CBXO vs SPAQ

Comparison between Calamos Bitcoin 90 Series Structured Alt Protection ETF October (CBXO, ETF) and HORIZON KINETICS SPAC ACTIVE ETF (SPAQ, ETF).

CBXO vs SPAQ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	CBXO(ETF)	SPAQ(ETF)
Net Assets	$9.90M	$10M
Expense Ratio	0.69%	0.85%
Max Drawdown	11.92%	17.06%
Sharpe Ratio	-3.02	0.20
5Y Beta	0.19	0.00
P/E Ratio	N/A	-16.72
Forward P/E	N/A	40.16
Debt to Equity	N/A	0.00%
P/S Ratio	N/A	3.13
P/B Ratio	N/A	2.08

Net Assets

CBXO

$9.90M

Winner

SPAQ

$10M

Expense Ratio

Winner

CBXO

0.69%

SPAQ

0.85%

Max Drawdown

Winner

CBXO

11.92%

SPAQ

17.06%

Sharpe Ratio

CBXO

-3.02

Winner

SPAQ

0.20

5Y Beta

CBXO

0.19

Winner

SPAQ

0.00

P/E Ratio

CBXO

N/A

SPAQ

-16.72

Forward P/E

CBXO

N/A

SPAQ

40.16

Debt to Equity

CBXO

N/A

SPAQ

0.00%

P/S Ratio

CBXO

N/A

SPAQ

3.13

P/B Ratio

CBXO

N/A

SPAQ

2.08

CBXO vs SPAQ - Historical Returns

Returns include dividend reinvestment.

Period	CBXO	SPAQ
1 month	-0.92%	+1.97%
3 months	-0.63%	+3.75%
6 months	-4.52%	+2.32%
1 year	N/A	+4.72%
Max(CAGR)	-16.32%	+6.19%

CBXO

-0.92%

Winner

SPAQ

+1.97%

CBXO

-0.63%

Winner

SPAQ

+3.75%

CBXO

-4.52%

Winner

SPAQ

+2.32%

CBXO

N/A

SPAQ

+4.72%

Max(CAGR)

CBXO

-16.32%

Winner

SPAQ

+6.19%

CBXO vs SPAQ - Annual Returns (2023 - 2026)

Returns include dividend reinvestment.

Year	CBXO	SPAQ
2026	-4.15%	+3.56%
2025	-8.02%	+7.39%
2024	N/A	+4.68%
2023	N/A	+5.52%

CBXO vs SPAQ Drawdown Comparison

The maximum drawdown for CBXO was -11.47%, occurring on Jun 5, 2026. This drawdown has not yet recovered.

The maximum drawdown for SPAQ was -5.30%, occurring on Sep 17, 2025. Recovery took 76 trading sessions.

The current CBXO drawdown is -11.39%. The current SPAQ drawdown is -0.14%.

Rank	CBXO	SPAQ
#1	-11.47% Oct 7, 2025 - Jun 5, 2026	-5.30% Jun 20, 2025 - Oct 8, 2025
#2	N/A	-4.05% Dec 13, 2023 - Mar 18, 2024
#3	N/A	-3.95% Oct 15, 2025 - May 26, 2026
#4	N/A	-3.55% Aug 22, 2024 - Oct 18, 2024
#5	N/A	-0.96% Feb 12, 2025 - Feb 19, 2025
#6	N/A	-0.84% Nov 5, 2024 - Dec 6, 2024
#7	N/A	-0.79% Jul 27, 2023 - Aug 10, 2023
#8	N/A	-0.75% May 27, 2025 - May 29, 2025
#9	N/A	-0.71% Mar 7, 2025 - Mar 18, 2025
#10	N/A	-0.71% Jun 9, 2025 - Jun 16, 2025
#11	N/A	-0.68% Mar 21, 2025 - Apr 25, 2025
#12	N/A	-0.60% Oct 28, 2024 - Nov 5, 2024
#13	N/A	-0.52% Mar 21, 2023 - Apr 12, 2023
#14	N/A	-0.50% Nov 29, 2023 - Dec 6, 2023
#15	N/A	-0.50% May 29, 2025 - Jun 6, 2025

Correlation

Correlation between CBXO and SPAQ is -0.38 which considered as a weak negative correlation - the stocks show a slight tendency to move in opposite directions.

-0.38

-101