CBOY vs. KMAR
CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and KMAR (Innovator U.S. Small Cap Power Buffer ETF - March) are both Defined Outcome funds - CBOY tracks the CBOE Bitcoin US ETF Index while KMAR tracks the iShares Russell 2000 ETF (IWM) Price Return. Both are passively managed. Over the past year, CBOY returned -1.94% vs 21.24% for KMAR. At a 0.40 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.79%/yr for KMAR.
Performance
CBOY vs. KMAR - Performance Comparison
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Returns By Period
In the year-to-date period, CBOY achieves a -0.37% return, which is significantly lower than KMAR's 11.82% return.
CBOY
- 1D
- 0.48%
- 1M
- 0.16%
- 6M
- -1.07%
- YTD
- -0.37%
- 1Y
- -1.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
KMAR
- 1D
- 0.33%
- 1M
- 1.24%
- 6M
- 9.17%
- YTD
- 11.82%
- 1Y
- 21.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBOY vs. KMAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBOY Calamos Bitcoin Structured Alt Protection ETF - July | -0.37% | -0.42% |
KMAR Innovator U.S. Small Cap Power Buffer ETF - March | 11.82% | 9.43% |
Correlation
The correlation between CBOY and KMAR is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025 | 0.40 |
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Return for Risk
CBOY vs. KMAR — Risk / Return Rank
CBOY
KMAR
CBOY vs. KMAR - 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 - March (KMAR). 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.
| CBOY | KMAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.91 | ||
| Sortino ratioReturn per unit of downside risk | -4.20 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.43 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 4.36 | -4.85 |
| Martin ratioReturn relative to average drawdown | -0.72 | 17.92 | -18.64 |
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Drawdowns
CBOY vs. KMAR - Drawdown Comparison
The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum KMAR drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for CBOY and KMAR.
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Drawdown Indicators
| CBOY | KMAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.99% | -11.32% | +7.33% |
Max Drawdown (1Y)Largest decline over 1 year | -3.99% | -4.89% | +0.90% |
Current DrawdownCurrent decline from peak | -3.18% | -0.35% | -2.83% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -1.29% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 1.19% | +1.52% |
Volatility
CBOY vs. KMAR - Volatility Comparison
The current volatility for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) is 0.92%, while Innovator U.S. Small Cap Power Buffer ETF - March (KMAR) has a volatility of 1.67%. This indicates that CBOY experiences smaller price fluctuations and is considered to be less risky than KMAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBOY | KMAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 1.67% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 1.54% | 6.69% | -5.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 9.28% | -6.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.26% | 11.95% | -8.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.26% | 11.95% | -8.69% |
CBOY vs. KMAR - Expense Ratio Comparison
CBOY has a 0.69% expense ratio, which is lower than KMAR's 0.79% expense ratio.
Dividends
CBOY vs. KMAR - Dividend Comparison
CBOY's dividend yield for the trailing twelve months is around 1.37%, while KMAR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBOY Calamos Bitcoin Structured Alt Protection ETF - July | 1.37% | 1.37% |
KMAR Innovator U.S. Small Cap Power Buffer ETF - March | 0.00% | 0.00% |
Frequently Asked Questions
CBOY and KMAR have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KMAR has higher volatility (1.67%) compared to CBOY (0.92%). In terms of maximum drawdown, CBOY dropped -3.99% vs KMAR's -11.32%.
On 1-year performance, KMAR leads with 21.24% vs -1.94% for CBOY. On fees, CBOY is cheaper at 0.69% per year. On volatility, CBOY has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, KMAR has performed better with a 21.24% return vs -1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBOY is cheaper with a 0.69% expense ratio, compared with 0.79% for KMAR.
CBOY has the higher dividend yield at 1.37%, compared with 0.00% for KMAR.
CBOY tracks CBOE Bitcoin US ETF Index, while KMAR tracks iShares Russell 2000 ETF (IWM) Price Return. They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CBOY and 0.79% for KMAR.
KMAR currently has the higher Sharpe Ratio (2.30 vs -0.61), 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.
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