CPNS vs. CBOY

Last updated Jun 23, 2026

CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) are both Defined Outcome funds from Calamos - CPNS tracks the MerQube Cap Protect US Large Cap Tech PR Index - Sep while CBOY tracks the CBOE Bitcoin US ETF Index. Both are passively managed. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CPNS vs. CBOY - 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 - July (CBOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNS achieves a 3.23% return, which is significantly higher than CBOY's -0.45% return.

CPNS

• 1D: 0.05%
• 1M: 0.34%
• YTD: 3.23%
• 6M: 3.17%
• 1Y: 7.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOY

• 1D: 0.12%
• 1M: 0.19%
• YTD: -0.45%
• 6M: -0.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPNS vs. CBOY - Yearly Performance Comparison

	2026 (YTD)	2025
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.23%	3.24%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.45%	-0.42%

Correlation

The correlation between CPNS and CBOY is 0.27, 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 8, 2025	0.27

Return for Risk

CPNS vs. CBOY — 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: 95
CPNS Sortino Ratio Rank: 96
CPNS Omega Ratio Rank: 96
CPNS Calmar Ratio Rank: 92
CPNS Martin Ratio Rank: 96

CBOY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CBOY - 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 - July (CBOY). 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.

	CPNS	CBOY	Difference
Sharpe ratio: Return per unit of total volatility	3.63	—	—
Sortino ratio: Return per unit of downside risk	5.57	—	—
Omega ratio: Gain probability vs. loss probability	1.81	—	—
Calmar ratio: Return relative to maximum drawdown	5.87	—	—
Martin ratio: Return relative to average drawdown	31.74	—	—

Drawdowns

CPNS vs. CBOY - Drawdown Comparison

The maximum CPNS drawdown since its inception was -3.99%, roughly equal to the maximum CBOY drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CPNS and CBOY.

Drawdown Indicators

	CPNS	CBOY	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-3.99%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	—	—
Current Drawdown Current decline from peak	-0.01%	-3.26%	+3.25%
Average Drawdown Average peak-to-trough decline	-0.36%	-2.23%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.24%	—	—

Volatility

Volatility by Period

	CPNS	CBOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.13%	3.23%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	3.23%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	3.23%	+0.28%

CPNS vs. CBOY - Expense Ratio Comparison

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

Dividends

CPNS vs. CBOY - Dividend Comparison

CPNS has not paid dividends to shareholders, while CBOY's dividend yield for the trailing twelve months is around 1.38%.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPNS and CBOY in my portfolio?

CPNS and CBOY have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPNS or CBOY?

Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPNS or CBOY?

CPNS and CBOY have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CPNS or CBOY?

CBOY has the higher dividend yield at 1.38%, compared with 0.00% for CPNS.

What is the main difference between CPNS and CBOY?

CPNS tracks MerQube Cap Protect US Large Cap Tech PR Index - Sep, while CBOY tracks CBOE Bitcoin US ETF Index.