CPRJ vs. NVDO

Last updated Jun 24, 2026

CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) and NVDO (Leverage Shares 2x Capped Accelerated NVDA Monthly ETF) are both Defined Outcome funds. CPRJ is passively managed, while NVDO is actively managed. At a 0.27 correlation, their price movements are largely independent. CPRJ charges 0.69%/yr vs 0.77%/yr for NVDO.

Performance

CPRJ vs. NVDO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRJ achieves a 3.22% return, which is significantly lower than NVDO's 16.35% return.

CPRJ

• 1D: 0.00%
• 1M: 0.34%
• YTD: 3.22%
• 6M: 3.10%
• 1Y: 9.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDO

• 1D: 0.00%
• 1M: 1.57%
• YTD: 16.35%
• 6M: 18.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPRJ vs. NVDO - Yearly Performance Comparison

	2026 (YTD)	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	3.22%	2.82%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	16.35%	10.05%

Correlation

The correlation between CPRJ and NVDO 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 Aug 13, 2025	0.27

Return for Risk

CPRJ vs. NVDO — Risk / Return Rank

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

CPRJ

CPRJ Risk / Return Rank: 94
CPRJ Sharpe Ratio Rank: 89
CPRJ Sortino Ratio Rank: 95
CPRJ Omega Ratio Rank: 96
CPRJ Calmar Ratio Rank: 96
CPRJ Martin Ratio Rank: 96

NVDO

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.

CPRJ vs. NVDO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) and Leverage Shares 2x Capped Accelerated NVDA Monthly ETF (NVDO). 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.

	CPRJ	NVDO	Difference
Sharpe ratio: Return per unit of total volatility	2.69	—	—
Sortino ratio: Return per unit of downside risk	4.69	—	—
Omega ratio: Gain probability vs. loss probability	1.70	—	—
Calmar ratio: Return relative to maximum drawdown	7.79	—	—
Martin ratio: Return relative to average drawdown	32.38	—	—

Drawdowns

CPRJ vs. NVDO - Drawdown Comparison

The maximum CPRJ drawdown since its inception was -6.25%, smaller than the maximum NVDO drawdown of -16.25%. Use the drawdown chart below to compare losses from any high point for CPRJ and NVDO.

Drawdown Indicators

	CPRJ	NVDO	Difference
Max Drawdown Largest peak-to-trough decline	-6.25%	-16.25%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-1.19%	—	—
Current Drawdown Current decline from peak	0.00%	-4.73%	+4.73%
Average Drawdown Average peak-to-trough decline	-0.86%	-4.97%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	—	—

Volatility

Volatility by Period

	CPRJ	NVDO	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	3.52%	32.12%	-28.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.09%	32.12%	-27.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.09%	32.12%	-27.03%

CPRJ vs. NVDO - Expense Ratio Comparison

CPRJ has a 0.69% expense ratio, which is lower than NVDO's 0.77% expense ratio.

Dividends

CPRJ vs. NVDO - Dividend Comparison

CPRJ has not paid dividends to shareholders, while NVDO's dividend yield for the trailing twelve months is around 14.32%.

Position	TTM	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	0.00%	0.00%
NVDO Leverage Shares 2x Capped Accelerated NVDA Monthly ETF	14.32%	16.66%

Frequently Asked Questions

Can I hold both CPRJ and NVDO in my portfolio?

CPRJ and NVDO 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, CPRJ or NVDO?

On fees, CPRJ is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPRJ or NVDO?

CPRJ is cheaper with a 0.69% expense ratio, compared with 0.77% for NVDO.

Which ETF pays a higher dividend yield, CPRJ or NVDO?

NVDO has the higher dividend yield at 14.32%, compared with 0.00% for CPRJ.

What is the main difference between CPRJ and NVDO?

They also come from different issuers: Calamos and Leverage Shares. Their fees differ too: 0.69% for CPRJ and 0.77% for NVDO.