CBXL vs. LJUL
CBXL (Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF) and LJUL (Innovator Premium Income 15 Buffer ETF - July) are both Defined Outcome funds. Both are actively managed. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.
Performance
CBXL vs. LJUL - 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 LJUL's 1.87% return.
CBXL
- 1D
- -0.65%
- 1M
- -4.41%
- YTD
- -10.63%
- 6M
- -11.80%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LJUL
- 1D
- -0.02%
- 1M
- 0.43%
- YTD
- 1.87%
- 6M
- 2.26%
- 1Y
- 5.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXL vs. LJUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | -10.63% | -9.21% |
LJUL Innovator Premium Income 15 Buffer ETF - July | 1.87% | 1.41% |
Correlation
The correlation between CBXL and LJUL is 0.43, 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 | 0.43 |
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Return for Risk
CBXL vs. LJUL — Risk / Return Rank
CBXL
LJUL
CBXL vs. LJUL - 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 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
| CBXL | LJUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 3.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -2.09 | 1.79 | -3.88 |
Drawdowns
CBXL vs. LJUL - Drawdown Comparison
The maximum CBXL drawdown since its inception was -19.49%, which is greater than LJUL's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for CBXL and LJUL.
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Drawdown Indicators
| CBXL | LJUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -3.21% | -16.28% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.52% | — |
Current DrawdownCurrent decline from peak | -19.49% | -0.02% | -19.47% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -0.11% | -12.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.10% | — |
Volatility
CBXL vs. LJUL - Volatility Comparison
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Volatility by Period
| CBXL | LJUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.18% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.06% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.41% | 1.59% | +11.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.41% | 3.24% | +10.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.41% | 3.24% | +10.17% |
CBXL vs. LJUL - Expense Ratio Comparison
Both CBXL and LJUL have an expense ratio of 0.79%.
Dividends
CBXL vs. LJUL - Dividend Comparison
CBXL's dividend yield for the trailing twelve months is around 1.59%, less than LJUL's 5.23% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CBXL Calamos Laddered Bitcoin 80 Series Structured Alt Protection ETF | 1.59% | 1.42% | 0.00% |
LJUL Innovator Premium Income 15 Buffer ETF - July | 5.23% | 5.36% | 2.78% |
Frequently Asked Questions
CBXL and LJUL have a correlation of 0.43, 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.
CBXL and LJUL have the same expense ratio: 0.79% per year.
LJUL has the higher dividend yield at 5.23%, compared with 1.59% for CBXL.
They also come from different issuers: Calamos and Innovator.
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