STEN vs. CBXA
STEN (iShares Large Cap 10% Target Buffer Sep ETF) and CBXA (Calamos Bitcoin 90 Series Structured Alt Protection ETF - April) are both Defined Outcome funds. STEN is actively managed, while CBXA is passively managed. A 0.51 correlation means they provide meaningful diversification when combined. STEN charges 0.50%/yr vs 0.69%/yr for CBXA.
Performance
STEN vs. CBXA - Performance Comparison
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Returns By Period
In the year-to-date period, STEN achieves a 6.53% return, which is significantly higher than CBXA's -21.17% return.
STEN
- 1D
- -0.86%
- 1M
- -0.34%
- YTD
- 6.53%
- 6M
- 6.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXA
- 1D
- -1.11%
- 1M
- -5.76%
- YTD
- -21.17%
- 6M
- -21.33%
- 1Y
- -22.76%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
STEN vs. CBXA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
STEN iShares Large Cap 10% Target Buffer Sep ETF | 6.53% | 2.36% |
CBXA Calamos Bitcoin 90 Series Structured Alt Protection ETF - April | -21.17% | -7.60% |
Correlation
The correlation between STEN and CBXA is 0.51, 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 Oct 1, 2025 | 0.51 |
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Return for Risk
STEN vs. CBXA — Risk / Return Rank
STEN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CBXA
STEN vs. CBXA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Sep ETF (STEN) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA). 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.
| STEN | CBXA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.79 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.79 | — |
| Martin ratioReturn relative to average drawdown | — | -1.48 | — |
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Drawdowns
STEN vs. CBXA - Drawdown Comparison
The maximum STEN drawdown since its inception was -6.21%, smaller than the maximum CBXA drawdown of -28.98%. Use the drawdown chart below to compare losses from any high point for STEN and CBXA.
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Drawdown Indicators
| STEN | CBXA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.21% | -28.98% | +22.77% |
Max Drawdown (1Y)Largest decline over 1 year | — | -28.98% | — |
Current DrawdownCurrent decline from peak | -1.47% | -28.23% | +26.76% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -9.48% | +8.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 15.43% | — |
Volatility
STEN vs. CBXA - Volatility Comparison
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Volatility by Period
| STEN | CBXA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.12% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 14.95% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 9.46% | 18.12% | -8.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.46% | 17.01% | -7.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.46% | 17.01% | -7.55% |
STEN vs. CBXA - Expense Ratio Comparison
STEN has a 0.50% expense ratio, which is lower than CBXA's 0.69% expense ratio.
Dividends
STEN vs. CBXA - Dividend Comparison
STEN's dividend yield for the trailing twelve months is around 0.29%, less than CBXA's 2.50% yield.
| Position | TTM | 2025 |
|---|---|---|
CBXA Calamos Bitcoin 90 Series Structured Alt Protection ETF - April | 2.50% | 1.97% |
STEN iShares Large Cap 10% Target Buffer Sep ETF | 0.29% | 0.31% |
Frequently Asked Questions
STEN and CBXA have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, STEN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
STEN is cheaper with a 0.50% expense ratio, compared with 0.69% for CBXA.
CBXA has the higher dividend yield at 2.50%, compared with 0.29% for STEN.
They also come from different issuers: BlackRock and Calamos. Their fees differ too: 0.50% for STEN and 0.69% for CBXA.
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