JULB vs. CBTO

Last updated Jun 23, 2026

JULB (Aptus July Buffer ETF) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both Defined Outcome funds. Both are actively managed. At a 0.46 correlation, their price movements are largely independent. JULB charges 0.25%/yr vs 0.69%/yr for CBTO.

Performance

JULB vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus July Buffer ETF (JULB) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JULB achieves a 6.77% return, which is significantly higher than CBTO's -8.37% return.

JULB

• 1D: -0.06%
• 1M: 0.99%
• YTD: 6.77%
• 6M: 6.67%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: 0.00%
• 1M: -1.30%
• YTD: -8.37%
• 6M: -9.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JULB vs. CBTO - Yearly Performance Comparison

	2026 (YTD)	2025
JULB Aptus July Buffer ETF	6.77%	2.44%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-8.37%	-11.99%

Correlation

The correlation between JULB and CBTO is 0.46, 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	0.46

Return for Risk

JULB vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus July Buffer ETF (JULB) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - October (CBTO). 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.

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

Drawdowns

JULB vs. CBTO - Drawdown Comparison

The maximum JULB drawdown since its inception was -5.24%, smaller than the maximum CBTO drawdown of -21.19%. Use the drawdown chart below to compare losses from any high point for JULB and CBTO.

Drawdown Indicators

	JULB	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-21.19%	+15.95%
Current Drawdown Current decline from peak	-0.06%	-21.19%	+21.13%
Average Drawdown Average peak-to-trough decline	-0.84%	-15.26%	+14.42%

Volatility

Volatility by Period

	JULB	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	6.84%	12.41%	-5.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.84%	12.41%	-5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.84%	12.41%	-5.57%

JULB vs. CBTO - Expense Ratio Comparison

JULB has a 0.25% expense ratio, which is lower than CBTO's 0.69% expense ratio.

Dividends

JULB vs. CBTO - Dividend Comparison

JULB has not paid dividends to shareholders, while CBTO's dividend yield for the trailing twelve months is around 0.24%.

Position	TTM	2025
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%
JULB Aptus July Buffer ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both JULB and CBTO in my portfolio?

JULB and CBTO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JULB or CBTO?

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, JULB or CBTO?

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

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

CBTO has the higher dividend yield at 0.24%, compared with 0.00% for JULB.

What is the main difference between JULB and CBTO?

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