CBOL vs. ZAPR
CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. Both are actively managed. Their 0.32 correlation means their historical movements had little consistent relationship. Both charge a 0.79% expense ratio.
Performance
CBOL vs. ZAPR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CBOL achieves a -1.78% return, which is significantly lower than ZAPR's 4.11% return.
CBOL
- 1D
- 0.04%
- 1M
- 0.34%
- 6M
- -0.55%
- YTD
- -1.78%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
ZAPR
- 1D
- 0.11%
- 1M
- 0.66%
- 6M
- 3.71%
- YTD
- 4.11%
- 1Y
- 6.53%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.10%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.76K | $29.60K | $17.43K | |
| $82.00K | $107.21K | $468.13K |
CBOL vs. ZAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.78% | -2.04% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 4.11% | 1.18% |
Correlation
The correlation between CBOL and ZAPR is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025 | 0.32 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CBOL vs. ZAPR — Risk / Return Rank
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZAPR
CBOL vs. ZAPR - 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 Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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.
| CBOL | ZAPR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 2.11 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 16.31 | — |
| Martin ratioReturn relative to average drawdown | — | 68.39 | — |
Loading charts...
Drawdowns
CBOL vs. ZAPR - Drawdown Comparison
The maximum CBOL drawdown since its inception was -5.05%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for CBOL and ZAPR.
Loading charts...
Drawdown Indicators
| CBOL | ZAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.05% | -1.72% | -3.33% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.40% | — |
Current DrawdownCurrent decline from peak | -4.40% | 0.00% | -4.40% |
Average DrawdownAverage peak-to-trough decline | -3.49% | -0.09% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.10% | — |
Volatility
CBOL vs. ZAPR - Volatility Comparison
Loading charts...
Volatility by Period
| CBOL | ZAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.38% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.10% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 1.48% | +2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.64% | 2.41% | +1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.64% | 2.41% | +1.23% |
CBOL vs. ZAPR - Expense Ratio Comparison
Both CBOL and ZAPR have an expense ratio of 0.79%.
Dividends
CBOL vs. ZAPR - Dividend Comparison
CBOL's dividend yield for the trailing twelve months is around 1.82%, while ZAPR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.82% | 1.79% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 0.00% | 0.00% |
Frequently Asked Questions
CBOL and ZAPR have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CBOL and ZAPR have the same expense ratio: 0.79% per year.
CBOL has the higher dividend yield at 1.82%, compared with 0.00% for ZAPR.
They also come from different issuers: Calamos and Innovator.
Find the right allocation for CBOL and ZAPR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer