CBXL vs. JANB
CBXL (Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF) and JANB (Aptus January Buffer ETF) are both Defined Outcome funds. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. CBXL charges 0.79%/yr vs 0.25%/yr for JANB.
Performance
CBXL vs. JANB - Performance Comparison
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Returns By Period
In the year-to-date period, CBXL achieves a -10.63% return, which is significantly lower than JANB's 5.22% return.
CBXL
- 1D
- -0.65%
- 1M
- -4.41%
- YTD
- -10.63%
- 6M
- -11.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JANB
- 1D
- -1.00%
- 1M
- 0.53%
- YTD
- 5.22%
- 6M
- 6.07%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXL vs. JANB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | -10.63% | -9.21% |
JANB Aptus January Buffer ETF | 5.22% | 2.69% |
Correlation
The correlation between CBXL and JANB 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
CBXL vs. JANB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF (CBXL) and Aptus January Buffer ETF (JANB). 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
| CBXL | JANB | Difference | |
|---|---|---|---|
Sharpe Ratio (All Time)Calculated using the full available price history | -2.09 | 1.73 | -3.81 |
Drawdowns
CBXL vs. JANB - Drawdown Comparison
The maximum CBXL drawdown since its inception was -19.49%, which is greater than JANB's maximum drawdown of -6.52%. Use the drawdown chart below to compare losses from any high point for CBXL and JANB.
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Drawdown Indicators
| CBXL | JANB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -6.52% | -12.97% |
Current DrawdownCurrent decline from peak | -19.49% | -1.03% | -18.46% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -1.13% | -11.10% |
Volatility
CBXL vs. JANB - Volatility Comparison
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Volatility by Period
| CBXL | JANB | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 13.41% | 7.48% | +5.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 7.48% | +5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.41% | 7.48% | +5.93% |
CBXL vs. JANB - Expense Ratio Comparison
CBXL has a 0.79% expense ratio, which is higher than JANB's 0.25% expense ratio.
Dividends
CBXL vs. JANB - Dividend Comparison
CBXL's dividend yield for the trailing twelve months is around 1.59%, while JANB has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | 1.59% | 1.42% |
JANB Aptus January Buffer ETF | 0.00% | 0.00% |
Frequently Asked Questions
CBXL and JANB 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, JANB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JANB is cheaper with a 0.25% expense ratio, compared with 0.79% for CBXL.
CBXL has the higher dividend yield at 1.59%, compared with 0.00% for JANB.
They also come from different issuers: Calamos and Aptus Capital Advisors. Their fees differ too: 0.79% for CBXL and 0.25% for JANB.
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