CPNS vs. SBIT

Last updated Aug 2, 2026

CPNS (Calamos Nasdaq-100 Structured Alt Protection ETF - September) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - CPNS is a Defined Outcome fund tracking the MerQube Cap Protect US Large Cap Tech PR Index - Sep, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, CPNS returned 6.58% vs 98.77% for SBIT. Their -0.43 correlation means they have often moved in opposite directions in the past. CPNS charges 0.69%/yr vs 0.95%/yr for SBIT.

Performance

CPNS vs. SBIT - 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 Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPNS achieves a 3.80% return, which is significantly lower than SBIT's 39.44% return.

CPNS

• 1D: 0.15%
• 1M: 0.54%
• 6M: 3.27%
• YTD: 3.80%
• 1Y: 6.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.86%

SBIT

• 1D: 5.60%
• 1M: -6.04%
• 6M: 32.41%
• YTD: 39.44%
• 1Y: 98.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -42.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	$59.75K	$61.06K	$67.17K
SBIT Proshares Ultrashort Bitcoin ETF	$29.57M	$32.71M	$46.48M

CPNS vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	3.80%	7.25%	1.93%
SBIT Proshares Ultrashort Bitcoin ETF	39.44%	-25.11%	-69.65%

Correlation

The correlation between CPNS and SBIT is -0.46, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.46
Correlation (All Time) Calculated using the full available price history since Sep 3, 2024	-0.43

Return for Risk

CPNS vs. SBIT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPNS

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

SBIT

SBIT Risk / Return Rank: 55
SBIT Sharpe Ratio Rank: 52
SBIT Sortino Ratio Rank: 56
SBIT Omega Ratio Rank: 52
SBIT Calmar Ratio Rank: 68
SBIT Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPNS vs. SBIT - 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 Proshares Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	2.98	1.27	+1.71
Sortino ratio: Return per unit of downside risk	4.53	1.95	+2.58
Omega ratio: Gain probability vs. loss probability	1.63	1.23	+0.40
Calmar ratio: Return relative to maximum drawdown	4.91	2.35	+2.56
Martin ratio: Return relative to average drawdown	26.25	5.19	+21.07

CPNS vs. SBIT - Sharpe Ratio Comparison

The current CPNS Sharpe Ratio is 2.98, which is higher than the SBIT Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of CPNS and SBIT, 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

CPNS vs. SBIT - Drawdown Comparison

The maximum CPNS drawdown since its inception was -3.99%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for CPNS and SBIT.

Drawdown Indicators

	CPNS	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-91.35%	+87.36%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-47.94%	+46.63%
Current Drawdown Current decline from peak	0.00%	-77.87%	+77.87%
Average Drawdown Average peak-to-trough decline	-0.34%	-69.07%	+68.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	21.67%	-21.42%

Volatility

CPNS vs. SBIT - Volatility Comparison

The current volatility for Calamos Nasdaq-100 Structured Alt Protection ETF - September (CPNS) is 0.58%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 18.09%. This indicates that CPNS experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPNS	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	18.09%	-17.51%
Volatility (6M) Calculated over the trailing 6-month period	1.76%	67.10%	-65.34%
Volatility (1Y) Calculated over the trailing 1-year period	2.17%	88.65%	-86.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.43%	96.10%	-92.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.43%	96.10%	-92.67%

CPNS vs. SBIT - Expense Ratio Comparison

CPNS has a 0.69% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

CPNS vs. SBIT - Dividend Comparison

CPNS has not paid dividends to shareholders, while SBIT's dividend yield for the trailing twelve months is around 4.10%.

Position	TTM	2025	2024
CPNS Calamos Nasdaq-100 Structured Alt Protection ETF - September	0.00%	0.00%	0.00%
SBIT Proshares Ultrashort Bitcoin ETF	4.03%	0.52%	1.00%

Frequently Asked Questions

Can I hold both CPNS and SBIT in my portfolio?

CPNS and SBIT have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPNS or SBIT?

SBIT has higher volatility (18.09%) compared to CPNS (0.58%). In terms of maximum drawdown, CPNS dropped -3.99% vs SBIT's -91.35%.

Which ETF is better, CPNS or SBIT?

On 1-year performance, SBIT leads with 98.77% vs 6.58% for CPNS. On fees, CPNS is cheaper at 0.69% per year. On volatility, CPNS has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPNS or SBIT?

Over the 1-year period, SBIT has performed better with a 98.77% return vs 6.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPNS or SBIT?

CPNS is cheaper with a 0.69% expense ratio, compared with 0.95% for SBIT.

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

SBIT has the higher dividend yield at 4.03%, compared with 0.00% for CPNS.

What is the main difference between CPNS and SBIT?

CPNS is categorized as Defined Outcome, while SBIT is Cryptocurrency. CPNS tracks MerQube Cap Protect US Large Cap Tech PR Index - Sep, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CPNS and 0.95% for SBIT.

Which has better risk-adjusted returns?

CPNS currently has the higher Sharpe Ratio (2.98 vs 1.27), 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.