CPSP vs. CBOJ

Last updated Jun 24, 2026

CPSP (Calamos S&P 500 Structured Alt Protection ETF - April) and CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) are both exchange-traded funds - CPSP is a S&P 500 fund actively managed by Calamos, while CBOJ is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index. CPSP is actively managed, while CBOJ is passively managed. Over the past year, CPSP returned 6.61% vs -4.25% for CBOJ. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.69% expense ratio.

Performance

CPSP 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 - April (CPSP) 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, CPSP achieves a 3.05% return, which is significantly higher than CBOJ's -1.85% return.

CPSP

• 1D: -0.04%
• 1M: 0.13%
• YTD: 3.05%
• 6M: 3.13%
• 1Y: 6.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOJ

• 1D: -0.21%
• 1M: -1.58%
• YTD: -1.85%
• 6M: -2.06%
• 1Y: -4.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPSP vs. CBOJ - Yearly Performance Comparison

	2026 (YTD)	2025
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	3.05%	5.96%
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.85%	0.17%

Correlation

The correlation between CPSP and CBOJ is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.34

Return for Risk

CPSP vs. CBOJ — Risk / Return Rank

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

CPSP

CPSP Risk / Return Rank: 98
CPSP Sharpe Ratio Rank: 98
CPSP Sortino Ratio Rank: 98
CPSP Omega Ratio Rank: 98
CPSP Calmar Ratio Rank: 99
CPSP Martin Ratio Rank: 99

CBOJ

CBOJ Risk / Return Rank: 4
CBOJ Sharpe Ratio Rank: 2
CBOJ Sortino Ratio Rank: 3
CBOJ Omega Ratio Rank: 3
CBOJ Calmar Ratio Rank: 5
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.

CPSP 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 - April (CPSP) 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.

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.

	CPSP	CBOJ	Difference
Sharpe ratio: Return per unit of total volatility	4.91	-0.87	+5.78
Sortino ratio: Return per unit of downside risk	9.21	-1.17	+10.38
Omega ratio: Gain probability vs. loss probability	2.22	0.87	+1.35
Calmar ratio: Return relative to maximum drawdown	17.71	-0.52	+18.24
Martin ratio: Return relative to average drawdown	82.47	-0.80	+83.27

CPSP vs. CBOJ - Sharpe Ratio Comparison

The current CPSP Sharpe Ratio is 4.91, which is higher than the CBOJ Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of CPSP 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.

Drawdowns

CPSP vs. CBOJ - Drawdown Comparison

The maximum CPSP drawdown since its inception was -1.73%, smaller than the maximum CBOJ drawdown of -8.15%. Use the drawdown chart below to compare losses from any high point for CPSP and CBOJ.

Drawdown Indicators

	CPSP	CBOJ	Difference
Max Drawdown Largest peak-to-trough decline	-1.73%	-8.15%	+6.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-8.15%	+7.78%
Current Drawdown Current decline from peak	-0.24%	-8.15%	+7.91%
Average Drawdown Average peak-to-trough decline	-0.09%	-3.30%	+3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	5.35%	-5.27%

Volatility

CPSP vs. CBOJ - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - April (CPSP) is 0.40%, while Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) has a volatility of 0.85%. This indicates that CPSP 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

	CPSP	CBOJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.85%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	2.35%	-1.49%
Volatility (1Y) Calculated over the trailing 1-year period	1.36%	4.90%	-3.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.38%	4.52%	-2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	4.52%	-2.14%

CPSP vs. CBOJ - Expense Ratio Comparison

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

Dividends

CPSP vs. CBOJ - Dividend Comparison

CPSP has not paid dividends to shareholders, while CBOJ's dividend yield for the trailing twelve months is around 3.22%.

Position	TTM	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.22%	3.16%
CPSP Calamos S&P 500 Structured Alt Protection ETF - April	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSP and CBOJ in my portfolio?

CPSP and CBOJ have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPSP or CBOJ?

CBOJ has higher volatility (0.85%) compared to CPSP (0.40%). In terms of maximum drawdown, CPSP dropped -1.73% vs CBOJ's -8.15%.

Which ETF is better, CPSP or CBOJ?

On 1-year performance, CPSP leads with 6.61% vs -4.25% for CBOJ. Both ETFs have the same 0.69% expense ratio. On volatility, CPSP has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSP or CBOJ?

Over the 1-year period, CPSP has performed better with a 6.61% return vs -4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSP or CBOJ?

CPSP and CBOJ have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CPSP or CBOJ?

CBOJ has the higher dividend yield at 3.22%, compared with 0.00% for CPSP.

What is the main difference between CPSP and CBOJ?

CPSP is categorized as S&P 500, while CBOJ is Defined Outcome.

Which has better risk-adjusted returns?

CPSP currently has the higher Sharpe Ratio (4.91 vs -0.87), 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.