ARKF vs. CBTJ

Last updated Jun 4, 2026

ARKF (ARK Fintech Innovation ETF) and CBTJ (Calamos Bitcoin 80 Series Structured Alt Protection ETF - January) are both Blockchain funds. Both are actively managed. Over the past year, ARKF returned -4.73% vs -30.36% for CBTJ. A 0.62 correlation means they provide meaningful diversification when combined. ARKF charges 0.75%/yr vs 0.69%/yr for CBTJ.

Performance

ARKF vs. CBTJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK Fintech Innovation ETF (ARKF) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ARKF having a -16.17% return and CBTJ slightly lower at -16.58%.

ARKF

• 1D: -3.76%
• 1M: -7.12%
• YTD: -16.17%
• 6M: -20.39%
• 1Y: -4.73%
• 3Y*: 26.10%
• 5Y*: -4.19%
• 10Y*: —

CBTJ

• 1D: -1.44%
• 1M: -10.52%
• YTD: -16.58%
• 6M: -22.65%
• 1Y: -30.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARKF vs. CBTJ - Yearly Performance Comparison

	2026 (YTD)	2025
ARKF ARK Fintech Innovation ETF	-16.17%	13.94%
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	-16.58%	-11.32%

Correlation

The correlation between ARKF and CBTJ is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.62

The correlation between ARKF and CBTJ has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.

Return for Risk

ARKF vs. CBTJ — Risk / Return Rank

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

ARKF

ARKF Risk / Return Rank: 7
ARKF Sharpe Ratio Rank: 7
ARKF Sortino Ratio Rank: 7
ARKF Omega Ratio Rank: 7
ARKF Calmar Ratio Rank: 7
ARKF Martin Ratio Rank: 8

CBTJ

CBTJ Risk / Return Rank: 2
CBTJ Sharpe Ratio Rank: 1
CBTJ Sortino Ratio Rank: 1
CBTJ Omega Ratio Rank: 1
CBTJ Calmar Ratio Rank: 2
CBTJ Martin Ratio Rank: 3

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.

ARKF vs. CBTJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK Fintech Innovation ETF (ARKF) and Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ). 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.

	ARKF	CBTJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	-1.12	+0.98
Sortino ratio: Return per unit of downside risk	0.03	-1.59	+1.62
Omega ratio: Gain probability vs. loss probability	1.00	0.82	+0.18
Calmar ratio: Return relative to maximum drawdown	-0.12	-0.78	+0.66
Martin ratio: Return relative to average drawdown	-0.23	-1.29	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARKF vs. CBTJ - Sharpe Ratio Comparison

The current ARKF Sharpe Ratio is -0.14, which is higher than the CBTJ Sharpe Ratio of -1.12. The chart below compares the historical Sharpe Ratios of ARKF and CBTJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ARKF	CBTJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	-1.12	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	-0.80	+1.05

Drawdowns

ARKF vs. CBTJ - Drawdown Comparison

The maximum ARKF drawdown since its inception was -78.63%, which is greater than CBTJ's maximum drawdown of -39.12%. Use the drawdown chart below to compare losses from any high point for ARKF and CBTJ.

Drawdown Indicators

	ARKF	CBTJ	Difference
Max Drawdown Largest peak-to-trough decline	-78.63%	-39.12%	-39.51%
Max Drawdown (1Y) Largest decline over 1 year	-38.50%	-39.12%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-38.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.30%	—	—
Current Drawdown Current decline from peak	-37.16%	-39.12%	+1.96%
Average Drawdown Average peak-to-trough decline	-34.96%	-15.13%	-19.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.22%	23.62%	-3.40%

Volatility

ARKF vs. CBTJ - Volatility Comparison

ARK Fintech Innovation ETF (ARKF) has a higher volatility of 8.36% compared to Calamos Bitcoin 80 Series Structured Alt Protection ETF - January (CBTJ) at 4.87%. This indicates that ARKF's price experiences larger fluctuations and is considered to be riskier than CBTJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARKF	CBTJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.36%	4.87%	+3.49%
Volatility (6M) Calculated over the trailing 6-month period	24.47%	19.34%	+5.13%
Volatility (1Y) Calculated over the trailing 1-year period	33.66%	27.13%	+6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.79%	25.64%	+17.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.77%	25.64%	+14.13%

ARKF vs. CBTJ - Expense Ratio Comparison

ARKF has a 0.75% expense ratio, which is higher than CBTJ's 0.69% expense ratio.

Dividends

ARKF vs. CBTJ - Dividend Comparison

ARKF's dividend yield for the trailing twelve months is around 0.11%, less than CBTJ's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ARKF ARK Fintech Innovation ETF	0.11%	0.09%	0.00%	0.00%	0.00%	0.00%	0.37%	1.25%
CBTJ Calamos Bitcoin 80 Series Structured Alt Protection ETF - January	1.74%	1.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARKF and CBTJ in my portfolio?

ARKF and CBTJ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARKF or CBTJ?

ARKF has higher volatility (8.36%) compared to CBTJ (4.87%). In terms of maximum drawdown, ARKF dropped -78.63% vs CBTJ's -39.12%.

Which ETF is better, ARKF or CBTJ?

On 1-year performance, ARKF leads with -4.73% vs -30.36% for CBTJ. On fees, CBTJ is cheaper at 0.69% per year. On volatility, CBTJ has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARKF or CBTJ?

Over the 1-year period, ARKF has performed better with a -4.73% return vs -30.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARKF or CBTJ?

CBTJ is cheaper with a 0.69% expense ratio, compared with 0.75% for ARKF.

Which ETF pays a higher dividend yield, ARKF or CBTJ?

CBTJ has the higher dividend yield at 1.74%, compared with 0.11% for ARKF.

What is the main difference between ARKF and CBTJ?

They also come from different issuers: ARK and Calamos. Their fees differ too: 0.75% for ARKF and 0.69% for CBTJ.

Which has better risk-adjusted returns?

ARKF currently has the higher Sharpe Ratio (-0.14 vs -1.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.