QB vs. CPRJ

Last updated Jun 4, 2026

QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) and CPRJ (Calamos Russell 2000 Structured Alt Protection ETF - July) are both Defined Outcome funds - QB tracks the Nasdaq-100 while CPRJ tracks the MerQube Cap Protect US Small Cap PR Index - Jul. Both are passively managed. A 0.52 correlation means they provide meaningful diversification when combined. QB charges 0.58%/yr vs 0.69%/yr for CPRJ.

Performance

QB vs. CPRJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) and Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QB achieves a 10.47% return, which is significantly higher than CPRJ's 2.94% return.

QB

• 1D: -0.19%
• 1M: 2.95%
• YTD: 10.47%
• 6M: 9.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPRJ

• 1D: -0.09%
• 1M: 0.47%
• YTD: 2.94%
• 6M: 3.35%
• 1Y: 9.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QB vs. CPRJ - Yearly Performance Comparison

	2026 (YTD)	2025
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	10.47%	5.77%
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	2.94%	4.06%

Correlation

The correlation between QB and CPRJ is 0.52, 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 Jun 27, 2025	0.52

Return for Risk

QB vs. CPRJ — Risk / Return Rank

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

CPRJ

CPRJ Risk / Return Rank: 87
CPRJ Sharpe Ratio Rank: 75
CPRJ Sortino Ratio Rank: 87
CPRJ Omega Ratio Rank: 92
CPRJ Calmar Ratio Rank: 89
CPRJ Martin Ratio Rank: 94

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.

QB vs. CPRJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) and Calamos Russell 2000 Structured Alt Protection ETF - July (CPRJ). 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

	QB	CPRJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.17	1.31	+1.86

Drawdowns

QB vs. CPRJ - Drawdown Comparison

The maximum QB drawdown since its inception was -1.83%, smaller than the maximum CPRJ drawdown of -6.25%. Use the drawdown chart below to compare losses from any high point for QB and CPRJ.

Drawdown Indicators

	QB	CPRJ	Difference
Max Drawdown Largest peak-to-trough decline	-1.83%	-6.25%	+4.42%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.79%	—
Current Drawdown Current decline from peak	-0.30%	-0.09%	-0.21%
Average Drawdown Average peak-to-trough decline	-0.34%	-0.88%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.38%	—

Volatility

Volatility by Period

	QB	CPRJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.75%	4.16%	+1.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.75%	5.13%	+0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.75%	5.13%	+0.62%

QB vs. CPRJ - Expense Ratio Comparison

QB has a 0.58% expense ratio, which is lower than CPRJ's 0.69% expense ratio.

Dividends

QB vs. CPRJ - Dividend Comparison

QB's dividend yield for the trailing twelve months is around 0.62%, while CPRJ has not paid dividends to shareholders.

Position	TTM	2025
CPRJ Calamos Russell 2000 Structured Alt Protection ETF - July	0.00%	0.00%
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.62%	0.48%

Frequently Asked Questions

Can I hold both QB and CPRJ in my portfolio?

QB and CPRJ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QB or CPRJ?

On fees, QB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QB or CPRJ?

QB is cheaper with a 0.58% expense ratio, compared with 0.69% for CPRJ.

Which ETF pays a higher dividend yield, QB or CPRJ?

QB has the higher dividend yield at 0.62%, compared with 0.00% for CPRJ.

What is the main difference between QB and CPRJ?

QB tracks Nasdaq-100, while CPRJ tracks MerQube Cap Protect US Small Cap PR Index - Jul. They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.58% for QB and 0.69% for CPRJ.