CPSD vs. CBOJ

Last updated Apr 18, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) are both Defined Outcome funds from Calamos. CPSD is actively managed, while CBOJ is passively managed. Over the past year, CPSD returned 10.93% vs -0.36% for CBOJ. At 0.36, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CPSD vs. CBOJ - Performance Comparison

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

Returns By Period

In the year-to-date period, CPSD achieves a 1.36% return, which is significantly higher than CBOJ's -0.21% return.

CPSD

• 1D: 0.25%
• 1M: 1.47%
• YTD: 1.36%
• 6M: 3.29%
• 1Y: 10.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOJ

• 1D: 0.23%
• 1M: 0.84%
• YTD: -0.21%
• 6M: -4.16%
• 1Y: -0.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSD vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	1.36%	6.83%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-0.21%	-0.83%

Correlation

The correlation between CPSD and CBOJ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.36

Return for Risk

CPSD vs. CBOJ — Risk / Return Rank

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

CPSD

CPSD Risk / Return Rank: 94
CPSD Sharpe Ratio Rank: 92
CPSD Sortino Ratio Rank: 96
CPSD Omega Ratio Rank: 95
CPSD Calmar Ratio Rank: 93
CPSD Martin Ratio Rank: 96

CBOJ

CBOJ Risk / Return Rank: 5
CBOJ Sharpe Ratio Rank: 5
CBOJ Sortino Ratio Rank: 4
CBOJ Omega Ratio Rank: 4
CBOJ Calmar Ratio Rank: 6
CBOJ Martin Ratio Rank: 5

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.

CPSD 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 - December (CPSD) 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.

	CPSD	CBOJ	Difference
Sharpe ratio Return per unit of total volatility	3.60	-0.07	+3.67
Sortino ratio Return per unit of downside risk	5.81	-0.07	+5.88
Omega ratio Gain probability vs. loss probability	1.78	0.99	+0.78
Calmar ratio Return relative to maximum drawdown	7.06	-0.03	+7.09
Martin ratio Return relative to average drawdown	33.82	-0.05	+33.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSD vs. CBOJ - Sharpe Ratio Comparison

The current CPSD Sharpe Ratio is 3.60, which is higher than the CBOJ Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of CPSD and CBOJ, 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

	CPSD	CBOJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.60	-0.07	+3.67
Sharpe Ratio (All Time) Calculated using the full available price history	1.88	-0.18	+2.05

Drawdowns

CPSD vs. CBOJ - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, smaller than the maximum CBOJ drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for CPSD and CBOJ.

Drawdown Indicators

	CPSD	CBOJ	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-8.13%	+4.68%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-8.13%	+6.64%
Current Drawdown Current decline from peak	0.00%	-6.62%	+6.62%
Average Drawdown Average peak-to-trough decline	-0.51%	-2.78%	+2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	4.47%	-4.16%

Volatility

CPSD vs. CBOJ - Volatility Comparison

Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) has a higher volatility of 1.03% compared to Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) at 0.59%. This indicates that CPSD'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.

Volatility by Period

	CPSD	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.59%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	3.68%	-1.72%
Volatility (1Y) Calculated over the trailing 1-year period	3.06%	4.99%	-1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.54%	4.71%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.54%	4.71%	-1.17%

CPSD vs. CBOJ - Expense Ratio Comparison

Both CPSD and CBOJ have an expense ratio of 0.69%.

Dividends

CPSD vs. CBOJ - Dividend Comparison

CPSD has not paid dividends to shareholders, while CBOJ's dividend yield for the trailing twelve months is around 3.16%.

	TTM	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	0.00%	0.00%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.16%	3.16%