CBXY vs. ZAPR
CBXY (Calamos Bitcoin 90 Series Structured Alt Protection ETF - July) and ZAPR (Innovator Equity Defined Protection ETF - 1 Yr April) are both Defined Outcome funds. CBXY is passively managed, while ZAPR is actively managed. At a 0.27 correlation, their price movements are largely independent. CBXY charges 0.69%/yr vs 0.79%/yr for ZAPR.
Performance
CBXY vs. ZAPR - Performance Comparison
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Returns By Period
In the year-to-date period, CBXY achieves a -5.15% return, which is significantly lower than ZAPR's 2.99% return.
CBXY
- 1D
- -0.04%
- 1M
- -0.79%
- YTD
- -5.15%
- 6M
- -6.12%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAPR
- 1D
- -0.28%
- 1M
- 0.26%
- YTD
- 2.99%
- 6M
- 3.39%
- 1Y
- 6.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBXY vs. ZAPR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July | -5.15% | -6.16% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 2.99% | 2.87% |
Correlation
The correlation between CBXY and ZAPR is 0.27, 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 Jul 9, 2025 | 0.27 |
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Return for Risk
CBXY vs. ZAPR — Risk / Return Rank
CBXY
ZAPR
CBXY vs. ZAPR - 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 Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR). 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
| CBXY | ZAPR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 4.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.18 | 2.84 | -4.02 |
Drawdowns
CBXY vs. ZAPR - Drawdown Comparison
The maximum CBXY drawdown since its inception was -15.78%, which is greater than ZAPR's maximum drawdown of -1.72%. Use the drawdown chart below to compare losses from any high point for CBXY and ZAPR.
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Drawdown Indicators
| CBXY | ZAPR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.78% | -1.72% | -14.06% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.40% | — |
Current DrawdownCurrent decline from peak | -15.66% | -0.28% | -15.38% |
Average DrawdownAverage peak-to-trough decline | -8.96% | -0.09% | -8.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.08% | — |
Volatility
CBXY vs. ZAPR - Volatility Comparison
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Volatility by Period
| CBXY | ZAPR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.48% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.05% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 10.16% | 1.49% | +8.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.16% | 2.52% | +7.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.16% | 2.52% | +7.64% |
CBXY vs. ZAPR - Expense Ratio Comparison
CBXY has a 0.69% expense ratio, which is lower than ZAPR's 0.79% expense ratio.
Dividends
CBXY vs. ZAPR - Dividend Comparison
CBXY's dividend yield for the trailing twelve months is around 1.45%, while ZAPR has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CBXY Calamos Bitcoin 90 Series Structured Alt Protection ETF - July | 1.45% | 1.38% |
ZAPR Innovator Equity Defined Protection ETF - 1 Yr April | 0.00% | 0.00% |
Frequently Asked Questions
CBXY and ZAPR have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBXY is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBXY is cheaper with a 0.69% expense ratio, compared with 0.79% for ZAPR.
CBXY has the higher dividend yield at 1.45%, compared with 0.00% for ZAPR.
They also come from different issuers: Calamos and Innovator. Their fees differ too: 0.69% for CBXY and 0.79% for ZAPR.
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