CPRJ vs. QB

Last updated Jul 14, 2026

CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds - CPRJ tracks the MerQube Cap Protect US Small Cap PR Index - Jul while QB tracks the Nasdaq-100. Both are passively managed. Over the past year, CPRJ returned 6.65% vs 18.28% for QB. At a 0.47 correlation, their price movements are largely independent. CPRJ charges 0.69%/yr vs 0.58%/yr for QB.

Performance

CPRJ vs. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPRJ achieves a 3.05% return, which is significantly lower than QB's 12.15% return.

CPRJ

• 1D: -0.14%
• 1M: 0.00%
• 6M: 2.40%
• YTD: 3.05%
• 1Y: 6.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QB

• 1D: -0.14%
• 1M: 3.02%
• 6M: 10.85%
• YTD: 12.15%
• 1Y: 18.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPRJ vs. QB - Yearly Performance Comparison

	2026 (YTD)	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	3.05%	5.76%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	12.15%	6.10%

Correlation

The correlation between CPRJ and QB is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.47

Return for Risk

CPRJ vs. QB — 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: 93
CPRJ Sortino Ratio Rank: 95
CPRJ Omega Ratio Rank: 94
CPRJ Calmar Ratio Rank: 95
CPRJ Martin Ratio Rank: 95

QB

QB Risk / Return Rank: 94
QB Sharpe Ratio Rank: 93
QB Sortino Ratio Rank: 94
QB Omega Ratio Rank: 95
QB Calmar Ratio Rank: 93
QB Martin Ratio Rank: 96

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. QB - 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 ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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	QB	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.62	+0.02
Sortino ratio: Return per unit of downside risk	4.27	3.81	+0.46
Omega ratio: Gain probability vs. loss probability	1.53	1.62	-0.09
Calmar ratio: Return relative to maximum drawdown	6.21	5.28	+0.93
Martin ratio: Return relative to average drawdown	23.97	25.48	-1.50

CPRJ vs. QB - Sharpe Ratio Comparison

The current CPRJ Sharpe Ratio is 2.64, which is comparable to the QB Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of CPRJ and QB, 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

CPRJ vs. QB - Drawdown Comparison

The maximum CPRJ drawdown since its inception was -6.25%, which is greater than QB's maximum drawdown of -3.47%. Use the drawdown chart below to compare losses from any high point for CPRJ and QB.

Drawdown Indicators

	CPRJ	QB	Difference
Max Drawdown Largest peak-to-trough decline	-6.25%	-3.47%	-2.78%
Max Drawdown (1Y) Largest decline over 1 year	-1.07%	-3.47%	+2.40%
Current Drawdown Current decline from peak	-0.32%	-0.31%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.84%	-0.42%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.72%	-0.44%

Volatility

CPRJ vs. QB - Volatility Comparison

The current volatility for Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ) is 0.65%, while ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) has a volatility of 3.05%. This indicates that CPRJ experiences smaller price fluctuations and is considered to be less risky than QB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPRJ	QB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	3.05%	-2.40%
Volatility (6M) Calculated over the trailing 6-month period	1.67%	5.83%	-4.16%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	7.03%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	6.93%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	6.93%	-1.89%

CPRJ vs. QB - Expense Ratio Comparison

CPRJ has a 0.69% expense ratio, which is higher than QB's 0.58% expense ratio.

Dividends

CPRJ vs. QB - Dividend Comparison

CPRJ has not paid dividends to shareholders, while QB's dividend yield for the trailing twelve months is around 0.78%.

Position	TTM	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	0.00%	0.00%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.78%	0.48%

Frequently Asked Questions

Can I hold both CPRJ and QB in my portfolio?

CPRJ and QB have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPRJ or QB?

QB has higher volatility (3.05%) compared to CPRJ (0.65%). In terms of maximum drawdown, CPRJ dropped -6.25% vs QB's -3.47%.

Which ETF is better, CPRJ or QB?

On 1-year performance, QB leads with 18.28% vs 6.65% for CPRJ. On fees, QB is cheaper at 0.58% per year. On volatility, CPRJ has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPRJ or QB?

Over the 1-year period, QB has performed better with a 18.28% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPRJ or QB?

QB is cheaper with a 0.58% expense ratio, compared with 0.69% for CPRJ.

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

QB has the higher dividend yield at 0.78%, compared with 0.00% for CPRJ.

What is the main difference between CPRJ and QB?

CPRJ tracks MerQube Cap Protect US Small Cap PR Index - Jul, while QB tracks Nasdaq-100. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CPRJ and 0.58% for QB.

Which has better risk-adjusted returns?

CPRJ currently has the higher Sharpe Ratio (2.64 vs 2.62), 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.