CBTL vs. LJUL
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and LJUL (Innovator Premium Income 15 Buffer ETF - July) are both Defined Outcome funds. Both are actively managed. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
CBTL vs. LJUL - Performance Comparison
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Returns By Period
In the year-to-date period, CBTL achieves a -14.75% return, which is significantly lower than LJUL's 1.80% return.
CBTL
- 1D
- -0.65%
- 1M
- -6.10%
- YTD
- -14.75%
- 6M
- -18.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LJUL
- 1D
- -0.04%
- 1M
- 0.31%
- YTD
- 1.80%
- 6M
- 2.30%
- 1Y
- 5.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. LJUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.75% | -14.41% |
LJUL Innovator Premium Income 15 Buffer ETF - July | 1.80% | 1.41% |
Correlation
The correlation between CBTL and LJUL is 0.45, 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 | 0.45 |
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Return for Risk
CBTL vs. LJUL — Risk / Return Rank
CBTL
LJUL
CBTL vs. LJUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) and Innovator Premium Income 15 Buffer ETF - July (LJUL). 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.
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Sharpe Ratios by Period
| CBTL | LJUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.76 | 1.78 | -3.54 |
Drawdowns
CBTL vs. LJUL - Drawdown Comparison
The maximum CBTL drawdown since its inception was -27.80%, which is greater than LJUL's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for CBTL and LJUL.
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Drawdown Indicators
| CBTL | LJUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -3.21% | -24.59% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.52% | — |
Current DrawdownCurrent decline from peak | -27.80% | -0.04% | -27.76% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -0.12% | -18.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.10% | — |
Volatility
CBTL vs. LJUL - Volatility Comparison
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Volatility by Period
| CBTL | LJUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.22% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.06% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 1.58% | +20.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 3.25% | +19.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 3.25% | +19.16% |
CBTL vs. LJUL - Expense Ratio Comparison
Both CBTL and LJUL have an expense ratio of 0.79%.
Dividends
CBTL vs. LJUL - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.15%, less than LJUL's 5.23% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% | 0.00% |
LJUL Innovator Premium Income 15 Buffer ETF - July | 5.23% | 5.36% | 2.78% |
Frequently Asked Questions
CBTL and LJUL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.79% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CBTL and LJUL have the same expense ratio: 0.79% per year.
LJUL has the higher dividend yield at 5.23%, compared with 1.15% for CBTL.
They also come from different issuers: Calamos and Innovator.
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