CBOJ vs. ILS

Last updated Jun 24, 2026

CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) and ILS (Brookmont Catastrophic Bond ETF) are both exchange-traded funds - CBOJ is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while ILS is a Nontraditional Bonds fund actively managed by Brookmont. CBOJ is passively managed, while ILS is actively managed. Over the past year, CBOJ returned -4.25% vs 7.81% for ILS. At a correlation of -0.09, they often move in opposite directions. CBOJ charges 0.69%/yr vs 1.58%/yr for ILS.

Performance

CBOJ vs. ILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Brookmont Catastrophic Bond ETF (ILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOJ achieves a -1.85% return, which is significantly lower than ILS's 2.27% return.

CBOJ

• 1D: -0.21%
• 1M: -1.58%
• YTD: -1.85%
• 6M: -2.06%
• 1Y: -4.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ILS

• 1D: 0.10%
• 1M: 1.26%
• YTD: 2.27%
• 6M: 2.63%
• 1Y: 7.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOJ vs. ILS - Yearly Performance Comparison

	2026 (YTD)	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.85%	0.17%
ILS Brookmont Catastrophic Bond ETF	2.27%	3.54%

Correlation

The correlation between CBOJ and ILS is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	-0.09

Return for Risk

CBOJ vs. ILS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBOJ

CBOJ Risk / Return Rank: 4
CBOJ Sharpe Ratio Rank: 2
CBOJ Sortino Ratio Rank: 3
CBOJ Omega Ratio Rank: 3
CBOJ Calmar Ratio Rank: 5
CBOJ Martin Ratio Rank: 5

ILS

ILS Risk / Return Rank: 96
ILS Sharpe Ratio Rank: 92
ILS Sortino Ratio Rank: 95
ILS Omega Ratio Rank: 95
ILS Calmar Ratio Rank: 98
ILS Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBOJ vs. ILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Brookmont Catastrophic Bond ETF (ILS). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CBOJ	ILS	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	3.06	-3.93
Sortino ratio: Return per unit of downside risk	-1.17	5.05	-6.22
Omega ratio: Gain probability vs. loss probability	0.87	1.69	-0.82
Calmar ratio: Return relative to maximum drawdown	-0.52	14.18	-14.70
Martin ratio: Return relative to average drawdown	-0.80	52.13	-52.93

CBOJ vs. ILS - Sharpe Ratio Comparison

The current CBOJ Sharpe Ratio is -0.87, which is lower than the ILS Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of CBOJ and ILS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CBOJ vs. ILS - Drawdown Comparison

The maximum CBOJ drawdown since its inception was -8.15%, which is greater than ILS's maximum drawdown of -2.46%. Use the drawdown chart below to compare losses from any high point for CBOJ and ILS.

Drawdown Indicators

	CBOJ	ILS	Difference
Max Drawdown Largest peak-to-trough decline	-8.15%	-2.46%	-5.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-0.55%	-7.60%
Current Drawdown Current decline from peak	-8.15%	0.00%	-8.15%
Average Drawdown Average peak-to-trough decline	-3.30%	-0.54%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.35%	0.15%	+5.20%

Volatility

CBOJ vs. ILS - Volatility Comparison

Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Brookmont Catastrophic Bond ETF (ILS) have volatilities of 0.85% and 0.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBOJ	ILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.84%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	1.68%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	4.90%	2.58%	+2.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.52%	3.77%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.52%	3.77%	+0.75%

CBOJ vs. ILS - Expense Ratio Comparison

CBOJ has a 0.69% expense ratio, which is lower than ILS's 1.58% expense ratio.

Dividends

CBOJ vs. ILS - Dividend Comparison

CBOJ's dividend yield for the trailing twelve months is around 3.22%, less than ILS's 8.05% yield.

Position	TTM	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.22%	3.16%
ILS Brookmont Catastrophic Bond ETF	8.05%	6.06%

Frequently Asked Questions

Can I hold both CBOJ and ILS in my portfolio?

CBOJ and ILS have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CBOJ or ILS?

CBOJ has higher volatility (0.85%) compared to ILS (0.84%). In terms of maximum drawdown, CBOJ dropped -8.15% vs ILS's -2.46%.

Which ETF is better, CBOJ or ILS?

On 1-year performance, ILS leads with 7.81% vs -4.25% for CBOJ. On fees, CBOJ is cheaper at 0.69% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOJ or ILS?

Over the 1-year period, ILS has performed better with a 7.81% return vs -4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOJ or ILS?

CBOJ is cheaper with a 0.69% expense ratio, compared with 1.58% for ILS.

Which ETF pays a higher dividend yield, CBOJ or ILS?

ILS has the higher dividend yield at 8.05%, compared with 3.22% for CBOJ.

What is the main difference between CBOJ and ILS?

CBOJ is categorized as Defined Outcome, while ILS is Nontraditional Bonds. They also come from different issuers: Calamos and Brookmont. Their fees differ too: 0.69% for CBOJ and 1.58% for ILS.

Which has better risk-adjusted returns?

ILS currently has the higher Sharpe Ratio (3.06 vs -0.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.