APRB vs. CBOY

Last updated Jun 4, 2026

APRB (Aptus April Buffer ETF) and CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) are both Defined Outcome funds. APRB is actively managed, while CBOY is passively managed. At a 0.33 correlation, their price movements are largely independent. APRB charges 0.25%/yr vs 0.69%/yr for CBOY.

Performance

APRB vs. CBOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus April Buffer ETF (APRB) and Calamos Bitcoin Structured Alt Protection ETF - July (CBOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRB achieves a 4.77% return, which is significantly higher than CBOY's -0.57% return.

APRB

• 1D: -0.11%
• 1M: 1.69%
• YTD: 4.77%
• 6M: 5.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBOY

• 1D: -0.02%
• 1M: 0.10%
• YTD: -0.57%
• 6M: -1.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APRB vs. CBOY - Yearly Performance Comparison

	2026 (YTD)	2025
APRB Aptus April Buffer ETF	4.77%	2.48%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	-2.12%

Correlation

The correlation between APRB and CBOY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.33

Return for Risk

APRB vs. CBOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus April Buffer ETF (APRB) and Calamos Bitcoin Structured Alt Protection ETF - July (CBOY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	APRB	CBOY	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.00	-0.32	+2.32

Drawdowns

APRB vs. CBOY - Drawdown Comparison

The maximum APRB drawdown since its inception was -4.59%, which is greater than CBOY's maximum drawdown of -3.99%. Use the drawdown chart below to compare losses from any high point for APRB and CBOY.

Drawdown Indicators

	APRB	CBOY	Difference
Max Drawdown Largest peak-to-trough decline	-4.59%	-3.99%	-0.60%
Current Drawdown Current decline from peak	-0.11%	-3.38%	+3.27%
Average Drawdown Average peak-to-trough decline	-0.74%	-2.18%	+1.44%

Volatility

Volatility by Period

	APRB	CBOY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	5.98%	3.32%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.98%	3.32%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.98%	3.32%	+2.66%

APRB vs. CBOY - Expense Ratio Comparison

APRB has a 0.25% expense ratio, which is lower than CBOY's 0.69% expense ratio.

Dividends

APRB vs. CBOY - Dividend Comparison

APRB has not paid dividends to shareholders, while CBOY's dividend yield for the trailing twelve months is around 1.38%.

Position	TTM	2025
APRB Aptus April Buffer ETF	0.00%	0.00%
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%

Frequently Asked Questions

Can I hold both APRB and CBOY in my portfolio?

APRB and CBOY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, APRB or CBOY?

On fees, APRB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, APRB or CBOY?

APRB is cheaper with a 0.25% expense ratio, compared with 0.69% for CBOY.

Which ETF pays a higher dividend yield, APRB or CBOY?

CBOY has the higher dividend yield at 1.38%, compared with 0.00% for APRB.

What is the main difference between APRB and CBOY?

They also come from different issuers: Aptus Capital Advisors and Calamos. Their fees differ too: 0.25% for APRB and 0.69% for CBOY.