CPNS vs BHDG

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

CPNS vs BHDG - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

CPNS

$22M

Winner

BHDG

$22M

Expense Ratio

Winner

CPNS

0.69%

BHDG

0.97%

Max Drawdown

Winner

CPNS

3.99%

BHDG

15.06%

Sharpe Ratio

Winner

CPNS

1.21

BHDG

-0.99

5Y Beta

CPNS

0.18

Winner

BHDG

-0.89

CPNS vs BHDG - Historical Returns

Returns include dividend reinvestment.

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

Winner

CPNS

+0.39%

BHDG

-4.73%

Winner

CPNS

+1.91%

BHDG

-0.75%

CPNS

+3.29%

BHDG

N/A

CPNS

+6.43%

BHDG

N/A

Max(CAGR)

Winner

CPNS

+7.35%

BHDG

-22.52%

CPNS vs BHDG - Annual Returns (2024 - 2026)

Returns include dividend reinvestment.

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

CPNS vs BHDG Drawdown Comparison

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

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

The current BHDG drawdown is -12.08%.

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

Correlation

Correlation between CPNS and BHDG 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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