CPSM vs. CBOJ

Last updated Apr 1, 2026

Compare and contrast key facts about Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ).

CPSM and CBOJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CPSM is an actively managed fund by Calamos. It was launched on May 1, 2024. CBOJ is a passively managed fund by Calamos that tracks the performance of the CBOE Bitcoin US ETF Index. It was launched on Jan 22, 2025.

Performance

CPSM 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 - May (CPSM) and Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ). The values are adjusted to include any dividend payments, if applicable.

CPSM vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.81%	6.31%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.26%	-0.83%

Returns By Period

In the year-to-date period, CPSM achieves a 0.81% return, which is significantly higher than CBOJ's -1.26% return.

CPSM

• 1D: 0.28%
• 1M: 0.09%
• YTD: 0.81%
• 6M: 2.00%
• 1Y: 7.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOJ

• 1D: 0.14%
• 1M: 0.24%
• YTD: -1.26%
• 6M: -6.30%
• 1Y: -1.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSM vs. CBOJ - Expense Ratio Comparison

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

CPSM

Calamos S&P 500 Structured Alt Protection ETF - May

CBOJ

Calamos Bitcoin Structured Alt Protection ETF - January

Return for Risk

CPSM vs. CBOJ — Risk / Return Rank

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

CPSM

CPSM Risk / Return Rank: 75
CPSM Sharpe Ratio Rank: 65
CPSM Sortino Ratio Rank: 70
CPSM Omega Ratio Rank: 95
CPSM Calmar Ratio Rank: 62
CPSM Martin Ratio Rank: 86

CBOJ

CBOJ Risk / Return Rank: 8
CBOJ Sharpe Ratio Rank: 8
CBOJ Sortino Ratio Rank: 6
CBOJ Omega Ratio Rank: 6
CBOJ Calmar Ratio Rank: 10
CBOJ Martin Ratio Rank: 10

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.

CPSM 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 - May (CPSM) 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.

	CPSM	CBOJ	Difference
Sharpe ratio Return per unit of total volatility	1.10	-0.22	+1.32
Sortino ratio Return per unit of downside risk	1.70	-0.26	+1.97
Omega ratio Gain probability vs. loss probability	1.45	0.97	+0.48
Calmar ratio Return relative to maximum drawdown	1.51	-0.14	+1.65
Martin ratio Return relative to average drawdown	9.75	-0.28	+10.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPSM vs. CBOJ - Sharpe Ratio Comparison

The current CPSM Sharpe Ratio is 1.10, which is higher than the CBOJ Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of CPSM and CBOJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CPSM	CBOJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	-0.22	+1.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.47	-0.37	+1.83

Correlation

The correlation between CPSM and CBOJ is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CPSM vs. CBOJ - Dividend Comparison

CPSM has not paid dividends to shareholders, while CBOJ's dividend yield for the trailing twelve months is around 3.20%.

	TTM	2025
CPSM Calamos S&P 500 Structured Alt Protection ETF - May	0.00%	0.00%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.20%	3.16%

Drawdowns

CPSM vs. CBOJ - Drawdown Comparison

The maximum CPSM drawdown since its inception was -5.19%, smaller than the maximum CBOJ drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for CPSM and CBOJ.

Drawdown Indicators

	CPSM	CBOJ	Difference
Max Drawdown Largest peak-to-trough decline	-5.19%	-8.13%	+2.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.99%	-8.13%	+3.14%
Current Drawdown Current decline from peak	-0.08%	-7.60%	+7.52%
Average Drawdown Average peak-to-trough decline	-0.22%	-2.61%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	4.19%	-3.42%

Volatility

CPSM vs. CBOJ - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - May (CPSM) is 0.68%, while Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) has a volatility of 0.92%. This indicates that CPSM experiences smaller price fluctuations and is considered to be less risky than CBOJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSM	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.92%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	1.18%	3.83%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.69%	5.05%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.31%	4.79%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.31%	4.79%	+0.52%