CBOY vs. KFEB

Last updated Jun 4, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and KFEB (Innovator U.S. Small Cap Power Buffer ETF - February) are both Defined Outcome funds. CBOY is passively managed, while KFEB is actively managed. At a 0.39 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.79%/yr for KFEB.

Performance

CBOY vs. KFEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOY achieves a -0.57% return, which is significantly lower than KFEB's 11.46% return.

CBOY

• 1D: -0.02%
• 1M: 0.10%
• YTD: -0.57%
• 6M: -1.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KFEB

• 1D: -0.56%
• 1M: 1.73%
• YTD: 11.46%
• 6M: 10.76%
• 1Y: 24.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOY vs. KFEB - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.57%	-0.40%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	11.46%	7.94%

Correlation

The correlation between CBOY and KFEB is 0.39, 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 Jul 9, 2025	0.39

Return for Risk

CBOY vs. KFEB — Risk / Return Rank

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

KFEB

KFEB Risk / Return Rank: 74
KFEB Sharpe Ratio Rank: 70
KFEB Sortino Ratio Rank: 73
KFEB Omega Ratio Rank: 65
KFEB Calmar Ratio Rank: 82
KFEB Martin Ratio Rank: 80

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.

CBOY vs. KFEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and Innovator U.S. Small Cap Power Buffer ETF - February (KFEB). 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.

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

Sharpe Ratios by Period

	CBOY	KFEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	1.18	-1.50

Drawdowns

CBOY vs. KFEB - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum KFEB drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for CBOY and KFEB.

Drawdown Indicators

	CBOY	KFEB	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-14.16%	+10.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.80%	—
Current Drawdown Current decline from peak	-3.38%	-0.57%	-2.81%
Average Drawdown Average peak-to-trough decline	-2.18%	-2.33%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.59%	—

Volatility

Volatility by Period

	CBOY	KFEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	10.99%	-7.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	13.27%	-9.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	13.27%	-9.95%

CBOY vs. KFEB - Expense Ratio Comparison

CBOY has a 0.69% expense ratio, which is lower than KFEB's 0.79% expense ratio.

Dividends

CBOY vs. KFEB - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.38%, while KFEB has not paid dividends to shareholders.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.38%	1.37%
KFEB Innovator U.S. Small Cap Power Buffer ETF - February	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOY and KFEB in my portfolio?

CBOY and KFEB have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBOY or KFEB?

On fees, CBOY is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBOY or KFEB?

CBOY is cheaper with a 0.69% expense ratio, compared with 0.79% for KFEB.

Which ETF pays a higher dividend yield, CBOY or KFEB?

CBOY has the higher dividend yield at 1.38%, compared with 0.00% for KFEB.

What is the main difference between CBOY and KFEB?

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