CPST vs. CBOY

Last updated Aug 2, 2026

CPST (Calamos S&P 500 Structured Alt Protection ETF - September) and CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) are both Defined Outcome funds from Calamos - CPST tracks the MerQube Cap Protect US Lrg Cap PR Index - Sep while CBOY tracks the CBOE Bitcoin US ETF Index. Both are passively managed. Over the past year, CPST returned 6.58% vs -1.61% for CBOY. Their 0.30 correlation means their historical movements had little consistent relationship. Both charge a 0.69% expense ratio.

Performance

CPST vs. CBOY - Performance Comparison

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

Returns By Period

In the year-to-date period, CPST achieves a 3.52% return, which is significantly higher than CBOY's -0.37% return.

CPST

• 1D: 0.16%
• 1M: 0.54%
• 6M: 3.05%
• YTD: 3.52%
• 1Y: 6.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.46%

CBOY

• 1D: -0.29%
• 1M: -0.06%
• 6M: -0.08%
• YTD: -0.37%
• 1Y: -1.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.74%

*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)
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	$82.48K	$66.40K	$36.06K
CPST Calamos S&P 500 Structured Alt Protection ETF - September	$76.01K	$43.63K	$42.94K

CPST vs. CBOY - Yearly Performance Comparison

	2026 (YTD)	2025
CPST Calamos S&P 500 Structured Alt Protection ETF - September	3.52%	3.42%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.37%	-0.42%

Correlation

The correlation between CPST and CBOY is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.30

Return for Risk

CPST vs. CBOY — Risk / Return Rank

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

CPST

CPST Risk / Return Rank: 96
CPST Sharpe Ratio Rank: 96
CPST Sortino Ratio Rank: 97
CPST Omega Ratio Rank: 96
CPST Calmar Ratio Rank: 93
CPST Martin Ratio Rank: 96

CBOY

CBOY Risk / Return Rank: 5
CBOY Sharpe Ratio Rank: 4
CBOY Sortino Ratio Rank: 4
CBOY Omega Ratio Rank: 4
CBOY Calmar Ratio Rank: 6
CBOY Martin Ratio Rank: 7

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.

CPST vs. CBOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos S&P 500 Structured Alt Protection ETF - September (CPST) and Calamos Bitcoin Structured Alt Protection ETF - July (CBOY). 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.

	CPST	CBOY	Difference
Sharpe ratio: Return per unit of total volatility	3.07	-0.59	+3.66
Sortino ratio: Return per unit of downside risk	4.97	-0.79	+5.76
Omega ratio: Gain probability vs. loss probability	1.68	0.90	+0.77
Calmar ratio: Return relative to maximum drawdown	4.42	-0.46	+4.88
Martin ratio: Return relative to average drawdown	23.90	-0.66	+24.56

CPST vs. CBOY - Sharpe Ratio Comparison

The current CPST Sharpe Ratio is 3.07, which is higher than the CBOY Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of CPST and CBOY, 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

CPST vs. CBOY - Drawdown Comparison

The maximum CPST drawdown since its inception was -3.79%, smaller than the maximum CBOY drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for CPST and CBOY.

Drawdown Indicators

	CPST	CBOY	Difference
Max Drawdown Largest peak-to-trough decline	-3.79%	-3.99%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-3.99%	+2.57%
Current Drawdown Current decline from peak	0.00%	-3.18%	+3.18%
Average Drawdown Average peak-to-trough decline	-0.32%	-2.33%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	2.80%	-2.54%

Volatility

CPST vs. CBOY - Volatility Comparison

The current volatility for Calamos S&P 500 Structured Alt Protection ETF - September (CPST) is 0.33%, while Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) has a volatility of 1.05%. This indicates that CPST experiences smaller price fluctuations and is considered to be less risky than CBOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPST	CBOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	1.05%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	1.55%	1.32%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	3.15%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	3.22%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.26%	3.22%	+0.04%

CPST vs. CBOY - Expense Ratio Comparison

Both CPST and CBOY have an expense ratio of 0.69%.

Dividends

CPST vs. CBOY - Dividend Comparison

CPST has not paid dividends to shareholders, while CBOY's dividend yield for the trailing twelve months is around 1.37%.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.37%	1.37%
CPST Calamos S&P 500 Structured Alt Protection ETF - September	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPST and CBOY in my portfolio?

CPST and CBOY have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPST or CBOY?

CBOY has higher volatility (1.05%) compared to CPST (0.33%). In terms of maximum drawdown, CPST dropped -3.79% vs CBOY's -3.99%.

Which ETF is better, CPST or CBOY?

On 1-year performance, CPST leads with 6.58% vs -1.61% for CBOY. Both ETFs have the same 0.69% expense ratio. On volatility, CPST has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPST or CBOY?

Over the 1-year period, CPST has performed better with a 6.58% return vs -1.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPST or CBOY?

CPST and CBOY have the same expense ratio: 0.69% per year.

Which ETF pays a higher dividend yield, CPST or CBOY?

CBOY has the higher dividend yield at 1.37%, compared with 0.00% for CPST.

What is the main difference between CPST and CBOY?

CPST tracks MerQube Cap Protect US Lrg Cap PR Index - Sep, while CBOY tracks CBOE Bitcoin US ETF Index.

Which has better risk-adjusted returns?

CPST currently has the higher Sharpe Ratio (3.07 vs -0.59), 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.