CBTL vs. FBUF

Last updated Jun 4, 2026

CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and FBUF (Fidelity Dynamic Buffered Equity ETF) are both Defined Outcome funds. Both are actively managed. At a 0.41 correlation, their price movements are largely independent. CBTL charges 0.79%/yr vs 0.48%/yr for FBUF.

Performance

CBTL vs. FBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) and Fidelity Dynamic Buffered Equity ETF (FBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBTL achieves a -14.75% return, which is significantly lower than FBUF's 5.32% return.

CBTL

• 1D: -0.65%
• 1M: -6.10%
• YTD: -14.75%
• 6M: -18.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FBUF

• 1D: -0.12%
• 1M: 2.85%
• YTD: 5.32%
• 6M: 6.28%
• 1Y: 19.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBTL vs. FBUF - Yearly Performance Comparison

	2026 (YTD)	2025
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF	-14.75%	-14.41%
FBUF Fidelity Dynamic Buffered Equity ETF	5.32%	3.87%

Correlation

The correlation between CBTL and FBUF is 0.41, 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 15, 2025	0.41

Return for Risk

CBTL vs. FBUF — Risk / Return Rank

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

FBUF

FBUF Risk / Return Rank: 79
FBUF Sharpe Ratio Rank: 80
FBUF Sortino Ratio Rank: 79
FBUF Omega Ratio Rank: 86
FBUF Calmar Ratio Rank: 70
FBUF 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.

CBTL vs. FBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) and Fidelity Dynamic Buffered Equity ETF (FBUF). 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

	CBTL	FBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.76	1.47	-3.23

Drawdowns

CBTL vs. FBUF - Drawdown Comparison

The maximum CBTL drawdown since its inception was -27.80%, which is greater than FBUF's maximum drawdown of -11.09%. Use the drawdown chart below to compare losses from any high point for CBTL and FBUF.

Drawdown Indicators

	CBTL	FBUF	Difference
Max Drawdown Largest peak-to-trough decline	-27.80%	-11.09%	-16.71%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.61%	—
Current Drawdown Current decline from peak	-27.80%	-0.22%	-27.58%
Average Drawdown Average peak-to-trough decline	-18.27%	-1.38%	-16.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.25%	—

Volatility

Volatility by Period

	CBTL	FBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.37%	—
Volatility (1Y) Calculated over the trailing 1-year period	22.41%	7.49%	+14.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	9.55%	+12.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	9.55%	+12.86%

CBTL vs. FBUF - Expense Ratio Comparison

CBTL has a 0.79% expense ratio, which is higher than FBUF's 0.48% expense ratio.

Dividends

CBTL vs. FBUF - Dividend Comparison

CBTL's dividend yield for the trailing twelve months is around 1.15%, more than FBUF's 0.63% yield.

Position	TTM	2025	2024
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF	1.15%	0.98%	0.00%
FBUF Fidelity Dynamic Buffered Equity ETF	0.63%	0.64%	0.54%

Frequently Asked Questions

Can I hold both CBTL and FBUF in my portfolio?

CBTL and FBUF 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.

Which ETF is better, CBTL or FBUF?

On fees, FBUF is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBTL or FBUF?

FBUF is cheaper with a 0.48% expense ratio, compared with 0.79% for CBTL.

Which ETF pays a higher dividend yield, CBTL or FBUF?

CBTL has the higher dividend yield at 1.15%, compared with 0.63% for FBUF.

What is the main difference between CBTL and FBUF?

They also come from different issuers: Calamos and Fidelity. Their fees differ too: 0.79% for CBTL and 0.48% for FBUF.