CBXO vs. JULB

Last updated Jun 4, 2026

CBXO (Calamos Bitcoin 90 Series Structured Alt Protection ETF - October) and JULB (Aptus July Buffer ETF) are both Defined Outcome funds. Both are actively managed. At a 0.43 correlation, their price movements are largely independent. CBXO charges 0.69%/yr vs 0.25%/yr for JULB.

Performance

CBXO vs. JULB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and Aptus July Buffer ETF (JULB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBXO achieves a -3.67% return, which is significantly lower than JULB's 6.35% return.

CBXO

• 1D: -0.03%
• 1M: -0.92%
• YTD: -3.67%
• 6M: -5.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JULB

• 1D: -0.07%
• 1M: 2.40%
• YTD: 6.35%
• 6M: 6.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CBXO vs. JULB - Yearly Performance Comparison

	2026 (YTD)	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	-3.67%	-6.21%
JULB Aptus July Buffer ETF	6.35%	2.56%

Correlation

The correlation between CBXO and JULB 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

Return for Risk

CBXO vs. JULB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 90 Series Structured Alt Protection ETF - October (CBXO) and Aptus July Buffer ETF (JULB). 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.

Sharpe Ratios by Period

	CBXO	JULB	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-2.36	2.17	-4.53

Drawdowns

CBXO vs. JULB - Drawdown Comparison

The maximum CBXO drawdown since its inception was -11.40%, which is greater than JULB's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for CBXO and JULB.

Drawdown Indicators

	CBXO	JULB	Difference
Max Drawdown Largest peak-to-trough decline	-11.40%	-5.24%	-6.16%
Current Drawdown Current decline from peak	-11.40%	-0.07%	-11.33%
Average Drawdown Average peak-to-trough decline	-8.46%	-0.87%	-7.59%

Volatility

Volatility by Period

	CBXO	JULB	Difference
Volatility (1Y) Calculated over the trailing 1-year period	7.23%	6.81%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	6.81%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.23%	6.81%	+0.42%

CBXO vs. JULB - Expense Ratio Comparison

CBXO has a 0.69% expense ratio, which is higher than JULB's 0.25% expense ratio.

Dividends

CBXO vs. JULB - Dividend Comparison

CBXO's dividend yield for the trailing twelve months is around 0.53%, while JULB has not paid dividends to shareholders.

Position	TTM	2025
CBXO Calamos Bitcoin 90 Series Structured Alt Protection ETF - October	0.53%	0.51%
JULB Aptus July Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBXO and JULB in my portfolio?

CBXO and JULB 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.

Which ETF is better, CBXO or JULB?

On fees, JULB is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBXO or JULB?

JULB is cheaper with a 0.25% expense ratio, compared with 0.69% for CBXO.

Which ETF pays a higher dividend yield, CBXO or JULB?

CBXO has the higher dividend yield at 0.53%, compared with 0.00% for JULB.

What is the main difference between CBXO and JULB?

They also come from different issuers: Calamos and Aptus Capital Advisors. Their fees differ too: 0.69% for CBXO and 0.25% for JULB.