CBOY vs. OCTB

Last updated Jul 15, 2026

CBOY (Calamos Bitcoin Structured Alt Protection ETF - July) and OCTB (Aptus October Buffer ETF) are both Defined Outcome funds. CBOY is passively managed, while OCTB is actively managed. At a 0.35 correlation, their price movements are largely independent. CBOY charges 0.69%/yr vs 0.25%/yr for OCTB.

Performance

CBOY vs. OCTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and Aptus October Buffer ETF (OCTB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBOY achieves a -0.37% return, which is significantly lower than OCTB's 7.20% return.

CBOY

• 1D: 0.48%
• 1M: 0.16%
• 6M: -1.07%
• YTD: -0.37%
• 1Y: -1.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OCTB

• 1D: 0.37%
• 1M: 1.55%
• 6M: 6.25%
• YTD: 7.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBOY vs. OCTB - Yearly Performance Comparison

	2026 (YTD)	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	-0.37%	-2.27%
OCTB Aptus October Buffer ETF	7.20%	2.37%

Correlation

The correlation between CBOY and OCTB is 0.35, 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	0.35

Return for Risk

CBOY vs. OCTB — Risk / Return Rank

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

CBOY

CBOY Risk / Return Rank: 5
CBOY Sharpe Ratio Rank: 4
CBOY Sortino Ratio Rank: 4
CBOY Omega Ratio Rank: 4
CBOY Calmar Ratio Rank: 5
CBOY Martin Ratio Rank: 6

OCTB

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

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. OCTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin Structured Alt Protection ETF - July (CBOY) and Aptus October Buffer ETF (OCTB). 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	OCTB	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	—	—
Sortino ratio: Return per unit of downside risk	-0.82	—	—
Omega ratio: Gain probability vs. loss probability	0.90	—	—
Calmar ratio: Return relative to maximum drawdown	-0.49	—	—
Martin ratio: Return relative to average drawdown	-0.72	—	—

Drawdowns

CBOY vs. OCTB - Drawdown Comparison

The maximum CBOY drawdown since its inception was -3.99%, smaller than the maximum OCTB drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for CBOY and OCTB.

Drawdown Indicators

	CBOY	OCTB	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-4.79%	+0.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	—	—
Current Drawdown Current decline from peak	-3.18%	-0.04%	-3.14%
Average Drawdown Average peak-to-trough decline	-2.29%	-0.67%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	—	—

Volatility

Volatility by Period

	CBOY	OCTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.21%	7.17%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.26%	7.17%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.26%	7.17%	-3.91%

CBOY vs. OCTB - Expense Ratio Comparison

CBOY has a 0.69% expense ratio, which is higher than OCTB's 0.25% expense ratio.

Dividends

CBOY vs. OCTB - Dividend Comparison

CBOY's dividend yield for the trailing twelve months is around 1.37%, while OCTB has not paid dividends to shareholders.

Position	TTM	2025
CBOY Calamos Bitcoin Structured Alt Protection ETF - July	1.37%	1.37%
OCTB Aptus October Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBOY and OCTB in my portfolio?

CBOY and OCTB have a correlation of 0.35, 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 OCTB?

On fees, OCTB 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, CBOY or OCTB?

OCTB is cheaper with a 0.25% expense ratio, compared with 0.69% for CBOY.

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

CBOY has the higher dividend yield at 1.37%, compared with 0.00% for OCTB.

What is the main difference between CBOY and OCTB?

They also come from different issuers: Calamos and Aptus Capital Advisors. Their fees differ too: 0.69% for CBOY and 0.25% for OCTB.