CBXA vs QQQ
Calamos Bitcoin 90 Series Structured Alt Protection ETF - April vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. QQQ offers more diversification with 103 holdings.
Side-by-Side Comparison
| Metric | CBXA | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.18% | |
| AUM | $4M | $455.8B | |
| Dividend Yield | 2.51% | 0.41% | |
| Holdings | 7 | 108 | |
| YTD Return | -21.73% | +19.68% | |
| 1Y Return | -26.68% | +26.75% | |
| 3Y Return (annualized) | - | +26.25% | |
| 5Y Return (annualized) | - | +15.39% | |
| Volatility (annualized) | 16.6% | 30.6% | |
| Max Drawdown | -29.7% | -83.0% | |
| Fund Family | Calamos Investments | Invesco (US) | |
| Category | Alternative | Equity | |
| Inception | Apr 7, 2025 | Mar 10, 1999 |
CBXA vs QQQ Performance
Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) is a ETF from Calamos Investments and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year CBXA returned -26.68% while QQQ returned +26.75%. Year to date, CBXA is down 21.73% versus a gain of 19.68% for QQQ.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 16.6% for CBXA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -29.7% for CBXA and -83.0% for QQQ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.45. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CBXA charges 0.69% per year while QQQ charges 0.18%. On a $10,000 position that is $69 vs $18 annually, a gap of $51 per year that compounds over a long holding period. On income, CBXA currently yields 2.51% against 0.41% for QQQ.
Frequently Asked Questions
Which is cheaper, CBXA or QQQ?
CBXA has an expense ratio of 0.69% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, CBXA or QQQ?
Over the past year CBXA returned -26.68% vs +26.75% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (1 years), CBXA annualized -9.74% vs +13.15% for QQQ. Past performance does not guarantee future results.
Which is riskier, CBXA or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 16.6% for CBXA. Worst drawdown: CBXA -29.7% vs QQQ -83.0%.
Should I hold both CBXA and QQQ?
CBXA and QQQ have a monthly-return correlation of 0.45, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CBXA or QQQ?
CBXA yields 2.51% while QQQ yields 0.41%, so CBXA currently pays the higher dividend yield.
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