BHDG vs CPNS

Comparison between Nicholas Bitcoin Tail ETF (BHDG, ETF) and CALAMOS NASDAQ-100 STRUCTURED ALT PROTECTION ETF - SEPTEMBER (CPNS, ETF).

BHDG vs CPNS - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	BHDG(ETF)	CPNS(ETF)
Net Assets	$22M	$22M
Expense Ratio	0.97%	0.69%
Max Drawdown	15.06%	3.99%
Sharpe Ratio	-0.99	1.21
5Y Beta	-0.89	0.18

Net Assets

Winner

BHDG

$22M

CPNS

$22M

Expense Ratio

BHDG

0.97%

Winner

CPNS

0.69%

Max Drawdown

BHDG

15.06%

Winner

CPNS

3.99%

Sharpe Ratio

BHDG

-0.99

Winner

CPNS

1.21

5Y Beta

Winner

BHDG

-0.89

CPNS

0.18

BHDG vs CPNS - Historical Returns

Returns include dividend reinvestment.

Period	BHDG	CPNS
1 month	-4.73%	+0.39%
3 months	-0.75%	+1.91%
6 months	N/A	+3.29%
1 year	N/A	+6.43%
Max(CAGR)	-22.52%	+7.35%

BHDG

-4.73%

Winner

CPNS

+0.39%

BHDG

-0.75%

Winner

CPNS

+1.91%

BHDG

N/A

CPNS

+3.29%

BHDG

N/A

CPNS

+6.43%

Max(CAGR)

BHDG

-22.52%

Winner

CPNS

+7.35%

BHDG vs CPNS - Annual Returns (2024 - 2026)

Returns include dividend reinvestment.

Year	BHDG	CPNS
2026	-8.36%	+3.54%
2025	N/A	+7.10%
2024	N/A	+2.79%

BHDG vs CPNS Drawdown Comparison

The maximum drawdown for BHDG was -15.06%, occurring on May 11, 2026. This drawdown has not yet recovered.

The maximum drawdown for CPNS was -3.99%, occurring on Apr 8, 2025. Recovery took 58 trading sessions.

The current BHDG drawdown is -12.08%.

Rank	BHDG	CPNS
#1	-15.06% Mar 27, 2026 - May 11, 2026	-3.99% Feb 19, 2025 - May 13, 2025
#2	-1.07% Mar 24, 2026 - Mar 26, 2026	-1.31% Jan 27, 2026 - Apr 8, 2026
#3	-0.59% Mar 20, 2026 - Mar 24, 2026	-0.79% Oct 28, 2025 - Dec 2, 2025
#4	N/A	-0.67% Nov 7, 2024 - Dec 2, 2024
#5	N/A	-0.60% Oct 29, 2024 - Nov 6, 2024
#6	N/A	-0.57% Dec 17, 2024 - Jan 6, 2025
#7	N/A	-0.49% Jan 6, 2025 - Jan 17, 2025
#8	N/A	-0.48% May 16, 2025 - May 27, 2025
#9	N/A	-0.46% Jan 23, 2025 - Feb 5, 2025
#10	N/A	-0.45% Dec 11, 2025 - Dec 19, 2025
#11	N/A	-0.40% Sep 26, 2024 - Oct 9, 2024
#12	N/A	-0.33% Jan 12, 2026 - Jan 23, 2026
#13	N/A	-0.32% Sep 5, 2024 - Sep 10, 2024
#14	N/A	-0.32% Oct 22, 2024 - Oct 25, 2024
#15	N/A	-0.26% Oct 8, 2025 - Oct 17, 2025

Correlation

Correlation between BHDG and CPNS is -0.56 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.

-0.56

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