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 0.34 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
CBTL vs. ZMAY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CBTL achieves a -15.09% return, which is significantly lower than ZMAY's 2.36% return.
CBTL
- 1D
- -0.47%
- 1M
- -0.34%
- 6M
- -19.72%
- YTD
- -15.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZMAY
- 1D
- -0.08%
- 1M
- 0.24%
- 6M
- 2.26%
- YTD
- 2.36%
- 1Y
- 5.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBTL vs. ZMAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | -15.09% | -14.09% |
ZMAY Innovator Equity Defined Protection ETF - 1 Yr May | 2.36% | 1.23% |
Correlation
The correlation between CBTL and ZMAY is 0.34, 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 | 0.34 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | — | 1.69 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 7.40 | — |
| Martin ratioReturn relative to average drawdown | — | 36.72 | — |
Loading charts...
Drawdowns
CBTL vs. ZMAY - Drawdown Comparison
The maximum CBTL drawdown since its inception was -29.70%, 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.
Loading charts...
Drawdown Indicators
| CBTL | ZMAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.70% | -0.70% | -29.00% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.70% | — |
Current DrawdownCurrent decline from peak | -28.09% | -0.15% | -27.94% |
Average DrawdownAverage peak-to-trough decline | -19.75% | -0.08% | -19.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.14% | — |
Volatility
CBTL vs. ZMAY - Volatility Comparison
Loading charts...
Volatility by Period
| CBTL | ZMAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.72% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.37% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.00% | 1.66% | +19.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.00% | 1.74% | +19.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.00% | 1.74% | +19.26% |
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 1.15%, while ZMAY has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBTL Calamos Laddered Bitcoin Structured Alt Protection ETF | 1.15% | 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 0.34, 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 1.15%, compared with 0.00% for ZMAY.
They also come from different issuers: Calamos and Innovator.
Find the right allocation for CBTL and ZMAY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer