NOVZ vs. CBOX
NOVZ (TrueShares Structured Outcome (November) ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both Options Trading funds. Both are actively managed. Their 0.06 correlation means their historical movements had little consistent relationship. NOVZ charges 0.79%/yr vs 0.14%/yr for CBOX.
Performance
NOVZ vs. CBOX - Performance Comparison
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Returns By Period
NOVZ
- 1D
- 0.65%
- 1M
- 0.12%
- 6M
- 6.06%
- YTD
- 7.13%
- 1Y
- 15.58%
- 3Y*
- 14.13%
- 5Y*
- 10.45%
- 10Y*
- —
- ALL TIME*
- 13.43%
CBOX
- 1D
- 0.00%
- 1M
- 0.37%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.89M | $8.89M | $7.14M | |
| $23.22K | $21.07K | $191.46K |
NOVZ vs. CBOX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
NOVZ TrueShares Structured Outcome (November) ETF | 4.86% |
CBOX Calamos Tax-Aware Collateral ETF | 1.12% |
Correlation
The correlation between NOVZ and CBOX is 0.06, 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 | 0.06 |
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Return for Risk
NOVZ vs. CBOX — Risk / Return Rank
NOVZ
CBOX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
NOVZ vs. CBOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (November) ETF (NOVZ) 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.
| NOVZ | CBOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.26 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | — | — |
| Martin ratioReturn relative to average drawdown | 8.48 | — | — |
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Drawdowns
NOVZ vs. CBOX - Drawdown Comparison
The maximum NOVZ drawdown since its inception was -16.62%, which is greater than CBOX's maximum drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for NOVZ and CBOX.
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Drawdown Indicators
| NOVZ | CBOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.62% | -2.90% | -13.72% |
Max Drawdown (1Y)Largest decline over 1 year | -6.72% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.62% | — | — |
Current DrawdownCurrent decline from peak | -1.50% | -2.30% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -1.47% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | — | — |
Volatility
NOVZ vs. CBOX - Volatility Comparison
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Volatility by Period
| NOVZ | CBOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 7.63% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 9.87% | 7.83% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.92% | 7.83% | +5.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.65% | 7.83% | +4.82% |
NOVZ vs. CBOX - Expense Ratio Comparison
NOVZ has a 0.79% expense ratio, which is higher than CBOX's 0.14% expense ratio.
Dividends
NOVZ vs. CBOX - Dividend Comparison
NOVZ's dividend yield for the trailing twelve months is around 3.35%, while CBOX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
CBOX Calamos Tax-Aware Collateral ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
NOVZ TrueShares Structured Outcome (November) ETF | 3.35% | 3.58% | 2.94% | 2.27% | 0.25% | 0.52% |
Frequently Asked Questions
NOVZ and CBOX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CBOX is cheaper with a 0.14% expense ratio, compared with 0.79% for NOVZ.
NOVZ has the higher dividend yield at 3.35%, compared with 0.00% for CBOX.
They also come from different issuers: TrueShares and Calamos. Their fees differ too: 0.79% for NOVZ and 0.14% for CBOX.
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