CPNS vs. CBOJ

Last updated Apr 14, 2026

CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) are both Defined Outcome funds from Calamos — CPNS tracks the MerQube Cap Protect US Large Cap Tech PR Index - Sep while CBOJ tracks the CBOE Bitcoin US ETF Index. Both are passively managed. Over the past year, CPNS returned 9.57% vs -0.61% for CBOJ. At 0.37, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CPNS vs. CBOJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNS achieves a 1.15% return, which is significantly higher than CBOJ's -0.60% return.

CPNS

• 1D: 0.17%
• 1M: 0.94%
• YTD: 1.15%
• 6M: 1.96%
• 1Y: 9.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOJ

• 1D: 0.10%
• 1M: 0.44%
• YTD: -0.60%
• 6M: -6.02%
• 1Y: -0.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNS vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	1.15%	6.24%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-0.60%	-0.83%

Correlation

The correlation between CPNS and CBOJ is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.37

Return for Risk

CPNS vs. CBOJ — Risk / Return Rank

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

CPNS

CPNS Risk / Return Rank: 95
CPNS Sharpe Ratio Rank: 92
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 94
CPNS Martin Ratio Rank: 96

CBOJ

CBOJ Risk / Return Rank: 6
CBOJ Sharpe Ratio Rank: 5
CBOJ Sortino Ratio Rank: 5
CBOJ Omega Ratio Rank: 5
CBOJ Calmar Ratio Rank: 7
CBOJ Martin Ratio Rank: 7

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.

CPNS vs. CBOJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). 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.

	CPNS	CBOJ	Difference
Sharpe ratio Return per unit of total volatility	3.54	-0.12	+3.66
Sortino ratio Return per unit of downside risk	5.71	-0.14	+5.84
Omega ratio Gain probability vs. loss probability	1.85	0.98	+0.87
Calmar ratio Return relative to maximum drawdown	7.04	-0.04	+7.07
Martin ratio Return relative to average drawdown	34.02	-0.07	+34.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPNS vs. CBOJ - Sharpe Ratio Comparison

The current CPNS Sharpe Ratio is 3.54, which is higher than the CBOJ Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of CPNS and CBOJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPNS	CBOJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.54	-0.12	+3.66
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	-0.25	+2.21

Drawdowns

CPNS vs. CBOJ - Drawdown Comparison

The maximum CPNS drawdown since its inception was -3.99%, smaller than the maximum CBOJ drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for CPNS and CBOJ.

Drawdown Indicators

	CPNS	CBOJ	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-8.13%	+4.14%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-8.13%	+6.82%
Current Drawdown Current decline from peak	0.00%	-6.99%	+6.99%
Average Drawdown Average peak-to-trough decline	-0.39%	-2.73%	+2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	4.39%	-4.12%

Volatility

CPNS vs. CBOJ - Volatility Comparison

Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) has a higher volatility of 1.15% compared to Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) at 0.72%. This indicates that CPNS's price experiences larger fluctuations and is considered to be riskier than CBOJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNS	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.72%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	1.87%	3.73%	-1.86%
Volatility (1Y) Calculated over the trailing 1-year period	2.74%	4.99%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	4.73%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	4.73%	-1.13%

CPNS vs. CBOJ - Expense Ratio Comparison

Both CPNS and CBOJ have an expense ratio of 0.69%.

Dividends

CPNS vs. CBOJ - Dividend Comparison

CPNS has not paid dividends to shareholders, while CBOJ's dividend yield for the trailing twelve months is around 3.17%.

	TTM	2025
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.17%	3.16%