CBTL vs. JULB

Last updated Jun 4, 2026

CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and JULB (Aptus July Buffer ETF) are both Defined Outcome funds. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. CBTL charges 0.79%/yr vs 0.25%/yr for JULB.

Performance

CBTL vs. JULB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) and Aptus July Buffer ETF (JULB). 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 JULB's 6.35% return.

CBTL

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

JULB

• 1D: -0.07%
• 1M: 2.40%
• YTD: 6.35%
• 6M: 6.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBTL vs. JULB - Yearly Performance Comparison

	2026 (YTD)	2025
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF	-14.75%	-14.41%
JULB Aptus July Buffer ETF	6.35%	2.56%

Correlation

The correlation between CBTL and JULB is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 15, 2025	0.51

Return for Risk

CBTL vs. JULB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) and Aptus July Buffer ETF (JULB). 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	JULB	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.76	2.17	-3.93

Drawdowns

CBTL vs. JULB - Drawdown Comparison

The maximum CBTL drawdown since its inception was -27.80%, which is greater than JULB's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for CBTL and JULB.

Drawdown Indicators

	CBTL	JULB	Difference
Max Drawdown Largest peak-to-trough decline	-27.80%	-5.24%	-22.56%
Current Drawdown Current decline from peak	-27.80%	-0.07%	-27.73%
Average Drawdown Average peak-to-trough decline	-18.27%	-0.87%	-17.40%

Volatility

Volatility by Period

	CBTL	JULB	Difference
Volatility (1Y) Calculated over the trailing 1-year period	22.41%	6.81%	+15.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.41%	6.81%	+15.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	6.81%	+15.60%

CBTL vs. JULB - Expense Ratio Comparison

CBTL has a 0.79% expense ratio, which is higher than JULB's 0.25% expense ratio.

Dividends

CBTL vs. JULB - Dividend Comparison

CBTL's dividend yield for the trailing twelve months is around 1.15%, while JULB has not paid dividends to shareholders.

Position	TTM	2025
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF	1.15%	0.98%
JULB Aptus July Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBTL and JULB in my portfolio?

CBTL and JULB have a correlation of 0.51, 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 JULB?

On fees, JULB 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, CBTL or JULB?

JULB is cheaper with a 0.25% expense ratio, compared with 0.79% for CBTL.

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

CBTL has the higher dividend yield at 1.15%, compared with 0.00% for JULB.

What is the main difference between CBTL and JULB?

They also come from different issuers: Calamos and Aptus Capital Advisors. Their fees differ too: 0.79% for CBTL and 0.25% for JULB.