CPSR vs. BITI

Last updated Jul 17, 2026

CPSR (Calamos S&P 500 Structured Alt Protection ETF - March) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - CPSR is a Defined Outcome fund tracking the S&P 500 Index Price Return, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, CPSR returned 6.32% vs 64.61% for BITI. At a correlation of -0.41, they often move in opposite directions. CPSR charges 0.69%/yr vs 1.03%/yr for BITI.

Performance

CPSR vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos S&P 500 Structured Alt Protection ETF - March (CPSR) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPSR achieves a 2.82% return, which is significantly lower than BITI's 24.48% return.

CPSR

• 1D: -0.09%
• 1M: 0.33%
• 6M: 2.57%
• YTD: 2.82%
• 1Y: 6.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

CPSR vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
CPSR Calamos S&P 500 Structured Alt Protection ETF - March	2.82%	5.42%
BITI ProShares Short Bitcoin ETF	24.48%	-10.08%

Correlation

The correlation between CPSR and BITI is -0.43, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 3, 2025	-0.41

Return for Risk

CPSR vs. BITI — Risk / Return Rank

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

CPSR

CPSR Risk / Return Rank: 96
CPSR Sharpe Ratio Rank: 97
CPSR Sortino Ratio Rank: 98
CPSR Omega Ratio Rank: 97
CPSR Calmar Ratio Rank: 94
CPSR Martin Ratio Rank: 96

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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.

CPSR vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - March (CPSR) and ProShares Short Bitcoin ETF (BITI). 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.

	CPSR	BITI	Difference
Sharpe ratio: Return per unit of total volatility	3.51	1.47	+2.04
Sortino ratio: Return per unit of downside risk	5.80	2.04	+3.76
Omega ratio: Gain probability vs. loss probability	1.77	1.25	+0.53
Calmar ratio: Return relative to maximum drawdown	5.67	2.57	+3.11
Martin ratio: Return relative to average drawdown	27.01	6.38	+20.63

CPSR vs. BITI - Sharpe Ratio Comparison

The current CPSR Sharpe Ratio is 3.51, which is higher than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of CPSR and BITI, 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

CPSR vs. BITI - Drawdown Comparison

The maximum CPSR drawdown since its inception was -3.40%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for CPSR and BITI.

Drawdown Indicators

	CPSR	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-3.40%	-92.16%	+88.76%
Max Drawdown (1Y) Largest decline over 1 year	-1.12%	-25.28%	+24.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-0.09%	-86.41%	+86.32%
Average Drawdown Average peak-to-trough decline	-0.37%	-68.40%	+68.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.23%	10.16%	-9.93%

Volatility

CPSR vs. BITI - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - March (CPSR) is 0.39%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that CPSR experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPSR	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	10.76%	-10.37%
Volatility (6M) Calculated over the trailing 6-month period	1.32%	34.28%	-32.96%
Volatility (1Y) Calculated over the trailing 1-year period	1.81%	44.15%	-42.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	52.24%	-48.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	52.24%	-48.40%

CPSR vs. BITI - Expense Ratio Comparison

CPSR has a 0.69% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

CPSR vs. BITI - Dividend Comparison

CPSR has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 15.62%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
CPSR Calamos S&P 500 Structured Alt Protection ETF - March	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPSR and BITI in my portfolio?

CPSR and BITI 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, CPSR or BITI?

BITI has higher volatility (10.76%) compared to CPSR (0.39%). In terms of maximum drawdown, CPSR dropped -3.40% vs BITI's -92.16%.

Which ETF is better, CPSR or BITI?

On 1-year performance, BITI leads with 64.61% vs 6.32% for CPSR. On fees, CPSR is cheaper at 0.69% per year. On volatility, CPSR has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPSR or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs 6.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPSR or BITI?

CPSR is cheaper with a 0.69% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, CPSR or BITI?

BITI has the higher dividend yield at 15.62%, compared with 0.00% for CPSR.

What is the main difference between CPSR and BITI?

CPSR is categorized as Defined Outcome, while BITI is Cryptocurrency. CPSR tracks S&P 500 Index Price Return, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.69% for CPSR and 1.03% for BITI.

Which has better risk-adjusted returns?

CPSR currently has the higher Sharpe Ratio (3.51 vs 1.47), 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.