JANB vs. CPNQ

Last updated Jun 4, 2026

JANB (Aptus January Buffer ETF) and CPNQ (Calamos Nasdaq-100 Structured Alt Protection ETF - December) are both Defined Outcome funds. Both are actively managed. A 0.77 correlation means they provide meaningful diversification when combined. JANB charges 0.25%/yr vs 0.69%/yr for CPNQ.

Performance

JANB vs. CPNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus January Buffer ETF (JANB) and Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JANB achieves a 6.08% return, which is significantly higher than CPNQ's 3.12% return.

JANB

• 1D: -0.22%
• 1M: 2.38%
• YTD: 6.08%
• 6M: 7.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNQ

• 1D: 0.03%
• 1M: 1.03%
• YTD: 3.12%
• 6M: 3.32%
• 1Y: 8.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JANB vs. CPNQ - Yearly Performance Comparison

	2026 (YTD)	2025
JANB Aptus January Buffer ETF	6.08%	2.69%
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	3.12%	1.50%

Correlation

The correlation between JANB and CPNQ is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.77

Return for Risk

JANB vs. CPNQ — Risk / Return Rank

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

CPNQ

CPNQ Risk / Return Rank: 94
CPNQ Sharpe Ratio Rank: 93
CPNQ Sortino Ratio Rank: 96
CPNQ Omega Ratio Rank: 95
CPNQ Calmar Ratio Rank: 91
CPNQ Martin Ratio Rank: 95

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.

JANB vs. CPNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus January Buffer ETF (JANB) and Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ). 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.

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

Sharpe Ratios by Period

	JANB	CPNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	2.24	-0.28

Drawdowns

JANB vs. CPNQ - Drawdown Comparison

The maximum JANB drawdown since its inception was -6.52%, which is greater than CPNQ's maximum drawdown of -3.52%. Use the drawdown chart below to compare losses from any high point for JANB and CPNQ.

Drawdown Indicators

	JANB	CPNQ	Difference
Max Drawdown Largest peak-to-trough decline	-6.52%	-3.52%	-3.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.52%	—
Current Drawdown Current decline from peak	-0.22%	-0.04%	-0.18%
Average Drawdown Average peak-to-trough decline	-1.14%	-0.43%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.30%	—

Volatility

Volatility by Period

	JANB	CPNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.41%	2.64%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.41%	3.37%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.41%	3.37%	+4.04%

JANB vs. CPNQ - Expense Ratio Comparison

JANB has a 0.25% expense ratio, which is lower than CPNQ's 0.69% expense ratio.

Dividends

JANB vs. CPNQ - Dividend Comparison

Neither JANB nor CPNQ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JANB and CPNQ in my portfolio?

JANB and CPNQ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JANB or CPNQ?

On fees, JANB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JANB or CPNQ?

JANB is cheaper with a 0.25% expense ratio, compared with 0.69% for CPNQ.

Which ETF pays a higher dividend yield, JANB or CPNQ?

JANB and CPNQ have nearly identical dividend yields, around 0.00%.

What is the main difference between JANB and CPNQ?

They also come from different issuers: Aptus Capital Advisors and Calamos. Their fees differ too: 0.25% for JANB and 0.69% for CPNQ.