CBXY vs. APRB

Last updated Jul 17, 2026

CBXY (Calamos Bitcoin 90 Series Structured Alt Protection ETF - July) and APRB (Aptus April Buffer ETF) are both Defined Outcome funds. CBXY is passively managed, while APRB is actively managed. At a 0.38 correlation, their price movements are largely independent. CBXY charges 0.69%/yr vs 0.25%/yr for APRB.

Performance

CBXY vs. APRB - Performance Comparison

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

Returns By Period

In the year-to-date period, CBXY achieves a -4.51% return, which is significantly lower than APRB's 5.47% return.

CBXY

• 1D: -0.12%
• 1M: 0.59%
• 6M: -7.02%
• YTD: -4.51%
• 1Y: -12.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APRB

• 1D: -0.22%
• 1M: 0.47%
• 6M: 4.61%
• YTD: 5.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBXY vs. APRB - Yearly Performance Comparison

	2026 (YTD)	2025
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July	-4.51%	-9.11%
APRB Aptus April Buffer ETF	5.47%	2.48%

Correlation

The correlation between CBXY and APRB is 0.38, 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	0.38

Return for Risk

CBXY vs. APRB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CBXY

CBXY Risk / Return Rank: 2
CBXY Sharpe Ratio Rank: 0
CBXY Sortino Ratio Rank: 1
CBXY Omega Ratio Rank: 1
CBXY Calmar Ratio Rank: 3
CBXY Martin Ratio Rank: 4

APRB

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBXY vs. APRB - Risk-Adjusted Trends Comparison

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

	CBXY	APRB	Difference
Sharpe ratio: Return per unit of total volatility	-1.33	—	—
Sortino ratio: Return per unit of downside risk	-1.79	—	—
Omega ratio: Gain probability vs. loss probability	0.78	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.12	—	—

Drawdowns

CBXY vs. APRB - Drawdown Comparison

The maximum CBXY drawdown since its inception was -16.43%, which is greater than APRB's maximum drawdown of -4.59%. Use the drawdown chart below to compare losses from any high point for CBXY and APRB.

Drawdown Indicators

	CBXY	APRB	Difference
Max Drawdown Largest peak-to-trough decline	-16.43%	-4.59%	-11.84%
Max Drawdown (1Y) Largest decline over 1 year	-16.43%	—	—
Current Drawdown Current decline from peak	-15.09%	-0.22%	-14.87%
Average Drawdown Average peak-to-trough decline	-9.61%	-0.67%	-8.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.44%	—	—

Volatility

Volatility by Period

	CBXY	APRB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	5.77%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.86%	5.77%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.86%	5.77%	+4.09%

CBXY vs. APRB - Expense Ratio Comparison

CBXY has a 0.69% expense ratio, which is higher than APRB's 0.25% expense ratio.

Dividends

CBXY vs. APRB - Dividend Comparison

CBXY's dividend yield for the trailing twelve months is around 1.44%, while APRB has not paid dividends to shareholders.

Position	TTM	2025
APRB Aptus April Buffer ETF	0.00%	0.00%
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July	1.44%	1.38%

Frequently Asked Questions

Can I hold both CBXY and APRB in my portfolio?

CBXY and APRB have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBXY or APRB?

On fees, APRB 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, CBXY or APRB?

APRB is cheaper with a 0.25% expense ratio, compared with 0.69% for CBXY.

Which ETF pays a higher dividend yield, CBXY or APRB?

CBXY has the higher dividend yield at 1.44%, compared with 0.00% for APRB.

What is the main difference between CBXY and APRB?

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