CPSA vs. CBOJ
Compare and contrast key facts about Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ).
CPSA and CBOJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CPSA is a passively managed fund by Calamos that tracks the performance of the MerQube Cap Protect US Lrg Cap PR Index - Aug. It was launched on Aug 1, 2024. CBOJ is a passively managed fund by Calamos that tracks the performance of the CBOE Bitcoin US ETF Index. It was launched on Jan 22, 2025. Both CPSA and CBOJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CPSA vs. CBOJ - Performance Comparison
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Returns By Period
In the year-to-date period, CPSA achieves a 0.27% return, which is significantly higher than CBOJ's -1.10% return.
CPSA
- 1D
- 0.13%
- 1M
- -0.13%
- YTD
- 0.27%
- 6M
- 1.27%
- 1Y
- 11.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOJ
- 1D
- 0.17%
- 1M
- 0.19%
- YTD
- -1.10%
- 6M
- -7.45%
- 1Y
- -1.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CPSA vs. CBOJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CPSA Calamos S&P 500 Structured Alt Protection ETF - August | 0.27% | 6.31% |
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | -1.10% | -0.83% |
Correlation
The correlation between CPSA and CBOJ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners. Combining low-correlation assets is one of the most reliable ways to reduce portfolio risk without sacrificing expected returns.
CPSA vs. CBOJ - Expense Ratio Comparison
Both CPSA and CBOJ have an expense ratio of 0.69%.
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Return for Risk
CPSA vs. CBOJ — Risk / Return Rank
CPSA
CBOJ
CPSA vs. CBOJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) 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.
| CPSA | CBOJ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.79 | -0.24 | +3.04 |
Sortino ratioReturn per unit of downside risk | 5.10 | -0.30 | +5.41 |
Omega ratioGain probability vs. loss probability | 1.79 | 0.96 | +0.82 |
Calmar ratioReturn relative to maximum drawdown | 4.01 | -0.17 | +4.18 |
Martin ratioReturn relative to average drawdown | 21.00 | -0.33 | +21.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CPSA | CBOJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.79 | -0.24 | +3.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.58 | -0.34 | +1.91 |
Drawdowns
CPSA vs. CBOJ - Drawdown Comparison
The maximum CPSA drawdown since its inception was -4.72%, smaller than the maximum CBOJ drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for CPSA and CBOJ.
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Drawdown Indicators
| CPSA | CBOJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.72% | -8.13% | +3.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.99% | -8.13% | +6.14% |
Current DrawdownCurrent decline from peak | -0.48% | -7.45% | +6.97% |
Average DrawdownAverage peak-to-trough decline | -0.42% | -2.65% | +2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 4.27% | -3.89% |
Volatility
CPSA vs. CBOJ - Volatility Comparison
Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) has a higher volatility of 1.15% compared to Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) at 0.73%. This indicates that CPSA'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.
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Volatility by Period
| CPSA | CBOJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 0.73% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 3.76% | -2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.06% | 5.05% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.28% | 4.77% | -0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.28% | 4.77% | -0.49% |
Dividends
CPSA vs. CBOJ - Dividend Comparison
CPSA has not paid dividends to shareholders, while CBOJ's dividend yield for the trailing twelve months is around 3.19%.
| TTM | 2025 | |
|---|---|---|
CPSA Calamos S&P 500 Structured Alt Protection ETF - August | 0.00% | 0.00% |
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | 3.19% | 3.16% |