CPSD vs. CBOO

Last updated Jun 23, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and CBOO (Calamos Bitcoin Structured Alt Protection ETF - October) are both Defined Outcome funds from Calamos. Both are actively managed. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CPSD vs. CBOO - 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 - October (CBOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSD achieves a 2.63% return, which is significantly higher than CBOO's 0.06% return.

CPSD

• 1D: 0.06%
• 1M: 0.45%
• YTD: 2.63%
• 6M: 2.73%
• 1Y: 9.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOO

• 1D: 0.08%
• 1M: 0.12%
• YTD: 0.06%
• 6M: -0.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSD vs. CBOO - Yearly Performance Comparison

	2026 (YTD)	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	2.63%	1.70%
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.06%	-1.66%

Correlation

The correlation between CPSD and CBOO is 0.22, 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 Oct 7, 2025	0.22

Return for Risk

CPSD vs. CBOO — 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: 93
CPSD Sortino Ratio Rank: 96
CPSD Omega Ratio Rank: 95
CPSD Calmar Ratio Rank: 93
CPSD Martin Ratio Rank: 95

CBOO

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.

CPSD vs. CBOO - 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 - October (CBOO). 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.

	CPSD	CBOO	Difference
Sharpe ratio: Return per unit of total volatility	3.26	—	—
Sortino ratio: Return per unit of downside risk	5.15	—	—
Omega ratio: Gain probability vs. loss probability	1.71	—	—
Calmar ratio: Return relative to maximum drawdown	6.15	—	—
Martin ratio: Return relative to average drawdown	30.18	—	—

Drawdowns

CPSD vs. CBOO - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, which is greater than CBOO's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for CPSD and CBOO.

Drawdown Indicators

	CPSD	CBOO	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-2.34%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	—	—
Current Drawdown Current decline from peak	0.00%	-1.62%	+1.62%
Average Drawdown Average peak-to-trough decline	-0.46%	-1.60%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	CPSD	CBOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	2.07%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	2.07%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.38%	2.07%	+1.31%

CPSD vs. CBOO - Expense Ratio Comparison

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

Dividends

CPSD vs. CBOO - Dividend Comparison

CPSD has not paid dividends to shareholders, while CBOO's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025
CBOO Calamos Bitcoin Structured Alt Protection ETF - October	0.57%	0.57%
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSD and CBOO in my portfolio?

CPSD and CBOO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CPSD or CBOO?

Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSD or CBOO?

CPSD and CBOO have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CPSD or CBOO?

CBOO has the higher dividend yield at 0.57%, compared with 0.00% for CPSD.