BITQ vs. CBXJ
BITQ (Bitwise Crypto Industry Innovators ETF) and CBXJ (Calamos Bitcoin 90 Series Structured Alt Protection ETF - January) are both Blockchain funds. BITQ is passively managed, while CBXJ is actively managed. Over the past year, BITQ returned 24.60% vs -25.10% for CBXJ. Their 0.66 correlation means they have sometimes moved together and sometimes differently. BITQ charges 0.85%/yr vs 0.69%/yr for CBXJ.
Performance
BITQ vs. CBXJ - Performance Comparison
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Returns By Period
In the year-to-date period, BITQ achieves a 18.16% return, which is significantly higher than CBXJ's -11.85% return.
BITQ
- 1D
- 3.33%
- 1M
- -1.01%
- 6M
- 14.26%
- YTD
- 18.16%
- 1Y
- 24.60%
- 3Y*
- 39.21%
- 5Y*
- 0.93%
- 10Y*
- —
- ALL TIME*
- 0.18%
CBXJ
- 1D
- 0.30%
- 1M
- 0.08%
- 6M
- -6.39%
- YTD
- -11.85%
- 1Y
- -25.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -12.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.37M | $2.10M | $2.97M | |
| $116.24K | $123.69K | $145.65K |
BITQ vs. CBXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 18.16% | 9.63% |
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | -11.85% | -7.64% |
Correlation
The correlation between BITQ and CBXJ is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025 | 0.66 |
The correlation between BITQ and CBXJ has been stable across timeframes, ranging from 0.65 to 0.66 - a consistent structural relationship.
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Return for Risk
BITQ vs. CBXJ — Risk / Return Rank
BITQ
CBXJ
BITQ vs. CBXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) 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.
| BITQ | CBXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +3.04 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.77 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.55 | -0.84 | +1.38 |
| Martin ratioReturn relative to average drawdown | 1.10 | -1.21 | +2.31 |
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Drawdowns
BITQ vs. CBXJ - Drawdown Comparison
The maximum BITQ drawdown since its inception was -90.32%, which is greater than CBXJ's maximum drawdown of -30.16%. Use the drawdown chart below to compare losses from any high point for BITQ and CBXJ.
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Drawdown Indicators
| BITQ | CBXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.32% | -30.16% | -60.16% |
Max Drawdown (1Y)Largest decline over 1 year | -44.99% | -30.16% | -14.83% |
Max Drawdown (3Y)Largest decline over 3 years | -51.22% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -90.32% | — | — |
Current DrawdownCurrent decline from peak | -27.36% | -29.40% | +2.04% |
Average DrawdownAverage peak-to-trough decline | -51.97% | -12.66% | -39.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.43% | 20.73% | +1.70% |
Volatility
BITQ vs. CBXJ - Volatility Comparison
Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 19.86% compared to Calamos Bitcoin 90 Series Structured Alt Protection ETF - January (CBXJ) at 2.27%. This indicates that BITQ'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.
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Volatility by Period
| BITQ | CBXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.86% | 2.27% | +17.59% |
Volatility (6M)Calculated over the trailing 6-month period | 44.31% | 8.27% | +36.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 59.03% | 17.37% | +41.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.26% | 15.99% | +51.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.15% | 15.99% | +51.16% |
BITQ vs. CBXJ - Expense Ratio Comparison
BITQ has a 0.85% expense ratio, which is higher than CBXJ's 0.69% expense ratio.
Dividends
BITQ vs. CBXJ - Dividend Comparison
BITQ has not paid dividends to shareholders, while CBXJ's dividend yield for the trailing twelve months is around 2.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
CBXJ Calamos Bitcoin 90 Series Structured Alt Protection ETF - January | 2.23% | 1.97% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BITQ and CBXJ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (19.86%) compared to CBXJ (2.27%). In terms of maximum drawdown, BITQ dropped -90.32% vs CBXJ's -30.16%.
On 1-year performance, BITQ leads with 24.60% vs -25.10% for CBXJ. On fees, CBXJ is cheaper at 0.69% per year. On volatility, CBXJ has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BITQ has performed better with a 24.60% return vs -25.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBXJ is cheaper with a 0.69% expense ratio, compared with 0.85% for BITQ.
CBXJ has the higher dividend yield at 2.23%, compared with 0.00% for BITQ.
They also come from different issuers: Bitwise and Calamos. Their fees differ too: 0.85% for BITQ and 0.69% for CBXJ.
BITQ currently has the higher Sharpe Ratio (0.42 vs -1.45), 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.
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