CBOJ vs. ZJAN
Compare and contrast key facts about Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN).
CBOJ and ZJAN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CBOJ is a passively managed fund by Calamos that tracks the performance of the CBOE Bitcoin US ETF Index. It was launched on Jan 22, 2025. ZJAN is an actively managed fund by Innovator. It was launched on Dec 31, 2024.
Performance
CBOJ vs. ZJAN - Performance Comparison
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CBOJ vs. ZJAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | -1.19% | -0.83% |
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January | -0.26% | 5.90% |
Returns By Period
In the year-to-date period, CBOJ achieves a -1.19% return, which is significantly lower than ZJAN's -0.26% return.
CBOJ
- 1D
- 0.07%
- 1M
- 0.04%
- YTD
- -1.19%
- 6M
- -6.62%
- 1Y
- -1.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZJAN
- 1D
- 0.11%
- 1M
- -0.66%
- YTD
- -0.26%
- 6M
- 1.47%
- 1Y
- 6.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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CBOJ vs. ZJAN - Expense Ratio Comparison
CBOJ has a 0.69% expense ratio, which is lower than ZJAN's 0.79% expense ratio.
Return for Risk
CBOJ vs. ZJAN — Risk / Return Rank
CBOJ
ZJAN
CBOJ vs. ZJAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN). 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.
| CBOJ | ZJAN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.24 | 2.27 | -2.52 |
Sortino ratioReturn per unit of downside risk | -0.30 | 3.34 | -3.64 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.54 | -0.58 |
Calmar ratioReturn relative to maximum drawdown | -0.12 | 3.72 | -3.85 |
Martin ratioReturn relative to average drawdown | -0.24 | 18.13 | -18.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBOJ | ZJAN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.24 | 2.27 | -2.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.35 | 1.69 | -2.05 |
Correlation
The correlation between CBOJ and ZJAN is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CBOJ vs. ZJAN - Dividend Comparison
CBOJ's dividend yield for the trailing twelve months is around 3.19%, while ZJAN has not paid dividends to shareholders.
| TTM | 2025 | |
|---|---|---|
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January | 3.19% | 3.16% |
ZJAN Innovator Equity Defined Protection ETF - 1 Yr January | 0.00% | 0.00% |
Drawdowns
CBOJ vs. ZJAN - Drawdown Comparison
The maximum CBOJ drawdown since its inception was -8.13%, which is greater than ZJAN's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for CBOJ and ZJAN.
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Drawdown Indicators
| CBOJ | ZJAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.13% | -3.20% | -4.93% |
Max Drawdown (1Y)Largest decline over 1 year | -8.13% | -1.87% | -6.26% |
Current DrawdownCurrent decline from peak | -7.53% | -0.82% | -6.71% |
Average DrawdownAverage peak-to-trough decline | -2.62% | -0.39% | -2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | 0.38% | +3.84% |
Volatility
CBOJ vs. ZJAN - Volatility Comparison
Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Innovator Equity Defined Protection ETF - 1 Yr January (ZJAN) have volatilities of 0.91% and 0.90%, 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.
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Volatility by Period
| CBOJ | ZJAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 0.90% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.83% | 1.59% | +2.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.05% | 3.01% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.78% | 3.11% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.78% | 3.11% | +1.67% |