CBXA vs SPY
Calamos Bitcoin 90 Series Structured Alt Protection ETF - April vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | CBXA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.69% | 0.09% | |
| AUM | $4M | $789.1B | |
| Dividend Yield | 2.51% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | -21.53% | +13.75% | |
| 1Y Return | -26.09% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 16.6% | 15.3% | |
| Max Drawdown | -29.7% | -56.5% | |
| Fund Family | Calamos Investments | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 7, 2025 | Jan 22, 1993 |
CBXA vs SPY Performance
Calamos Bitcoin 90 Series Structured Alt Protection ETF - April (CBXA) is a ETF from Calamos Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CBXA returned -26.09% while SPY returned +22.91%. Year to date, CBXA is down 21.53% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
CBXA has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 15.3% for SPY. 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 -56.5% for SPY. 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 0.54. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CBXA charges 0.69% per year while SPY charges 0.09%. On a $10,000 position that is $69 vs $9 annually, a gap of $60 per year that compounds over a long holding period. On income, CBXA currently yields 2.51% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, CBXA or SPY?
CBXA has an expense ratio of 0.69% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $60 per year of difference.
Which performed better, CBXA or SPY?
Over the past year CBXA returned -26.09% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), CBXA annualized -9.63% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, CBXA or SPY?
CBXA has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: CBXA -29.7% vs SPY -56.5%.
Should I hold both CBXA and SPY?
CBXA and SPY have a monthly-return correlation of 0.54, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, CBXA or SPY?
CBXA yields 2.51% while SPY yields 1.01%, so CBXA currently pays the higher dividend yield.
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