CPSD vs. CBXL

Last updated Aug 4, 2026

CPSD (Calamos S&P 500 Structured Alt Protection ETF - December) and CBXL (Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF) are both Defined Outcome funds from Calamos. Both are actively managed. Their 0.41 correlation means their historical movements had little consistent relationship. CPSD charges 0.69%/yr vs 0.79%/yr for CBXL.

Performance

CPSD vs. CBXL - 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 Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL). 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 CBXL's -10.03% return.

CPSD

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

CBXL

• 1D: 0.38%
• 1M: 0.61%
• 6M: -5.97%
• YTD: -10.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF	$11.62K	$7.50K	$7.73K
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	$87.11K	$54.32K	$43.47K

CPSD vs. CBXL - Yearly Performance Comparison

	2026 (YTD)	2025
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	3.36%	1.95%
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF	-10.03%	-9.01%

Correlation

The correlation between CPSD and CBXL is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.41

Return for Risk

CPSD vs. CBXL — 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

CBXL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. CBXL - 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 Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL). 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	CBXL	Difference
Sharpe ratio: Return per unit of total volatility	2.92	—	—
Sortino ratio: Return per unit of downside risk	4.62	—	—
Omega ratio: Gain probability vs. loss probability	1.63	—	—
Calmar ratio: Return relative to maximum drawdown	5.40	—	—
Martin ratio: Return relative to average drawdown	26.65	—	—

Drawdowns

CPSD vs. CBXL - Drawdown Comparison

The maximum CPSD drawdown since its inception was -3.45%, smaller than the maximum CBXL drawdown of -20.01%. Use the drawdown chart below to compare losses from any high point for CPSD and CBXL.

Drawdown Indicators

	CPSD	CBXL	Difference
Max Drawdown Largest peak-to-trough decline	-3.45%	-20.01%	+16.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	—	—
Current Drawdown Current decline from peak	0.00%	-18.94%	+18.94%
Average Drawdown Average peak-to-trough decline	-0.43%	-13.51%	+13.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.30%	—	—

Volatility

Volatility by Period

	CPSD	CBXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.76%	12.33%	-9.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	12.33%	-9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	12.33%	-9.02%

CPSD vs. CBXL - Expense Ratio Comparison

CPSD has a 0.69% expense ratio, which is lower than CBXL's 0.79% expense ratio.

Dividends

CPSD vs. CBXL - Dividend Comparison

CPSD has not paid dividends to shareholders, while CBXL's dividend yield for the trailing twelve months is around 1.58%.

Position	TTM	2025
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF	1.58%	1.42%
CPSD Calamos S&P 500 Structured Alt Protection ETF - December	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSD and CBXL in my portfolio?

CPSD and CBXL have a correlation of 0.41, 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 CBXL?

On fees, CPSD is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CPSD or CBXL?

CPSD is cheaper with a 0.69% expense ratio, compared with 0.79% for CBXL.

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

CBXL has the higher dividend yield at 1.58%, compared with 0.00% for CPSD.

What is the main difference between CPSD and CBXL?

Their fees differ too: 0.69% for CPSD and 0.79% for CBXL.