SHDG vs. CBOX

Last updated Aug 5, 2026

SHDG (Soundwatch Hedged Equity ETF) and CBOX (Calamos Tax-Aware Collateral ETF) are both Options Trading funds. Both are actively managed. Their 0.07 correlation means their historical movements had little consistent relationship. SHDG charges 0.53%/yr vs 0.14%/yr for CBOX.

Performance

SHDG vs. CBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Soundwatch Hedged Equity ETF (SHDG) and Calamos Tax-Aware Collateral ETF (CBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SHDG

• 1D: 1.20%
• 1M: 2.60%
• 6M: 2.72%
• YTD: 3.73%
• 1Y: 10.89%
• 3Y*: 12.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.57%

CBOX

• 1D: 0.08%
• 1M: 0.46%
• 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	$7.63M	$8.26M	$7.02M
SHDG Soundwatch Hedged Equity ETF	$64.49K	$89.27K	$138.51K

SHDG vs. CBOX - Yearly Performance Comparison

	2026 (YTD)
SHDG Soundwatch Hedged Equity ETF	5.05%
CBOX Calamos Tax-Aware Collateral ETF	1.22%

Correlation

The correlation between SHDG and CBOX is 0.07, 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	0.07

Return for Risk

SHDG vs. CBOX — Risk / Return Rank

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

SHDG

SHDG Risk / Return Rank: 46
SHDG Sharpe Ratio Rank: 48
SHDG Sortino Ratio Rank: 46
SHDG Omega Ratio Rank: 50
SHDG Calmar Ratio Rank: 41
SHDG Martin Ratio Rank: 47

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.

SHDG vs. CBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Soundwatch Hedged Equity ETF (SHDG) 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.

	SHDG	CBOX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	—	—
Sortino ratio: Return per unit of downside risk	1.92	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	1.65	—	—
Martin ratio: Return relative to average drawdown	6.04	—	—

Drawdowns

SHDG vs. CBOX - Drawdown Comparison

The maximum SHDG drawdown since its inception was -15.82%, which is greater than CBOX's maximum drawdown of -2.90%. Use the drawdown chart below to compare losses from any high point for SHDG and CBOX.

Drawdown Indicators

	SHDG	CBOX	Difference
Max Drawdown Largest peak-to-trough decline	-15.82%	-2.90%	-12.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.62%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.82%	—	—
Current Drawdown Current decline from peak	0.00%	-2.21%	+2.21%
Average Drawdown Average peak-to-trough decline	-1.69%	-1.49%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	—	—

Volatility

Volatility by Period

	SHDG	CBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.08%	7.72%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	7.72%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.86%	7.72%	+3.14%

SHDG vs. CBOX - Expense Ratio Comparison

SHDG has a 0.53% expense ratio, which is higher than CBOX's 0.14% expense ratio.

Dividends

SHDG vs. CBOX - Dividend Comparison

SHDG's dividend yield for the trailing twelve months is around 0.48%, while CBOX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CBOX Calamos Tax-Aware Collateral ETF	0.00%	0.00%	0.00%	0.00%	0.00%
SHDG Soundwatch Hedged Equity ETF	0.48%	0.49%	0.62%	1.24%	0.90%

Frequently Asked Questions

Can I hold both SHDG and CBOX in my portfolio?

SHDG and CBOX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SHDG 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, SHDG or CBOX?

CBOX is cheaper with a 0.14% expense ratio, compared with 0.53% for SHDG.

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

SHDG has the higher dividend yield at 0.48%, compared with 0.00% for CBOX.

What is the main difference between SHDG and CBOX?

They also come from different issuers: SoundWatch Capital and Calamos. Their fees differ too: 0.53% for SHDG and 0.14% for CBOX.