BCOR vs. CBXJ

Last updated Jul 17, 2026

BCOR (Grayscale Bitcoin Adopters ETF) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both Blockchain funds. BCOR is passively managed, while CBXJ is actively managed. Over the past year, BCOR returned -33.97% vs -26.16% for CBXJ. A 0.75 correlation means they provide meaningful diversification when combined. BCOR charges 0.59%/yr vs 0.69%/yr for CBXJ.

Performance

BCOR vs. CBXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Adopters ETF (BCOR) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BCOR having a -11.86% return and CBXJ slightly higher at -11.37%.

BCOR

• 1D: -3.11%
• 1M: -8.77%
• 6M: -20.29%
• YTD: -11.86%
• 1Y: -33.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBXJ

• 1D: -0.30%
• 1M: -0.98%
• 6M: -15.21%
• YTD: -11.37%
• 1Y: -26.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCOR vs. CBXJ - Yearly Performance Comparison

	2026 (YTD)	2025
BCOR Grayscale Bitcoin Adopters ETF	-11.86%	5.68%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	-11.37%	-7.53%

Correlation

The correlation between BCOR and CBXJ is 0.77, 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	0.77
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.75

The correlation between BCOR and CBXJ has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

BCOR vs. CBXJ — Risk / Return Rank

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

BCOR

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

CBXJ

CBXJ Risk / Return Rank: 1
CBXJ Sharpe Ratio Rank: 0
CBXJ Sortino Ratio Rank: 0
CBXJ Omega Ratio Rank: 0
CBXJ Calmar Ratio Rank: 2
CBXJ Martin Ratio Rank: 2

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.

BCOR vs. CBXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Adopters ETF (BCOR) and Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ). 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.

	BCOR	CBXJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	-1.51	+0.70
Sortino ratio: Return per unit of downside risk	-1.07	-2.15	+1.07
Omega ratio: Gain probability vs. loss probability	0.88	0.76	+0.12
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.87	+0.08
Martin ratio: Return relative to average drawdown	-1.31	-1.33	+0.02

BCOR vs. CBXJ - Sharpe Ratio Comparison

The current BCOR Sharpe Ratio is -0.81, which is higher than the CBXJ Sharpe Ratio of -1.51. The chart below compares the historical Sharpe Ratios of BCOR and CBXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BCOR vs. CBXJ - Drawdown Comparison

The maximum BCOR drawdown since its inception was -42.99%, which is greater than CBXJ's maximum drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for BCOR and CBXJ.

Drawdown Indicators

	BCOR	CBXJ	Difference
Max Drawdown Largest peak-to-trough decline	-42.99%	-30.16%	-12.83%
Max Drawdown (1Y) Largest decline over 1 year	-42.99%	-30.16%	-12.83%
Current Drawdown Current decline from peak	-37.66%	-29.01%	-8.65%
Average Drawdown Average peak-to-trough decline	-19.70%	-12.12%	-7.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.06%	19.74%	+6.32%

Volatility

BCOR vs. CBXJ - Volatility Comparison

Grayscale Bitcoin Adopters ETF (BCOR) has a higher volatility of 11.25% compared to Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) at 2.34%. This indicates that BCOR's price experiences larger fluctuations and is considered to be riskier than CBXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOR	CBXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	2.34%	+8.91%
Volatility (6M) Calculated over the trailing 6-month period	33.48%	10.42%	+23.06%
Volatility (1Y) Calculated over the trailing 1-year period	42.11%	17.44%	+24.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.27%	16.20%	+27.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.27%	16.20%	+27.07%

BCOR vs. CBXJ - Expense Ratio Comparison

BCOR has a 0.59% expense ratio, which is lower than CBXJ's 0.69% expense ratio.

Dividends

BCOR vs. CBXJ - Dividend Comparison

BCOR's dividend yield for the trailing twelve months is around 3.58%, more than CBXJ's 2.22% yield.

Position	TTM	2025
BCOR Grayscale Bitcoin Adopters ETF	3.58%	3.10%
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January	2.22%	1.97%

Frequently Asked Questions

Can I hold both BCOR and CBXJ in my portfolio?

BCOR and CBXJ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCOR or CBXJ?

BCOR has higher volatility (11.25%) compared to CBXJ (2.34%). In terms of maximum drawdown, BCOR dropped -42.99% vs CBXJ's -30.16%.

Which ETF is better, BCOR or CBXJ?

On 1-year performance, CBXJ leads with -26.16% vs -33.97% for BCOR. On fees, BCOR is cheaper at 0.59% per year. On volatility, CBXJ has been the lower-risk option at 2.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCOR or CBXJ?

Over the 1-year period, CBXJ has performed better with a -26.16% return vs -33.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCOR or CBXJ?

BCOR is cheaper with a 0.59% expense ratio, compared with 0.69% for CBXJ.

Which ETF pays a higher dividend yield, BCOR or CBXJ?

BCOR has the higher dividend yield at 3.58%, compared with 2.22% for CBXJ.

What is the main difference between BCOR and CBXJ?

They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.59% for BCOR and 0.69% for CBXJ.

Which has better risk-adjusted returns?

BCOR currently has the higher Sharpe Ratio (-0.81 vs -1.51), 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.