KBUF vs. CBOX

Last updated Aug 4, 2026

KBUF (KraneShares 90% KWEB Defined Outcome January 2026 ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both Options Trading funds. Both are actively managed. Their 0.11 correlation means their historical movements had little consistent relationship. KBUF charges 0.95%/yr vs 0.14%/yr for CBOX.

Performance

KBUF vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KBUF

• 1D: 0.45%
• 1M: 6.29%
• 6M: -11.08%
• YTD: -9.39%
• 1Y: -3.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.02%

CBOX

• 1D: 0.01%
• 1M: 0.38%
• 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	$7.65M	$8.56M	$7.13M
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	$6.79K	$35.72K	$167.86K

KBUF vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	-3.87%
CBOX Calamos Tax-Aware Collateral ETF	1.14%

Correlation

The correlation between KBUF and CBOX is 0.11, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 17, 2026	0.11

Return for Risk

KBUF vs. CBOX — Risk / Return Rank

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

KBUF

KBUF Risk / Return Rank: 7
KBUF Sharpe Ratio Rank: 7
KBUF Sortino Ratio Rank: 7
KBUF Omega Ratio Rank: 7
KBUF Calmar Ratio Rank: 8
KBUF Martin Ratio Rank: 8

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.

KBUF vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) 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.

	KBUF	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	—	—
Sortino ratio: Return per unit of downside risk	-0.28	—	—
Omega ratio: Gain probability vs. loss probability	0.97	—	—
Calmar ratio: Return relative to maximum drawdown	-0.17	—	—
Martin ratio: Return relative to average drawdown	-0.33	—	—

Drawdowns

KBUF vs. CBOX - Drawdown Comparison

The maximum KBUF drawdown since its inception was -21.14%, which is greater than CBOX's maximum drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for KBUF and CBOX.

Drawdown Indicators

	KBUF	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-2.90%	-18.24%
Max Drawdown (1Y) Largest decline over 1 year	-21.14%	—	—
Current Drawdown Current decline from peak	-14.74%	-2.29%	-12.45%
Average Drawdown Average peak-to-trough decline	-5.07%	-1.48%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	—	—

Volatility

Volatility by Period

	KBUF	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	7.77%	+5.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.18%	7.77%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.18%	7.77%	+6.41%

KBUF vs. CBOX - Expense Ratio Comparison

KBUF has a 0.95% expense ratio, which is higher than CBOX's 0.14% expense ratio.

Dividends

KBUF vs. CBOX - Dividend Comparison

KBUF's dividend yield for the trailing twelve months is around 8.29%, while CBOX has not paid dividends to shareholders.

Position	TTM	2025	2024
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%
KBUF KraneShares 90% KWEB Defined Outcome January 2026 ETF	8.29%	7.51%	3.53%

Frequently Asked Questions

Can I hold both KBUF and CBOX in my portfolio?

KBUF and CBOX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KBUF 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, KBUF or CBOX?

CBOX is cheaper with a 0.14% expense ratio, compared with 0.95% for KBUF.

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

KBUF has the higher dividend yield at 8.29%, compared with 0.00% for CBOX.

What is the main difference between KBUF and CBOX?

They also come from different issuers: KraneShares and Calamos. Their fees differ too: 0.95% for KBUF and 0.14% for CBOX.