CBTL vs. QB
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) are both Defined Outcome funds. CBTL is actively managed, while QB is passively managed. At a 0.47 correlation, their price movements are largely independent. CBTL charges 0.79%/yr vs 0.58%/yr for QB.
Performance
CBTL vs. QB - 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 QB's 10.47% return.
CBTL
- 1D
- -0.65%
- 1M
- -6.10%
- YTD
- -14.75%
- 6M
- -18.34%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QB
- 1D
- -0.19%
- 1M
- 2.95%
- YTD
- 10.47%
- 6M
- 9.91%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. QB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -14.75% | -14.41% |
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 10.47% | 3.04% |
Correlation
The correlation between CBTL and QB is 0.47, 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 | 0.47 |
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Return for Risk
CBTL vs. QB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin Structured Alt Protection ETF (CBTL) and ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB). 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 | QB | Difference | |
|---|---|---|---|
Sharpe Ratio (All Time)Calculated using the full available price history | -1.76 | 3.17 | -4.93 |
Drawdowns
CBTL vs. QB - Drawdown Comparison
The maximum CBTL drawdown since its inception was -27.80%, which is greater than QB's maximum drawdown of -1.83%. Use the drawdown chart below to compare losses from any high point for CBTL and QB.
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Drawdown Indicators
| CBTL | QB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -1.83% | -25.97% |
Current DrawdownCurrent decline from peak | -27.80% | -0.30% | -27.50% |
Average DrawdownAverage peak-to-trough decline | -18.27% | -0.34% | -17.93% |
Volatility
CBTL vs. QB - Volatility Comparison
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Volatility by Period
| CBTL | QB | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 5.75% | +16.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 5.75% | +16.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 5.75% | +16.66% |
CBTL vs. QB - Expense Ratio Comparison
CBTL has a 0.79% expense ratio, which is higher than QB's 0.58% expense ratio.
Dividends
CBTL vs. QB - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.15%, more than QB's 0.62% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 0.98% |
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF | 0.62% | 0.48% |
Frequently Asked Questions
CBTL and QB have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QB is cheaper with a 0.58% expense ratio, compared with 0.79% for CBTL.
CBTL has the higher dividend yield at 1.15%, compared with 0.62% for QB.
They also come from different issuers: Calamos and ProShares. Their fees differ too: 0.79% for CBTL and 0.58% for QB.
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