBO Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CPNJ vs. DBO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - June (CPNJ) and Invesco DB Oil Fund (DBO). 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.

	CPNJ	DBO	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.06	+1.51
Sortino ratio: Return per unit of downside risk	3.85	1.61	+2.24
Omega ratio: Gain probability vs. loss probability	1.55	1.19	+0.36
Calmar ratio: Return relative to maximum drawdown	5.47	1.58	+3.89
Martin ratio: Return relative to average drawdown	26.95	4.29	+22.66

CPNJ vs. DBO - Sharpe Ratio Comparison

The current CPNJ Sharpe Ratio is 2.57, which is higher than the DBO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of CPNJ and DBO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CPNJ vs. DBO - Drawdown Comparison

The maximum CPNJ drawdown since its inception was -5.99%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for CPNJ and DBO.

Drawdown Indicators

	CPNJ	DBO	Difference
Max Drawdown Largest peak-to-trough decline	-5.99%	-90.18%	+84.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-23.03%	+21.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-28.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-0.58%	-60.48%	+59.90%
Average Drawdown Average peak-to-trough decline	-0.42%	-62.22%	+61.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	8.51%	-8.29%

Volatility

CPNJ vs. DBO - Volatility Comparison

The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - June (CPNJ) is 1.16%, while Invesco DB Oil Fund (DBO) has a volatility of 10.29%. This indicates that CPNJ experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNJ	DBO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	10.29%	-9.13%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	29.36%	-27.51%
Volatility (1Y) Calculated over the trailing 1-year period	2.27%	34.89%	-32.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	32.54%	-27.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	31.81%	-26.72%

CPNJ vs. DBO - Expense Ratio Comparison

CPNJ has a 0.69% expense ratio, which is lower than DBO's 0.78% expense ratio.

Dividends

CPNJ vs. DBO - Dividend Comparison

CPNJ has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 2.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CPNJ Calamos Nasdaq-100 Structured Alt Protection ETF - June	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DBO Invesco DB Oil Fund	2.34%	3.51%	4.68%	4.59%	0.66%	0.00%	0.00%	1.63%	1.58%

Frequently Asked Questions

Can I hold both CPNJ and DBO in my portfolio?

CPNJ and DBO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPNJ or DBO?

DBO has higher volatility (10.29%) compared to CPNJ (1.16%). In terms of maximum drawdown, CPNJ dropped -5.99% vs DBO's -90.18%.

Which ETF is better, CPNJ or DBO?

On 1-year performance, DBO leads with 36.30% vs 5.81% for CPNJ. On fees, CPNJ is cheaper at 0.69% per year. On volatility, CPNJ has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNJ or DBO?

Over the 1-year period, DBO has performed better with a 36.30% return vs 5.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNJ or DBO?

CPNJ is cheaper with a 0.69% expense ratio, compared with 0.78% for DBO.

Which ETF pays a higher dividend yield, CPNJ or DBO?

DBO has the higher dividend yield at 2.34%, compared with 0.00% for CPNJ.

What is the main difference between CPNJ and DBO?

CPNJ is categorized as Nasdaq-100, while DBO is Oil & Gas. They also come from different issuers: Calamos and Invesco. Their fees differ too: 0.69% for CPNJ and 0.78% for DBO.

Which has better risk-adjusted returns?

CPNJ currently has the higher Sharpe Ratio (2.57 vs 1.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.