BFJA vs. CBTO

Last updated Jul 16, 2026

BFJA (FT Vest Bitcoin Strategy Floor15 ETF - January) and CBTO (Calamos Bitcoin 80 Series Structured Alt Protection ETF - October) are both exchange-traded funds - BFJA is a Cryptocurrency fund actively managed by First Trust, while CBTO is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Their correlation of 0.87 suggests significant overlap in exposure. BFJA charges 0.90%/yr vs 0.69%/yr for CBTO.

Performance

BFJA vs. CBTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy Floor15 ETF - January (BFJA) 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

BFJA

• 1D: 0.04%
• 1M: -1.52%
• 6M: -15.18%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBTO

• 1D: 0.15%
• 1M: 0.20%
• 6M: -12.06%
• YTD: -8.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BFJA vs. CBTO - Yearly Performance Comparison

	2026 (YTD)
BFJA FT Vest Bitcoin Strategy Floor15 ETF - January	-13.10%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	-9.08%

Correlation

The correlation between BFJA and CBTO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	0.87

Return for Risk

BFJA vs. CBTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy Floor15 ETF - January (BFJA) 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

BFJA vs. CBTO - Drawdown Comparison

The maximum BFJA drawdown since its inception was -16.74%, smaller than the maximum CBTO drawdown of -21.27%. Use the drawdown chart below to compare losses from any high point for BFJA and CBTO.

Drawdown Indicators

	BFJA	CBTO	Difference
Max Drawdown Largest peak-to-trough decline	-16.74%	-21.27%	+4.53%
Current Drawdown Current decline from peak	-15.18%	-21.00%	+5.82%
Average Drawdown Average peak-to-trough decline	-10.02%	-15.75%	+5.73%

Volatility

Volatility by Period

	BFJA	CBTO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	11.91%	+2.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	11.91%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.46%	11.91%	+2.55%

BFJA vs. CBTO - Expense Ratio Comparison

BFJA has a 0.90% expense ratio, which is higher than CBTO's 0.69% expense ratio.

Dividends

BFJA vs. CBTO - Dividend Comparison

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

Position	TTM	2025
BFJA FT Vest Bitcoin Strategy Floor15 ETF - January	0.00%	0.00%
CBTO Calamos Bitcoin 80 Series Structured Alt Protection ETF - October	0.24%	0.22%

Frequently Asked Questions

Can I hold both BFJA and CBTO in my portfolio?

BFJA and CBTO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BFJA or CBTO?

On fees, CBTO is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BFJA or CBTO?

CBTO is cheaper with a 0.69% expense ratio, compared with 0.90% for BFJA.

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

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

What is the main difference between BFJA and CBTO?

BFJA is categorized as Cryptocurrency, while CBTO is Defined Outcome. They also come from different issuers: First Trust and Calamos. Their fees differ too: 0.90% for BFJA and 0.69% for CBTO.