CPSD vs. CBTA

Last updated Aug 4, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) are both Defined Outcome funds from Calamos. CPSD is actively managed, while CBTA is passively managed. Over the past year, CPSD returned 7.99% vs -33.12% for CBTA. Their 0.39 correlation means their historical movements had little consistent relationship. Both charge a 0.69% expense ratio.

Performance

CPSD vs. CBTA - 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 80 Series Structured Alt Protection ETF - April (CBTA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSD achieves a 3.36% return, which is significantly higher than CBTA's -24.45% return.

CPSD

• 1D: 0.16%
• 1M: 0.75%
• 6M: 2.87%
• YTD: 3.36%
• 1Y: 7.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.63%

CBTA

• 1D: 0.83%
• 1M: 2.26%
• 6M: -16.28%
• YTD: -24.45%
• 1Y: -33.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	$19.28K	$37.33K	$32.42K
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	$87.11K	$54.32K	$43.47K

CPSD vs. CBTA - Yearly Performance Comparison

	2026 (YTD)	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	3.36%	9.93%
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	-24.45%	11.82%

Correlation

The correlation between CPSD and CBTA is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.39

Return for Risk

CPSD vs. CBTA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CPSD

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

CBTA

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CPSD vs. CBTA - 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 80 Series Structured Alt Protection ETF - April (CBTA). 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	CBTA	Difference
Sharpe ratio: Return per unit of total volatility	2.92	-1.13	+4.05
Sortino ratio: Return per unit of downside risk	4.62	-1.61	+6.23
Omega ratio: Gain probability vs. loss probability	1.63	0.81	+0.81
Calmar ratio: Return relative to maximum drawdown	5.40	-0.83	+6.23
Martin ratio: Return relative to average drawdown	26.65	-1.32	+27.97

CPSD vs. CBTA - Sharpe Ratio Comparison

The current CPSD Sharpe Ratio is 2.92, which is higher than the CBTA Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of CPSD and CBTA, 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

CPSD vs. CBTA - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, smaller than the maximum CBTA drawdown of -39.83%. Use the drawdown chart below to compare losses from any high point for CPSD and CBTA.

Drawdown Indicators

	CPSD	CBTA	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-39.83%	+36.38%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-39.83%	+38.34%
Current Drawdown Current decline from peak	0.00%	-36.91%	+36.91%
Average Drawdown Average peak-to-trough decline	-0.43%	-15.96%	+15.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	25.05%	-24.75%

Volatility

CPSD vs. CBTA - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - December (CPSD) is 0.68%, while Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) has a volatility of 4.88%. This indicates that CPSD experiences smaller price fluctuations and is considered to be less risky than CBTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSD	CBTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	4.88%	-4.20%
Volatility (6M) Calculated over the trailing 6-month period	1.71%	21.40%	-19.69%
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	29.44%	-26.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	26.78%	-23.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	26.78%	-23.47%

CPSD vs. CBTA - Expense Ratio Comparison

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

Dividends

CPSD vs. CBTA - Dividend Comparison

CPSD has not paid dividends to shareholders, while CBTA's dividend yield for the trailing twelve months is around 1.18%.

Position	TTM	2025
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April	1.18%	0.89%
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSD and CBTA in my portfolio?

CPSD and CBTA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSD or CBTA?

CBTA has higher volatility (4.88%) compared to CPSD (0.68%). In terms of maximum drawdown, CPSD dropped -3.45% vs CBTA's -39.83%.

Which ETF is better, CPSD or CBTA?

On 1-year performance, CPSD leads with 7.99% vs -33.12% for CBTA. Both ETFs have the same 0.69% expense ratio. On volatility, CPSD has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSD or CBTA?

Over the 1-year period, CPSD has performed better with a 7.99% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSD or CBTA?

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

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

CBTA has the higher dividend yield at 1.18%, compared with 0.00% for CPSD.

Which has better risk-adjusted returns?

CPSD currently has the higher Sharpe Ratio (2.92 vs -1.13), 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.