CBXY vs ARMY

Comparison between Calamos Bitcoin 90 Series Structured Alt Protection ETF July (CBXY, ETF) and Tema International Defense ETF (ARMY, ETF).

CBXY vs ARMY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	CBXY(ETF)	ARMY(ETF)
Net Assets	$5.50M	$5.60M
Expense Ratio	0.69%	0.68%
Max Drawdown	17.55%	16.37%
Sharpe Ratio	-1.62	-0.58
5Y Beta	0.26	1.02

Net Assets

CBXY

$5.50M

Winner

ARMY

$5.60M

Expense Ratio

CBXY

0.69%

Winner

ARMY

0.68%

Max Drawdown

CBXY

17.55%

Winner

ARMY

16.37%

Sharpe Ratio

CBXY

-1.62

Winner

ARMY

-0.58

5Y Beta

Winner

CBXY

0.26

ARMY

1.02

CBXY vs ARMY - Historical Returns

Returns include dividend reinvestment.

Period	CBXY	ARMY
1 month	+1.31%	+0.19%
3 months	+1.25%	-7.91%
6 months	-4.16%	N/A
1 year	-11.45%	N/A
Max(CAGR)	-9.30%	-17.82%

Winner

CBXY

+1.31%

ARMY

+0.19%

Winner

CBXY

+1.25%

ARMY

-7.91%

CBXY

-4.16%

ARMY

N/A

CBXY

-11.45%

ARMY

N/A

Max(CAGR)

Winner

CBXY

-9.30%

ARMY

-17.82%

CBXY vs ARMY - Annual Returns (2025 - 2026)

Returns include dividend reinvestment.

Year	CBXY	ARMY
2026	-4.45%	-5.84%
2025	-6.16%	N/A

CBXY vs ARMY Drawdown Comparison

The maximum drawdown for CBXY was -16.43%, occurring on Jul 8, 2026. This drawdown has not yet recovered.

The maximum drawdown for ARMY was -16.37%, occurring on Jun 26, 2026. This drawdown has not yet recovered.

The current CBXY drawdown is -14.34%. The current ARMY drawdown is -11.89%.

Rank	CBXY	ARMY
#1	-16.43% Oct 6, 2025 - Jul 8, 2026	-16.37% Apr 8, 2026 - Jun 26, 2026
#2	-3.53% Aug 13, 2025 - Oct 2, 2025	-1.24% Apr 6, 2026 - Apr 8, 2026
#3	-1.67% Jul 14, 2025 - Aug 11, 2025	N/A
#4	-0.10% Aug 11, 2025 - Aug 13, 2025	N/A

Correlation

Correlation between CBXY and ARMY is -0.53 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.

-0.53

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