CPSA vs. CBXJ

Last updated Jun 3, 2026

CPSA (Calamos S&P 500 Structured Alt Protection ETF - August) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both exchange-traded funds - CPSA is a Defined Outcome fund tracking the MerQube Cap Protect US Lrg Cap PR Index - Aug, while CBXJ is a Blockchain fund actively managed by Calamos. CPSA is passively managed, while CBXJ is actively managed. Over the past year, CPSA returned 8.51% vs -19.73% for CBXJ. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CPSA vs. CBXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSA achieves a 2.81% return, which is significantly higher than CBXJ's -9.51% return.

CPSA

• 1D: 0.09%
• 1M: 0.71%
• YTD: 2.81%
• 6M: 3.34%
• 1Y: 8.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBXJ

• 1D: -1.70%
• 1M: -5.16%
• YTD: -9.51%
• 6M: -13.76%
• 1Y: -19.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSA vs. CBXJ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	2.81%	6.39%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-9.51%	-7.64%

Correlation

The correlation between CPSA and CBXJ is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.45

Return for Risk

CPSA vs. CBXJ — Risk / Return Rank

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

CPSA

CPSA Risk / Return Rank: 94
CPSA Sharpe Ratio Rank: 94
CPSA Sortino Ratio Rank: 97
CPSA Omega Ratio Rank: 96
CPSA Calmar Ratio Rank: 90
CPSA Martin Ratio Rank: 95

CBXJ

CBXJ Risk / Return Rank: 2
CBXJ Sharpe Ratio Rank: 1
CBXJ Sortino Ratio Rank: 1
CBXJ Omega Ratio Rank: 1
CBXJ Calmar Ratio Rank: 3
CBXJ Martin Ratio Rank: 3

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.

CPSA vs. CBXJ - 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 90 Series Structured Alt Protection ETF - January (CBXJ). 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	CBXJ	Difference
Sharpe ratio Return per unit of total volatility	3.66	-1.10	+4.77
Sortino ratio Return per unit of downside risk	6.09	-1.50	+7.60
Omega ratio Gain probability vs. loss probability	1.82	0.83	+0.99
Calmar ratio Return relative to maximum drawdown	5.74	-0.72	+6.46
Martin ratio Return relative to average drawdown	32.67	-1.16	+33.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSA vs. CBXJ - Sharpe Ratio Comparison

The current CPSA Sharpe Ratio is 3.66, which is higher than the CBXJ Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of CPSA and CBXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPSA	CBXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.66	-1.10	+4.77
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	-0.76	+2.60

Drawdowns

CPSA vs. CBXJ - Drawdown Comparison

The maximum CPSA drawdown since its inception was -4.72%, smaller than the maximum CBXJ drawdown of -27.61%. Use the drawdown chart below to compare losses from any high point for CPSA and CBXJ.

Drawdown Indicators

	CPSA	CBXJ	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-27.61%	+22.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-27.61%	+26.14%
Current Drawdown Current decline from peak	0.00%	-27.52%	+27.52%
Average Drawdown Average peak-to-trough decline	-0.38%	-10.63%	+10.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	17.01%	-16.75%

Volatility

CPSA vs. CBXJ - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - August (CPSA) is 0.46%, while Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) has a volatility of 3.03%. This indicates that CPSA experiences smaller price fluctuations and is considered to be less risky than CBXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSA	CBXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	3.03%	-2.57%
Volatility (6M) Calculated over the trailing 6-month period	1.73%	12.44%	-10.71%
Volatility (1Y) Calculated over the trailing 1-year period	2.33%	17.93%	-15.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.14%	16.72%	-12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.14%	16.72%	-12.58%

CPSA vs. CBXJ - Expense Ratio Comparison

Both CPSA and CBXJ have an expense ratio of 0.69%.

Dividends

CPSA vs. CBXJ - Dividend Comparison

CPSA has not paid dividends to shareholders, while CBXJ's dividend yield for the trailing twelve months is around 2.18%.

Position	TTM	2025
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.18%	1.97%
CPSA Calamos S&P 500 Structured Alt Protection ETF - August	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSA and CBXJ in my portfolio?

CPSA and CBXJ have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSA or CBXJ?

CBXJ has higher volatility (3.03%) compared to CPSA (0.46%). In terms of maximum drawdown, CPSA dropped -4.72% vs CBXJ's -27.61%.

Which ETF is better, CPSA or CBXJ?

On 1-year performance, CPSA leads with 8.51% vs -19.73% for CBXJ. Both ETFs have the same 0.69% expense ratio. On volatility, CPSA has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSA or CBXJ?

Over the 1-year period, CPSA has performed better with a 8.51% return vs -19.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSA or CBXJ?

CPSA and CBXJ have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CPSA or CBXJ?

CBXJ has the higher dividend yield at 2.18%, compared with 0.00% for CPSA.

What is the main difference between CPSA and CBXJ?

CPSA is categorized as Defined Outcome, while CBXJ is Blockchain.

Which has better risk-adjusted returns?

CPSA currently has the higher Sharpe Ratio (3.66 vs -1.10), 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.