CBOJ vs. ZJUN

Last updated Jun 4, 2026

CBOJ (Calamos Bitcoin Structured Alt Protection ETF - January) and ZJUN (Innovator Equity Defined Protection ETF - 1 Yr June) are both Defined Outcome funds. CBOJ is passively managed, while ZJUN is actively managed. Over the past year, CBOJ returned -3.88% vs 6.46% for ZJUN. At a 0.30 correlation, their price movements are largely independent. CBOJ charges 0.69%/yr vs 0.79%/yr for ZJUN.

Performance

CBOJ vs. ZJUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) and Innovator Equity Defined Protection ETF - 1 Yr June (ZJUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOJ achieves a -1.37% return, which is significantly lower than ZJUN's 2.26% return.

CBOJ

• 1D: -0.18%
• 1M: -1.59%
• YTD: -1.37%
• 6M: -2.70%
• 1Y: -3.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZJUN

• 1D: -0.16%
• 1M: 0.42%
• YTD: 2.26%
• 6M: 2.75%
• 1Y: 6.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOJ vs. ZJUN - Yearly Performance Comparison

	2026 (YTD)	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	-1.37%	-2.27%
ZJUN Innovator Equity Defined Protection ETF - 1 Yr June	2.26%	3.95%

Correlation

The correlation between CBOJ and ZJUN is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.30

Return for Risk

CBOJ vs. ZJUN — 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: 3
CBOJ Sortino Ratio Rank: 3
CBOJ Omega Ratio Rank: 3
CBOJ Calmar Ratio Rank: 5
CBOJ Martin Ratio Rank: 5

ZJUN

ZJUN Risk / Return Rank: 95
ZJUN Sharpe Ratio Rank: 93
ZJUN Sortino Ratio Rank: 97
ZJUN Omega Ratio Rank: 97
ZJUN Calmar Ratio Rank: 91
ZJUN Martin Ratio Rank: 96

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. ZJUN - 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 June (ZJUN). 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	ZJUN	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	3.54	-4.32
Sortino ratio: Return per unit of downside risk	-1.05	5.94	-7.00
Omega ratio: Gain probability vs. loss probability	0.88	1.85	-0.97
Calmar ratio: Return relative to maximum drawdown	-0.48	6.03	-6.51
Martin ratio: Return relative to average drawdown	-0.77	39.66	-40.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBOJ vs. ZJUN - Sharpe Ratio Comparison

The current CBOJ Sharpe Ratio is -0.78, which is lower than the ZJUN Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of CBOJ and ZJUN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CBOJ	ZJUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.78	3.54	-4.32
Sharpe Ratio (All Time) Calculated using the full available price history	-0.35	3.43	-3.78

Drawdowns

CBOJ vs. ZJUN - Drawdown Comparison

The maximum CBOJ drawdown since its inception was -8.13%, which is greater than ZJUN's maximum drawdown of -1.08%. Use the drawdown chart below to compare losses from any high point for CBOJ and ZJUN.

Drawdown Indicators

	CBOJ	ZJUN	Difference
Max Drawdown Largest peak-to-trough decline	-8.13%	-1.08%	-7.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-1.08%	-7.05%
Current Drawdown Current decline from peak	-7.70%	-0.16%	-7.54%
Average Drawdown Average peak-to-trough decline	-3.13%	-0.08%	-3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	0.16%	+4.88%

Volatility

CBOJ vs. ZJUN - Volatility Comparison

Calamos Bitcoin Structured Alt Protection ETF - January (CBOJ) has a higher volatility of 0.84% compared to Innovator Equity Defined Protection ETF - 1 Yr June (ZJUN) at 0.28%. This indicates that CBOJ's price experiences larger fluctuations and is considered to be riskier than ZJUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBOJ	ZJUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.28%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	1.45%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	1.84%	+3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.58%	1.84%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.58%	1.84%	+2.74%

CBOJ vs. ZJUN - Expense Ratio Comparison

CBOJ has a 0.69% expense ratio, which is lower than ZJUN's 0.79% expense ratio.

Dividends

CBOJ vs. ZJUN - Dividend Comparison

CBOJ's dividend yield for the trailing twelve months is around 3.20%, while ZJUN has not paid dividends to shareholders.

Position	TTM	2025
CBOJ Calamos Bitcoin Structured Alt Protection ETF - January	3.20%	3.16%
ZJUN Innovator Equity Defined Protection ETF - 1 Yr June	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOJ and ZJUN in my portfolio?

CBOJ and ZJUN have a correlation of 0.31, 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 ZJUN?

CBOJ has higher volatility (0.84%) compared to ZJUN (0.28%). In terms of maximum drawdown, CBOJ dropped -8.13% vs ZJUN's -1.08%.

Which ETF is better, CBOJ or ZJUN?

On 1-year performance, ZJUN leads with 6.46% vs -3.88% for CBOJ. On fees, CBOJ is cheaper at 0.69% per year. On volatility, ZJUN has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CBOJ or ZJUN?

Over the 1-year period, ZJUN has performed better with a 6.46% return vs -3.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CBOJ or ZJUN?

CBOJ is cheaper with a 0.69% expense ratio, compared with 0.79% for ZJUN.

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

CBOJ has the higher dividend yield at 3.20%, compared with 0.00% for ZJUN.

What is the main difference between CBOJ and ZJUN?

They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CBOJ and 0.79% for ZJUN.

Which has better risk-adjusted returns?

ZJUN currently has the higher Sharpe Ratio (3.54 vs -0.78), 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.