JPO vs. CBOX

Last updated Aug 2, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both Options Trading funds. Both are actively managed. Their -0.04 correlation means they have often moved in opposite directions in the past. JPO charges 1.19%/yr vs 0.14%/yr for CBOX.

Performance

JPO vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JPO

• 1D: 0.34%
• 1M: 5.47%
• 6M: 14.60%
• YTD: 8.98%
• 1Y: 19.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.53%

CBOX

• 1D: 0.00%
• 1M: 0.37%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CBOX Calamos Tax-Aware Collateral ETF	$7.89M	$8.89M	$7.14M
JPO YieldMax JPM Option Income Strategy ETF	$418.56K	$404.33K	$336.84K

JPO vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
JPO YieldMax JPM Option Income Strategy ETF	13.13%
CBOX Calamos Tax-Aware Collateral ETF	1.12%

Correlation

The correlation between JPO and CBOX is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026	-0.04

Return for Risk

JPO vs. CBOX — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 34
JPO Sharpe Ratio Rank: 35
JPO Sortino Ratio Rank: 33
JPO Omega Ratio Rank: 33
JPO Calmar Ratio Rank: 35
JPO Martin Ratio Rank: 32

CBOX

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

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.

JPO vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) and Calamos Tax-Aware Collateral ETF (CBOX). 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.

	JPO	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	—	—
Sortino ratio: Return per unit of downside risk	1.25	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.21	—	—
Martin ratio: Return relative to average drawdown	3.00	—	—

Drawdowns

JPO vs. CBOX - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, which is greater than CBOX's maximum drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for JPO and CBOX.

Drawdown Indicators

	JPO	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-2.90%	-21.90%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	—	—
Current Drawdown Current decline from peak	-1.04%	-2.30%	+1.26%
Average Drawdown Average peak-to-trough decline	-4.42%	-1.47%	-2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.72%	—	—

Volatility

Volatility by Period

	JPO	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	7.83%	+11.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	7.83%	+11.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	7.83%	+11.23%

JPO vs. CBOX - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than CBOX's 0.14% expense ratio.

Dividends

JPO vs. CBOX - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 31.81%, while CBOX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%	0.00%
JPO YieldMax JPM Option Income Strategy ETF	31.81%	34.13%	25.15%	4.84%

Frequently Asked Questions

Can I hold both JPO and CBOX in my portfolio?

JPO and CBOX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPO or CBOX?

On fees, CBOX is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JPO or CBOX?

CBOX is cheaper with a 0.14% expense ratio, compared with 1.19% for JPO.

Which ETF pays a higher dividend yield, JPO or CBOX?

JPO has the higher dividend yield at 31.81%, compared with 0.00% for CBOX.

What is the main difference between JPO and CBOX?

They also come from different issuers: Tidal and Calamos. Their fees differ too: 1.19% for JPO and 0.14% for CBOX.