CBOL vs. JANB

Last updated Jun 23, 2026

CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and JANB (Aptus January Buffer ETF) are both Defined Outcome funds. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. CBOL charges 0.79%/yr vs 0.25%/yr for JANB.

Performance

CBOL vs. JANB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and Aptus January Buffer ETF (JANB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOL achieves a -2.05% return, which is significantly lower than JANB's 5.85% return.

CBOL

• 1D: 0.06%
• 1M: -0.59%
• YTD: -2.05%
• 6M: -2.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JANB

• 1D: -0.22%
• 1M: 0.35%
• YTD: 5.85%
• 6M: 6.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOL vs. JANB - Yearly Performance Comparison

	2026 (YTD)	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	-2.05%	-2.04%
JANB Aptus January Buffer ETF	5.85%	2.76%

Correlation

The correlation between CBOL and JANB is 0.47, 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 14, 2025	0.47

Return for Risk

CBOL vs. JANB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL) and Aptus January Buffer ETF (JANB). 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.

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

Drawdowns

CBOL vs. JANB - Drawdown Comparison

The maximum CBOL drawdown since its inception was -5.05%, smaller than the maximum JANB drawdown of -6.52%. Use the drawdown chart below to compare losses from any high point for CBOL and JANB.

Drawdown Indicators

	CBOL	JANB	Difference
Max Drawdown Largest peak-to-trough decline	-5.05%	-6.52%	+1.47%
Current Drawdown Current decline from peak	-4.66%	-0.48%	-4.18%
Average Drawdown Average peak-to-trough decline	-3.29%	-1.10%	-2.19%

Volatility

Volatility by Period

	CBOL	JANB	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	7.50%	-3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	7.50%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	7.50%	-3.66%

CBOL vs. JANB - Expense Ratio Comparison

CBOL has a 0.79% expense ratio, which is higher than JANB's 0.25% expense ratio.

Dividends

CBOL vs. JANB - Dividend Comparison

CBOL's dividend yield for the trailing twelve months is around 1.83%, while JANB has not paid dividends to shareholders.

Position	TTM	2025
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF	1.83%	1.79%
JANB Aptus January Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOL and JANB in my portfolio?

CBOL and JANB have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOL or JANB?

On fees, JANB 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, CBOL or JANB?

JANB is cheaper with a 0.25% expense ratio, compared with 0.79% for CBOL.

Which ETF pays a higher dividend yield, CBOL or JANB?

CBOL has the higher dividend yield at 1.83%, compared with 0.00% for JANB.

What is the main difference between CBOL and JANB?

They also come from different issuers: Calamos and Aptus Capital Advisors. Their fees differ too: 0.79% for CBOL and 0.25% for JANB.