CBTL vs. ZMAY
CBTL (Calamos Laddered Bitcoin Structured Alt Protection ETF) and ZMAY (Innovator Equity Defined Protection ETF - 1 Yr May) are both Defined Outcome funds. Both are actively managed. At a 0.36 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
CBTL vs. ZMAY - Performance Comparison
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Returns By Period
In the year-to-date period, CBTL achieves a -15.74% return, which is significantly lower than ZMAY's 1.75% return.
CBTL
- 1D
- -0.84%
- 1M
- -5.05%
- YTD
- -15.74%
- 6M
- -16.01%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZMAY
- 1D
- -0.19%
- 1M
- -0.17%
- YTD
- 1.75%
- 6M
- 1.87%
- 1Y
- 5.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. ZMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -15.74% | -14.09% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 1.75% | 1.23% |
Correlation
The correlation between CBTL and ZMAY is 0.36, 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 | 0.36 |
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Return for Risk
CBTL vs. ZMAY — Risk / Return Rank
CBTL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZMAY
CBTL vs. ZMAY - 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 Equity Defined Protection ETF - 1 Yr May (ZMAY). 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.
| CBTL | ZMAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.71 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 7.30 | — |
| Martin ratioReturn relative to average drawdown | — | 41.89 | — |
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Drawdowns
CBTL vs. ZMAY - Drawdown Comparison
The maximum CBTL drawdown since its inception was -28.94%, which is greater than ZMAY's maximum drawdown of -0.70%. Use the drawdown chart below to compare losses from any high point for CBTL and ZMAY.
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Drawdown Indicators
| CBTL | ZMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.94% | -0.70% | -28.24% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.70% | — |
Current DrawdownCurrent decline from peak | -28.64% | -0.50% | -28.14% |
Average DrawdownAverage peak-to-trough decline | -18.91% | -0.07% | -18.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.12% | — |
Volatility
CBTL vs. ZMAY - Volatility Comparison
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Volatility by Period
| CBTL | ZMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.80% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.30% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.69% | 1.61% | +20.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.69% | 1.70% | +19.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.69% | 1.70% | +19.99% |
CBTL vs. ZMAY - Expense Ratio Comparison
Both CBTL and ZMAY have an expense ratio of 0.79%.
Dividends
CBTL vs. ZMAY - Dividend Comparison
CBTL's dividend yield for the trailing twelve months is around 1.16%, while ZMAY has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.16% | 0.98% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 0.00% | 0.00% |
Frequently Asked Questions
CBTL and ZMAY have a correlation of 0.36, 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 ZMAY have the same expense ratio: 0.79% per year.
CBTL has the higher dividend yield at 1.16%, compared with 0.00% for ZMAY.
They also come from different issuers: Calamos and Innovator.
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